Buy One Building, Get A Second Building For Free?

Posted by Orb Staff on August 14, 2012 No Comments
Categories : Commercial Mortgage

12188_cohoes_bank_ext Buy One Building, Get A Second Building For Free? Here's something you don't see every day: an offer to purchase one commercial property while getting a second commercial property for free.

BizJournals.com reports that this unusual two-for-one deal is being offered by Prudential Blake Commercial Realtors in Colonie, N.Y., which is trying to sell a pair of former bank buildings located in the upstate New York towns of Cohoes and Castleton-on-Hudson. The Cohoes property is currently being rented to the Albany County Sheriff's Department, while the Castleton-on-Hudson property previously housed an art gallery and is now vacant.

The company has tried to sell both properties separately – the Cohoes property (pictured left) for $650,000 and the Castleton-on-Hudson property for $129,000 – but was unable to secure buyers. As a result, the two properties are being sold together for $495,000.

‘We thought that might grab some attention and generate more interest,’ says Rick Kessler, a Prudential agent who acknowledged this was a highly unlikely approach to commercial property sales. ‘Sometimes situations present themselves. It takes somebody with gumption to take advantage of it.’

(Photo courtesy of Prudential Blake Commercial Realtors)

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