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Home » , » Board Votes 12-1 to Contract Guilford Mills Marketing to CBRE

Board Votes 12-1 to Contract Guilford Mills Marketing to CBRE

Written By Editor on 11/15/13 | 11/15/13

The Schoharie County Board of Supervisors, on a motion by Seward Town Supervisor Carl Barbic, voted 12-1 to enter into a one year contract with CBRE-Albany, a global real estate firm that focuses on property management and leasing, to handle the marketing of the vacant Guilford Mills property in Cobleskill.
Treasurer William Cherry, who was tasked by the Board at last month's meeting to manage marketing of the former Interknitting property that has gone without an occupant for twelve years now, recommended CBRE be contracted because of their extensive global and local portfolio in handling similar transactions.
Mr. Cherry reasoned that since there is "no market for a 265,000 square foot building," that you would "subdivide it and break it up." Cobleskill Town Supervisor Tom Murray, who still believed the offer from Butternuts should be considered, questioned the judgment of the county "becoming a landlord," saying that it would be a "bad road to go down."
In the end only Jefferson Town Supervisor Dan Singletary voted against the motion, arguing that people can "look wonderful on paper," and that he would "like to see another proposal." Supervisor Barbic called that argument a "delay."
CBRE will receive a 5% to 6% commission depending on the final asking price of a potential sale, which Mr. Cherry recommended be set at $3 million but could be lowered to $2-2.5 million depending on the situation.
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