1 West State Street “sold” for $650,000
At last night’s legislative meeting, Monica Simpson announced that Borough Council has tentatively agreed to sell 1 West State Street for a sum of $650,000 to a group called Bluestone Development, run by Christian Christianson, sold using the Pennsylvania standard realtor agreement. The agreement has no financing contingent, which is favorable for the seller.
The buyers have put in a $10,000 deposit, and $20,000 additional after the agreement is to be signed after the public review process.
Because it is a public property, the public has 30 days to respond and give feedback about the agreement, after which the purchaser has 90 days for due diligence. Ms. Simpson stated that the borough solicitor requested that no public comment be allowed at the legislative meeting, however, the public may comment in the working meeting on Thursday April 7th, and at next month’s legislative meeting on Thursday April 21st.
Ms. Simpson went on to explain that despite the lower-than-expected sale price, the agreement was extremely favorable for the borough. The purchaser has agreed to keep the building’s historical facade, and stated afterward that they plan on investing up to $1 million dollars to renovate the aging building. They also agreed to register the building as a historical building in the local, state, and national registries, meaning it will never be torn down, something which was a priority for council.
She also indicated that this was the most favorable offer received by the borough, and that all borough council members were unanimous in
accepting presenting the offer.