THE TOWN OF ULSTER, N.Y. — Foreclosure proceedings began Wednesday against a property owner who owes more than $10 million in unpaid taxes over the past decade.
According to a statement from the Ulster County Administration, “Today the county initiated foreclosure proceedings in Ulster County Court against the owner of 701 Grant Avenue, a large commercial building in the town of Ulster.” Based on prior discussions with the parties, we expect the foreclosure to proceed without delay and the county to take ownership by the end of 2022.”
The property is owned by Ulster Acquisition I LLC, a real estate firm located in New York City.
Earlier this year, Ulster County Commissioner Pat Ryan announced that foreclosure proceedings would be initiated against property owners. The announcement comes after county comptroller March Gallagher issued a report refuting the previous administration’s claim that the county was unable to seize the land for legal and environmental reasons. It happened a few hours later.
In an email to Freeman, Gallagher said that Ulster Acquisitions One LLC has received about $1.9 million in office building rent over the years, “placing taxpayers with $10.1 million.” Stated.
Questions about why the county did not initiate property foreclosure proceedings were first publicly posed by county legislator Joseph Maloney (D-Saugerties) during a Congressional Ways and Means Committee meeting in April. .
The property is on the county’s foreclosure list, including in 2020, but has been repeatedly delisted and no foreclosure proceedings have been initiated.
An executive branch statement Wednesday said the county would seek help from Congress to “return the property to productive use.”
“Our Department of Economic Development is working with the remaining tenants in the building to maintain them and the jobs they provide in our county,” the statement said. We look forward to continued discussions with the County Legislature and Commissioner about the process to expedite the