by David Flint
Berlin’s bank building was sold at auction Wednesday for only $73,500. Although staff from Max Spann Real Estate & Auction Company were waiting, no one showed up at the bank to bid on the property. According to Norman Zimmer, Director of Operations at Max Spann, all of the bidding, by ten pre-registered bidders, took place either online or at their auction site in New Jersey.
[private]Zimmer could not immediately disclose the identity of the winning bidder. At this point he would say only that the purchaser is a large investor that has a number of other properties in the Northeast that he leases out to banks.
Zimmer thought that his preference for the Berlin property would also be to lease to a bank. He had no comment as to whether the price was exceedingly low. It depends, he said, on the location. This was an “Absolute Auction” with no minimum bid, and the seller is obligated to accept the winning bid. The closing should occur within 45 days.
The property of the former Taconic Valley Bank, which was most recently that of the Bank of America, is listed as a two story brick-sided bank building with a footprint of 2,960 square feet. It was built in 1970 on a parcel just shy of one acre. There are 29 parking spaces in the parking lot. The building includes a drive-through window with pneumatic tubes and a massive bank vault.
In a recent press release the Max Spann company touted the opportunities of redundant bank branch buildings that get sold at auction. “In many cases, these heavily fortified, well maintained buildings provide a template for innovation in development,” said Chief Operations Officer Bob Dann. “These buildings get converted to coffee houses, restaurants and clothing stores,” he said, adding that he’s seen several projects offer creative “interpretations” of the drive-through window. “Those pneumatic tubes would be perfect for a hot dog stand – we’re still waiting to see that.”[/private]