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Statler Hotel: Countdown to the Auction Block

Auctioneer Cash Cunningham has been very busy in the past few weeks, leading a number of interested parties through the Statler in preparation for this week’s auction that will take place at 11AM on Wednesday, August 12th in the hotel’s lobby.

“I’ve taken a number of people through, and we certainly hope for a successful auction, though their interest doesn’t necessarily mean they’ll bid,” Cunningham said.  For instance, this morning Cunningham took a group through from New York, tomorrow, he’ll host a group from Florida, and in the past he said he’s seen a lot of people from New York City along with those from Maryland, Virginia and Canada as well as some local interests.
Does Cunningham think the newly expanded Historic Rehabilitation Tax Credit signed by Governor Paterson last week will have any effect on the potential sale?  “Oh, yes,” he answered.  “It’s wonderful, and it will help.  Especially the group from Virginia.  This is just the type of thing they do, and with a new cap of $5 million going toward a project like this, there’s greater incentive to buy.”
Cunningham says that not only are people aware of the tax credit funding, but some may not have even come through to look had Paterson not signed the bill prior to this particular auction.  “It definitely gives [buyers] a leg up,” he stated.
The Statler is not currently on the National Register of Historic Places, though there is a high probability that the new buyer will have it listed soon after purchase. There is still no word on the various use plans potential buyers might have for the Statler.
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