Well for months the rumors have been swirling that the famed Adelphi Hotel was under an option to purchase. I spend time during the winter trying to confirm the buyer. The Adelphi Hotel was once eyed by the notorious cult NXIVM as a site for a potential conference center. Later Expian Barbara Bouchey spearheaded another group hoping to buy the hotel.
Now it appears Capital District Properties LLC is the successful buyer{ I guess they didn't get the Memo by Toothy that downtown was a “dangerious,toxic,HELLHOLE”}. Headed by Toby Milde Capital District Properties ("CDP") calls itself
“An experienced, fully integrated real estate development company that specializes in the land acquisition, development, finance, construction and management of residential communities throughout the Capital Region of New York State.CDP's principals bring with them decades of real estate development, construction, finance and management experience. Headquartered in Latham, New York, CDP was formed for the purpose of developing quality real estate throughout the Central and Upstate regions of New York with an emphasis on the Capital Region's Tech Valley to take advantage of the high technology job growth now taking place in this area. With collective real estate, development, construction, finance and management experience involving over $35 billion of real estate, CDP represents one of the most experienced real estate partnerships in the region.”
The sale price was listed at $4.5 million. That was a drastic price reduction from five years ago, when owner Sheila Packert tried to sell it for $10 million. She later came down to $7.8 million. No word what the purchase price was now.
Saratoga in Decline wishes all the parties involved the best of luck.
8 comments:
Pssssst...... it's a front for NXIVM.
You are the best breaking news,john!
I didn't see wedding planning as one of their specialties. It looks like they are a front for someone, they plan to flip it or turn it into condos. I feel bad for the brides that have booked their weddings at the beautiful
adelphi counting on Sheila's taste and grace to make their day special.
If this is the same group as http://www.cdp-ny.com/site.php?p=prof then they appear legit. They appear to be a property management company so my guess is they will be turning it into condos.
That's what Saratoga needs, more high priced condos.
You mean more high-priced empty condos downtown? I suppose the complement the nearby empty Borders building.
Just keep the cakes and cookies the same. I need me some Yummy desserts after the Ballet.
Oink Oink
Co
I hear the place was bought by a group that's a front for John Franck and company. Since he has set the stage bashing our downtown calling it a hellhole he hopes to sway the local boards into clearing th way for their run at condos. using that city hall power to get what you want. Sounds wrong!
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