KEENAN BUILDING IN DOWNTOWN TROY FOR SALE

Pioneer Bank becomes property's new owner through bankruptcy plan

CHRIS CHURCHILL BUSINESS WRITER
Section: Business,  Page: C1

Date: Thursday, December 8, 2011

TROY -- The portfolio of downtown real estate held by Sandy Horowitz continues to shrink.


As part of Ch. 11 bankruptcy proceedings, Horowitz has turned ownership of the Keenan building at Broadway and Third Street over to creditor Pioneer Bank. And the Troy-based bank, in turn, is attempting to sell the three-story structure for $790,000.


"We've had some interest, and hopefully that interest will produce a purchaser and a good landlord for the building," said Frank Sarratori, senior vice president and general counsel for Pioneer. "It's a good, strong building."


Horowitz arrived in Troy in 2003 and quickly became a prominent city landlord who touted what he saw as the city's potential for a renaissance. But he fell behind on property taxes and other bills, and filed for personal bankruptcy protection in 2010.


Horowitz has since put much of his real estate up for sale, though he has said he plans to retain ownership of the Cannon building, a prominent and historic structure that fronts Monument Square.


He has already sold the Hendrick Hudson building, a former hotel at 200 Broadway, and two other properties to Pioneer.


Pioneer does not intend to sell the Hendrick Hudson, where it has office space. But Sarratori said the state-chartered bank is required by law to sell properties it does not occupy.


The Keenan, at 258 Broadway, has storefront tenants that include Placid Baker, Greek House and Broadway Brew Pub and Grill.


Despite his financial difficulties, Horowitz, who could not be reached for comment Wednesday, is apparently proceeding with a plan to convert the Bruno Machinery building along the city's southern waterfront into a movie-production studio.


He's working with Pacifica Ventures of Santa Monica, Calif., to redevelop the property, which is a large, blue warehouse-type structure on Madison Street.





PULLOUT:


"We've had some interest, and hopefully that interest will produce a purchaser and a good landlord for the building."


Frank Sarratori,


Senior vice president and general counsel for Pioneer Bank