North Norwich Plaza fails to sell after three-day auction
NORWICH – The future of the North Norwich Plaza remains unclear after the property failed to sell during a three-day online auction that ended Thursday.
A representative from Ten-X Commercial, the platform on which the auction was held, confirmed on Friday the property did not sell because the bidding did not meet the seller's undisclosed reserve price.
As of Thursday afternoon when the auction ended, the current bid had not exceeded the starting bid price of $350,000.
The representative added that it's now up to the listing broker – in this case, Jeffrey Crannell of Keller Williams Realty – to decide on whether or not to re-run the auction. Crannell could not be reached for comment prior to print time.
The property, located at 6142 Rt. 12 in the Town of Norwich, is currently filled to 35.6 percent of its potential occupancy and is home to five tenants: Evolve Fitness, Great Finds by Dawn, the Chenango Christian Church, Sew Nice, and M&T Bank.
The plaza was built in 1967 and was renovated in 1998. In 2017, a new ALDI grocery store was built beside the property.
A representative from Ten-X Commercial, the platform on which the auction was held, confirmed on Friday the property did not sell because the bidding did not meet the seller's undisclosed reserve price.
As of Thursday afternoon when the auction ended, the current bid had not exceeded the starting bid price of $350,000.
The representative added that it's now up to the listing broker – in this case, Jeffrey Crannell of Keller Williams Realty – to decide on whether or not to re-run the auction. Crannell could not be reached for comment prior to print time.
The property, located at 6142 Rt. 12 in the Town of Norwich, is currently filled to 35.6 percent of its potential occupancy and is home to five tenants: Evolve Fitness, Great Finds by Dawn, the Chenango Christian Church, Sew Nice, and M&T Bank.
The plaza was built in 1967 and was renovated in 1998. In 2017, a new ALDI grocery store was built beside the property.
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