SCHENECTADY — You can now own the Parker Inn in downtown for $1.85 million.

It's the first time owner Chris Myers has listed the 19,000-square-foot historic building next to Proctors Theatre for sale since he purchased and renovated it in 2002.

The business has had its ups and downs, filing for Chapter 11 bankruptcy in 2011. But its debts are paid, Myers said, and the eight-story hotel recently started up a new business relationship with Prime Companies of Latham, which is now running 15 newly renovated ExecuStay rooms there.


Read more: http://www.timesunion.com/business/article/Boutique-hotel-1-85M-4200554.php#ixzz2IET3nhk3

Quoted from rpforpres

SCHENECTADY — You can now own the Parker Inn in downtown for $1.85 million.

It's the first time owner Chris Myers has listed the 19,000-square-foot historic building next to Proctors Theatre for sale since he purchased and renovated it in 2002.

The business has had its ups and downs, filing for Chapter 11 bankruptcy in 2011. But its debts are paid, Myers said, and the eight-story hotel recently started up a new business relationship with Prime Companies of Latham, which is now running 15 newly renovated ExecuStay rooms there.


Read more: http://www.timesunion.com/business/article/Boutique-hotel-1-85M-4200554.php#ixzz2IET3nhk3

They should just stop beating around the bush and just sign it over to Proctor's
so the performers will have accommodations.

ROFLMAO !!!


$1.85 million???????????      ROFLMAO !!!!!


More EVIDENCE of the PLUMMETING PROPERTY VALUES INCLUDING DOWNTOWN !!!!!!!!!


we know that earlier years the assessment value was  $1.9 million.

In 2011, according to the city, that building was worth $1,934,000  and unlike the cheerleader, we so called "nayboobs" provide THE EVIDENCE of the statements we make!    

Here is the EVIDENCE from the OFFICIAL FINAL 2011 City Assessment Roll, with an Full Market Value of $1,934,000:





The EVIDENCE shows that the city claimed the Full Market Value DROPPED at the time of the publishing of the TENTATIVE 2012 City Assessment Roll:





The owner, himself, did NOT agree with that full market value, he believed it was lower and put in a grievance at the Board of Assessment level.   Or did he?      Because look at the OFFICIAL FINAL City Asssessnent Roll for 2012.  

The EVIDENCE shows that the Full Market Value has DROPPED to $769,231:






The owner did indeed file a grievance, but he did so IN 2011 to have the assessment reduced based on a DRASTICALLY REDUCED property value, thus here is the EVIDENCE that all city's wild spending of taxpayers' money on downtown is NOT helping the city, is NOT helping the tax base!   However, the Board of Assessment, the dem party puppet body, would not grant him a reduction.   Thus he filed a certorari suit against the city and in April 2012, the city council had a settlement agreement on it's agenda.  Obviously the final paperwork for the certorari was not completed in time for the reduced assessment to be reflected in the 2012 Tenatative Roll, but it was completed in time for the FINAL Official 2012 roll.

So, the owner, in 2011, believed that this property had a value of no more than roughly $800,000 (based on the 2011 equalization rate of 100%) and set out to prove a reduced value.  In other words, he believed the his property could not sell for more than that roughly $800,000.  And the courts agreed.

However, we might also consider that since he had been given a TEMPORARY tax exemption (which ended in 2012), given to him when as a metroplex project when the city had a republican mayor--in those pre-dem leadership days, the republicans obviously wanted to give downtown a TEMPORARY hand up, rather than a PERMANENT handout.  

His temporary tax exemption was ending while all the dem plex projects were being given PERMANENT 100% tax exemptions!

Anymore need to be said?  

YES, has his house (or his mother's) sold yet?   Remember, on the market for SEVERAL YEARS?  

So let me get this straight....he files a grievance saying that his propeorty is only worth $800,000 and wins in the courts.  Files for bankrupcy and then puts it on the market for the amount he said it wasnt worth?

Quoted from TakingItBack

So let me get this straight....he files a grievance saying that his propeorty is only worth $800,000 and wins in the courts.  Files for bankrupcy and then puts it on the market for the amount he said it wasnt worth?

YEP!   You've got it straight, 99% accurate

It's possible that when he grieved that he claimed an even lower amount.  Hypothetically, let's say he sought a reduction to $600,000.  In the certorari case the judge may have felt that 800,00 was appropriate.   OR the city assessor knew that the city would lose and chose to offer Myers a reduction to $800,000 and Myers opted to accept it rather than draw it out anymore.

