Landmark hotel goes on auction block
GREENE – Greene’s historic Sherwood Inn was auctioned off to the highest bidder on the steps of the Chenango County Courthouse Tuesday for $350,000.
The one and only bidder for the landmark property was the National Bank of Delaware County in Walton, the lending institution which commenced the foreclosure proceedings almost a year ago.
Richard Bryden, the bank’s senior vice president, explained that the bid was placed in order “to protect [the bank’s] interest in the property.”
Interested parties still have a chance to purchase the bid, and therefor the property, for as little as $1 over the accepted bid of $350,000. While this amount will cover back taxes on the premises, said Bryden, it is still well below the property’s assessed value of over $400,000.
Included with the historic property are all of the Inn’s furniture and fixtures.
According to Bryden, the bid will remain open for the next few days, but will be closed by the end of the month to avoid the accrual of further tax penalties.
The senior executive reported that he began receiving phone calls about the property as soon as he returned to his Walton office following the sale. The premises, Bryden said, will be sold to the first one who either presents cash at the bank or signs an agreement with the bank’s attorneys, Coughlin & Gerhart LLP of Binghamton.
Located at 25 Genessee St. in Greene, the Sherwood Inn stands on the site of the former Chenango House, which was destroyed by fire in 1905. The current structure was also heavily damaged by fire, in 1962. It stood empty for 20 years, until 1982, when it was renovated and reopened.
What will happen if no one offers up the cash for the historic structure? “In that case, the bank will take title to the property and try to liquidate the asset,” said Bryden. This could mean a return to the real estate listings or the auction block for the Greene landmark and its contents.
Anyone interested in making a serious offer (of $350,001 or more) should contact Bryden at 865-7116 or Coughlin & Gerhart, LLP at 723-9511.
The one and only bidder for the landmark property was the National Bank of Delaware County in Walton, the lending institution which commenced the foreclosure proceedings almost a year ago.
Richard Bryden, the bank’s senior vice president, explained that the bid was placed in order “to protect [the bank’s] interest in the property.”
Interested parties still have a chance to purchase the bid, and therefor the property, for as little as $1 over the accepted bid of $350,000. While this amount will cover back taxes on the premises, said Bryden, it is still well below the property’s assessed value of over $400,000.
Included with the historic property are all of the Inn’s furniture and fixtures.
According to Bryden, the bid will remain open for the next few days, but will be closed by the end of the month to avoid the accrual of further tax penalties.
The senior executive reported that he began receiving phone calls about the property as soon as he returned to his Walton office following the sale. The premises, Bryden said, will be sold to the first one who either presents cash at the bank or signs an agreement with the bank’s attorneys, Coughlin & Gerhart LLP of Binghamton.
Located at 25 Genessee St. in Greene, the Sherwood Inn stands on the site of the former Chenango House, which was destroyed by fire in 1905. The current structure was also heavily damaged by fire, in 1962. It stood empty for 20 years, until 1982, when it was renovated and reopened.
What will happen if no one offers up the cash for the historic structure? “In that case, the bank will take title to the property and try to liquidate the asset,” said Bryden. This could mean a return to the real estate listings or the auction block for the Greene landmark and its contents.
Anyone interested in making a serious offer (of $350,001 or more) should contact Bryden at 865-7116 or Coughlin & Gerhart, LLP at 723-9511.
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