Albany County tables sale of 60 South Pearl Street after questions about price, appraisal 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 estate values, particularly for non-prime office space, have declined.

Staff said the property was marketed and two identical offers arrived; the county’s agent, Carroll Realty, also is assisting the county in seeking replacement space for probation. Director of Real Property (Michael McGuire) said the building is less than prime commercial office space, is about 35,000 square feet, and that national and local markets for office buildings have declined since the appraisal. He said local preference was given to a buyer with a local track record rather than an out-of-area bidder.

Committee members raised concerns about downtown strategy and the county’s broader facilities plan — several members asked that the committee obtain more detail from the county executive’s office and the Albany County Alliance on how county property sales and relocations fit into downtown redevelopment and the future of other county-owned properties, including Saint Rose. Legislators also asked that the county consider whether future proposals will generate taxable value for city and school district revenues, rather than risk creating long-term PILOT arrangements that would further reduce the tax base.

The committee approved a motion to table the sale to allow time for additional information, including clearer facilities planning and coordination with economic development stakeholders. Several legislators said they supported downtown reinvestment but wanted more data and community input before finalizing a sale.

Ending: Staff said the county is continuing to look for replacement space for probation and is working with the contracted broker; the tabling gives committee members time to review facilities plans and potential financial implications for the city and school district.