Vacant for more than four years, the crumbling Inn at Cobleskill may have new owners in a month.
The Inn––the former Best Western and Top of the Town––is up for a foreclosure sale on March 16, and Codes Officer Mike Piccolo, who’s followed the motel issue for years, is impressed with two Cortland developers who are interested and may bid on the property.
Noah Bank of New Jersey is foreclosing on Cobleskill Enterprises LLC, and the “approximate amount of lien” is $3.2 million, according to a legal notice in this issue of the T-J.
Mr. Piccolo closed the Inn in November 2018 for code violations, and a fire termed arson broke out about a month later.
Since then, vandals have regularly broken into the motel wrecked it––broken windows and kitchen ware, knocked out walls and doors.
The first-floor windows and doors are boarded up, and many of the second-story windows are smashed, with furniture thrown into the parking lot.
And the motel has been a headache for Cobleskill Police since it closed. Over the years, they’ve responded numerous times to reports of people breaking in.
All the damage gives the once-thriving restaurant and bowling alleys little future.
But now there’s hope, Mr. Piccolo said. He’s met several times with the two Cortland developers.
They bought two distressed buildings in that city, one for $1.1 million, the other for $1.5 million and have put more than $4 million into them, Mr. Piccolo said.
“They’re doing it right,” he said. “I’d love to see them get it. They’ve done a great job.”
Mayor Becky Terk agreed that the Cortland developers look promising and added that they’ve been vetted.
But Mayor Terk is also concerned that the Cortland developers may not bid or meet the bank’s price and another party may do sp/
“I’m a little nervous about this,” she said. “I’d hate to see someone buy it and do nothing. You don’t know who’s going to show up at the auction. This is such a crap shoot.”
And, Mayor Terk added, “I may have a back-up plan.”
The foreclosure auction will be in the Schoharie County Courthouse at 10am on March 16.