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Albany County tables sale of 60 South Pearl Street after questions about price, appraisal and downtown strategy
Summary
Legislators voted to table a proposed sale of 60 South Pearl Street (Mercantile Probation Building) to Liberty Park Development for $1.4 million amid concerns about price relative to a $2.8 million appraisal and requests for more information on facilities planning and downtown strategy.
Albany County’s Audit & Finance Committee voted to table consideration of a proposed sale of 60 South Pearl Street — the Mercantile Probation Building — to Liberty Park Development for $1,400,000 after extended discussion and requests for more information from county leadership and staff.
The nut graf: Committee members questioned whether the proposed sale price, which staff said matched two offers received, reflected current market conditions; an appraisal cited in the meeting was $2.8 million but staff said that appraisal was several years old and that downtown commercial real…
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