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Council extends exclusive right-to-sell agreement and lowers listing price for court building
Summary
Council voted to extend by six months the exclusive right-to-sell agreement for the village court building and reduce the asking price from $900,000 to $850,000. Officials said commercial properties may take years to sell and the building’s single-purpose layout limits suitable buyers.
The Village of New Lebanon on Feb. 17 approved a six-month extension of the exclusive right-to-sell agreement for the municipal court building and reduced the list price from $900,000 to $850,000.
Council discussed the property’s marketability and the challenges of selling a single-purpose municipal building. A presenter noted the likely need for significant renovation — possibly approaching $1 million — for a new owner to repurpose the facility. The current broker’s agreement includes a clause keeping the listing active until May; the resolution extends that period through August.
The presenter said the property has been marketed on commercial real-estate platforms and that several investors have expressed interest but that commercial transactions often take substantially longer than residential sales. Council approved the extension and the revised listing price by roll-call vote; one council member recorded a "no" vote (Council member Joy) while the remainder voted in favor.
Next steps: the broker will continue outreach to investors and staff will route tour requests to the presenter; the council will revisit the listing if substantive interest does not materialize over the extension period.
