Against the Clock: Owners of Hotel Utica look for buyer

By By JOLEEN FERRIS

UTICA, N.Y. (WKTV) - Hotel Utica owners are in a race against time, hoping to sell the hotel before it goes into foreclosure, which could happen as soon as October. The hotel owes $400,000 in back taxes to the city of Utica and is in the final stages of a 2 1/2 year foreclosure process.

Pyramid Brokerage Company is one of several commercial real estate firms listing the Hotel Utica for sale. The asking price of $5,980,000 is significantly lower than the $10.7 million at which the hotel was listed in October of 2008. Anthony Hathaway, of Pyramid Brokerage Corp, says there is interest in the hotel.

"Yes we've had people come in and look through, walk through the building. No formal offers as of yet, we have one person that's relatively interested in the property, we expect to see something from that person, whether it's close enough to make a sale, we don't know yet," says Hathaway.

Hathaway says the $400,000 owed the city of Utica in back taxes would come from the proceeds of the sale at closing.

Hotel owners signed a year-long contract with Pyramid in April, but if they don't sell by October, or begin on-time payments through an agreed-upon payment plan with the city, the hotel could go into foreclosure.

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