Chicago firm picked to vet Maplewood Manor sale
SARATOGA COUNTY A national real estate broker has been picked to find a buyer for Saratoga County’s Maplewood Manor nursing home.
The Maplewood Manor Local Development Corp. on Tuesday hired Marcus & Millichap of Chicago to market the nursing home and review the qualifications of prospective buyers.
“This particular firm has a number of contracts for similar kinds of transactions around the country,” said County Administrator Spencer P. Hellwig.
Marcus & Millichap was selected from among four firms that sought the job. It will be compensated with 2.5 percent of the final sale price of the 277-bed nursing home, Hellwig said.
The firm will develop a database of information on Maplewood Manor for bidders to review, he said, and will then evaluate the financial strength and operating history of the potential buyers.
“We won’t just be selling to the highest bidder. We will sell to someone with the quality of care that’s there already,” said Mechanicville Supervisor Tom Richardson, a member of the LDC board.
The Board of Supervisors is looking to sell Maplewood Manor because of its history of losing millions of dollars per year at taxpayer expense. In January, it authorized transferring the facility to the Maplewood Manor Local Development Corp., as a means of allow the LDC to negotiate a sale.
The Civil Service Employees Association, which represents 325 Maplewood Manor employees, last week filed a lawsuit in state Supreme Court to try to block the sale. Hellwig said it’s too soon to know how that might impact the sale efforts.
“Without the LDC, there’s some more difficult decisions we’d be having to make,” Hellwig said, alluding to either raising property taxes by 20 percent or closing the nursing home.
County officials want to have a buyer selected by the end of this year, though completing the transaction will probably take another year beyond that.