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New offer made for FMCC dorms; Amsterdam landlord claims he will pay more than other buyer | The Daily Gazette
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When credibility matters
By Jason Subik/Staff Writer |
May 3, 2021
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FULTON & MONTGOMERY COUNTIES – William Petrosino, an Amsterdam-area landlord, made an offer on Thursday to buy the Fulmont College Association’s three dormitory halls at Fulton Montgomery Community College. He said his offer is “substantially higher” than the $1.1 million purchase agreement between the association and Dan Vann Properties. Either arrangement must receive court approval.
Petrosino said he’s been interested in buying the dormitory buildings at 588 County Highway 142 since before 2010, when the U.S. Department of Agriculture loaned the Fulmont College Association $11.3 million to buy and upgrade the 1980s-vintage Fulton Hall and Montgomery Hall for $4 million from the Massachusetts-based private company that owned them and building from scratch the $7.1
FMCC withdraws dorm sale petition; Fulmont College Association drops bid to sell buildings, for now | The Daily Gazette
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The Fulmont College Association on Wednesday withdrew its petition to Fulton County Supreme Court for permission to sell its three FMCC dormitory halls for less than their appraised value to Amsterdam-based Dan Vann Properties LLC for $1.1 million.
The FCA’s attorney Robert Schofield, of the Albany-based law firm Whiteman Osterman & Hanna, notified the many parties involved in the proposed seven-figure dorm hall sale in an email at 6:12 p.m. Wednesday.
“A few moments ago, I filed the attached Notice of Discontinuance, discontinuing and withdrawing my client’s Petition for Approval of the Sale of Real Property,” reads the email from Schofield. “We will likely refile the proceeding in the near future.”
U.S. Attorney to appear in FMCC dorm sale case | The Daily Gazette
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FULTON & MONTGOMERY COUNTIES – The U.S. Attorney’s Office for the Northern District of New York has filed notice with Fulton County Supreme Court indicating it will be participating in the upcoming court proceedings over the matter of the potential sale of three F-MCC dormitory halls owned by the nonprofit Fulmont College Association.
The court filing indicated Assistant U.S. Attorney John D. Hoggan Jr. will be appearing in the case on behalf of the U.S. Dept. of Agriculture. The USDA in 2010 loaned the Fulmont College Association $11.3 million for the purpose of purchasing and renovating the 1980s-vintage Fulton Hall and Montgomery Hall dorm buildings for $4 million and then building in 2012 the 144-bed, co-ed Raider Hall dorm for $7.1 million.
Student and landlord seek to block sale of dorms | The Daily Gazette
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FULTON & MONTGOMERY COUNTIES – An FMCC nursing student and an Amsterdam landlord have filed a motion in state Supreme Court to stop the sale of the Fulmont College Association’s three dormitory halls for $1.1 million, alleging the undisclosed sole real estate broker for the deal is past FMCC board chairman Michael Sampone, and the multiple listing service the association claimed to have used to market the property “does not appear to actually exist.”
The court motion alleges the FCA’s petition to the court for permission to sell the three dorm buildings is fatally flawed because using Sampone, who was also a past director of the Foundation of FMCC, as the sole broker representing both the buyer and the seller in the deal, violates New York state nonprofit corporation law and the bylaws of the Fulmont College Association, the nonprofit corporation which owns and operates the dorm ha