However, everyone needs to know that during 2012, the city had to refund him for excess taxes paid for 2012, i.e., his grievance took place in 2011, and the certorari was for the 2011 grievance, but because he, in theory, paid his probably first two quarterly bills in 2012, and also the school district because the revised assessment really is effective July 1, 2011. so he has overpaid school taxes.  That's all assuming he has paid taxes on time.   No telling what the bankruptcy meant.    

Quoted from mikechristine1

YEP!   You've got it straight, 99% accurate

It's possible that when he grieved that he claimed an even lower amount.  Hypothetically, let's say he sought a reduction to $600,000.  In the certorari case the judge may have felt that 800,00 was appropriate.   OR the city assessor knew that the city would lose and chose to offer Myers a reduction to $800,000 and Myers opted to accept it rather than draw it out anymore.

Lowering the assessment directly raises the value of a property proportional to the assessed value.

Apparently lowering the assessed taxable amount to half, doubles the seller's value.

Therefore, lowering all city assessment rates would also raise the selling price values proportionally.

Quoted from Libertarian4life

Lowering the assessment directly raises the value of a property proportional to the assessed value.

Apparently lowering the assessed taxable amount to half, doubles the seller's value.

Therefore, lowering all city assessment rates would also raise the selling price values proportionally.

Are you DV in disguise?    ROFL

Keep the DEM implosion going! Let Fat Morris offer him $1 {the going rate Downtown} then he can take another building permanently off the City tax rolls. Like Key Bank. Like the jewelry/cupcake place. Like his coffeehouse.

Why do they let Morris make these high stakes decisions downtown? He has no kind of credentials whatsoever for it, and the other city where he was allowed to hold sway showed no improvement. How are people who should know better so impressed?

Benny, I think the more outrageous a scenario you can come up with, the more likely it is to happen, so you need to be careful what you post. Someone could be reading this and thinking an implosion sounds like it might be a good thing so they adapt your ideas.

art for arts sake. fat cat playground....they ARE the minority with a bunch of redlined neighborhoods with cheap workforce for their
healthcare, waiters, waitresses, strippers, counter help, dishwashers, janitors etc......the county and city workers are their
familia......

Quoted from benny salami

Keep the DEM implosion going! Let Fat Morris offer him $1 {the going rate Downtown} then he can take another building permanently off the City tax rolls. Like Key Bank. Like the jewelry/cupcake place. Like his coffeehouse.

And the $$$$ from use of that Key Hall for weddings and fundraisers goes into the non-profit / charity pocket along with the 0 paid in taxes to the City and schools.

Parker Inn Mr. McMorris? You and McCheesy and McGillen can pool your resources, use this hotel for weddings, pocket the money and turn Downtown into the biggest taxpayer McRip-Off!!!

Anyone want to hire a deadbeat financial advisor??????

Quoted from Madam X

Why do they let Morris make these high stakes decisions downtown?

Because....and if the truth be known......without proctors EVERY SINGLE occupied building (businesses) would be bankrupt. That has been said to me personally from business owners. Without proctors shows....they would die!

So the city has no choice but to continue to pump taxpayer's money into proctors to keep it a float so they can keep the tax exempt businesses from  failing. AND THAT'S THE TRUTH!!!

And Morris is laughing all the way to the bank.....along with the rest of the 'friends and family' club.

It is an economic lie ever pushed on the taxpayers!!!

blame the dems all ya want...but the reps would be doing the same thing....only the names and faces would change!

Quoted from bumblethru

Because....and if the truth be known......without proctors EVERY SINGLE occupied building (businesses) would be bankrupt. That has been said to me personally from business owners. Without proctors shows....they would die!

So the city has no choice but to continue to pump taxpayer's money into proctors to keep it a float so they can keep the tax exempt businesses from  failing. AND THAT'S THE TRUTH!!!

And Morris is laughing all the way to the bank.....along with the rest of the 'friends and family' club.

It is an economic lie ever pushed on the taxpayers!!!

blame the dems all ya want...but the reps would be doing the same thing....only the names and faces would change!

It is one of the WORST economic blackmail policies. Taxpayers pump millions into a theater which in turn cost the taxpayers millions to keep afloat (with grants and taxbreaks) which in turn keeps afloat Downtown businesses which pay no taxes, decimate the taxbase and use Metroplex grants to stay afloat.

Therefore if we had true capitalism Downtown and each theater and business were cut off the government support?? Every single Downtown entity would not be able to survive.

So what's the answer? Pumping millions into a Downtown which is bleeding the taxbase and taxpayers...or an empty Downtown which doesn't take millions from the taxpayers? A ghost town has a chance to be reborn, our current situation has no chance of ever being successful.