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City: If no action by October 26, foreclosure of Hotel Utica to be finalized
UTICA, N.Y. (WKTV) - It's been two weeks since the City of Utica sent Hotel Utica owners a payment plan aimed at saving the local landmark from foreclosure and city leaders say they still haven't heard back.
Other than on-time payments in tandem with the plan, the only thing that can save the hotel from foreclosure is a sale. The building is on the market, for slightly less than $6 million - roughly half the asking price of a year ago. Realtors say there has been interest and prospective buyers have toured the hotel.
City leaders say if nothing is done by October 26th, they will finalize foreclosure proceedings which were started nearly two and a half years ago and are in the final stages.
Hotel owners have not returned our call.