Bids were received for 37 out of 55 city-owned properties that were up for auction today at Amsterdam City Hall. According to Controller Matt Agresta, if all the winning bidders pay their balances, the auction could net approximately $216,950. A portion of that amount will go to Montgomery County, proportional to the amount of unpaid county tax on each property. Bidders have until February 10 to pay their balance. In addition to the purchase price, bidders were told at the beginning of the auction that they would also be responsible for paying two quarters of the 2016-2017 city taxes, the entire 2017 county tax bill, and the entire 2016 and 2017 school tax bill.
Alderman Chad Majewski ran the auction with assistance by Alderman Ed Russo.
One of the properties sold at the auction was the former Crystal Bar on Lyon Street. Bidding for the entire facility, which is comprised of two properties, started at $35,000 and was sold for $41,000.
Bidding for a large 36,000 square foot building on Park Street started at $15,000, but received no bids at that price. Majewski then waived the reserve price and the highest bidder came in at $7,000. Only one other buyer bid on the property.
Lance Orcutt, president of Executive Builders, the winning bidder, said last week that his company builds residential housing and also builds and installs commercial fixtures. Orcutt said the businesses is expanding quickly and that he is anxious to move the company’s current warehouse in the New York City area to the Park Street building, which he said will offer more space at a better price.
“Logistically, it’s a perfect place,” said Orcutt in regards to the city’s location. “It’s ideally a perfect place for companies to grow their business.”
Orcutt said they had previously won the same property at the last city auction in October 2016 with a bid of $8,000, however the bid was later declined by the council. Mayor Michael Villa said at the last common council meeting that he thought the property had been “underbid” in the October auction and wanted to give a chance for other buyers to bid on the property.
