The former Trojan Hotel building on Third Street in downtown Troy was auctioned in December to Bedarling Properties LLC for $196,000, the court-appointed referee told The Alt. Mechanical engineer Robert Hirsch reportedly owns that LLC and attended the foreclosure sale with Jim Scully, who owns Bacchus Wood-Fired Pizza. The deal closed on Jan. 31, the referee, Yorden Huban, said.
Hirsch and Scully have declined to discuss plans for the property. “When there is an actual story, with a beginning, a middle and an end that sets the expectations that people have for the future of the building, I know who to call,” Hirsch told The Alt in an email on Tuesday.
Terry O’Brien, a principal of To-Do Development LLC, which owned the building previously, did not immediately return an emailed request for comment on Tuesday. O’Brien also owns O’Briens Public House, the property’s first-floor commercial tenant. The business has a long-term lease and “will continue to run” regardless of the building’s ownership, she told The Alt in an email last month.
To-Do Development bought the five-story building, located at 41-43 Third St., for $80,000 in 2013. That same year, it obtained a pair of business loans worth $100,000 from the Troy Local Development Corporation, a city-controlled nonprofit. (The LDC later said in court papers that To-Do Development obtained the loans “based on misrepresentations” because it did not disclose that it had obtained a $71,600 loan from the property seller.)
The pub opened on the first floor in 2014. In July of that year, the Troy LDC initiated foreclosure proceedings in state court. A few months later, To-Do Development filed for bankruptcy in federal court, and filed a second petition the following year. Both petitions were ultimately dismissed, though they “delayed and stymied” the foreclosure process, an attorney for the LDC said in court papers.
In January 2016, a state court judge ordered an auction. But that planned sale was put on hold after a person named Ennio Sartori acquired the Troy LDC’s interests related to the property and entered into a forbearance agreement with To-Do Development. “TLDC recovered loans and expenses by assigning its mortgage,” city planning commissioner and current LDC executive director Steve Strichman, who did not serve in those roles at the time, told The Alt in an email.
On Sept. 15, 2017, an attorney for Sartori, Steven Farer, notified the court that the forbearance agreement “has terminated, the defendant is still in default, and we intend to hold a foreclosure sale.” The auction was held on Dec. 13.
The former hotel was appraised at $250,000 in 2014 by Holden and Associates at the request of the Troy LDC. The company used a sales-comparison approach to arrive at that figure. The first floor “has been partially renovated,” the appraisal says, though the top three floors “suffer from extensive deferred maintenance.”