Bites, no takers for Marantha building


By Jim Poole

Although there's interest from potential buyers in Maranatha in Warnerville, the giant gym remains vacant.
An agent with the real estate firm marketing Maranatha said Friday that he's shown the gym "numerous times," even as recently as last week.
It's been three years almost to the day that Richmondville Power and Light shut off Maranatha's power for non-payment of bills.
The Warnerville gym never reopened, spiraling into bankruptcy that resulted in an auction last October. One of the creditors, New York Business Development Corporation, bid $1.3 million and got the title to the gym.
The development corporation is still the owner, according to Craig Darby, an agent with CBRE, an international real estate firm with an office in Albany.
CBRE originally listed the gym at $2.25 million and recently reduced the price to $1.95 million, Mr. Darby said.
He wouldn't say who's looked at the property but added that it would be suitable for a manufacturer or a warehouse.
"Or it could be one bigger user who would share space or lease space," Mr. Darby added.
Maranatha is a START-UP NY site, meaning that an owner could be tax free for creating jobs.
However, potential buyers haven't been asking about START-UP NY benefits, Mr. Darby said.
He described Maranatha as being in fairly good shape, needing only normal maintenance.
Asked whether there were major maintenance problems, Mr. Darby answered, "I don't believe so."
The gym is 61,000 square feet, about divided evenly between office and open space, Mr. Darby said.
Rumors have surfaced occasionally that a pharmaceutical company was interested and Cobleskill-Richmondville might want the property for a bus garage.
Mr. Darby wouldn't confirm either rumor, and C-R Superintendent Carl Mummenthey said the school district is considering options for a bus garage.
"There's potential there," Mr. Darby said. "I'm sure the area would love to have someone in there."

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Lamont Engineers purchased another Maranatha property, the former gym on Elm Street, Cobleskill, in April.
The property had been in the bankruptcy auction last October but didn't sell then.
Lamont purchased the former gym later and moved from its Main Street office in August.