OSWEGO, NY – The Oswego City School District’s Education Center could be sold in nine to 12 months; or, maybe even sooner.
Or it could take quite a bit longer to find a buyer for the 120 E. First St. property.
At Tuesday night’s board of education meeting, the district approved Pyramid Brokerage Company as the authorized broker for the sale of the Education Center.
Two representatives of the company were on hand to update the board members on their progress in marketing the site.
They told the board that in similar situations, many sites were marketed and sold within nine months to a year. Some took less time, other took longer. They will try to expedite the sale of the Ed Center.
There are a variety of opportunities for whoever buys the site.
It is waterfront property and has a good location near downtown as well as Route 481.
It can continue as an office building. Or it could be repurposed into apartments.
However, the parking lot is one issue that would have to be addressed as the city owns several spaces.
“Knowing that the city owns some of the parking spaces out front, how do we approach the city?” board president Lynda Sereno asked.
The board should set up a meeting with the city in the near future to discuss that situation, the Pyramid representatives said, adding “the value of the building is dramatically reduced” without the parking.
The property is being marketed at $1.8 million (with the parking).
“Our city is working extremely hard and diligently to bring business here and revitalize downtown. I think this is a prime time for us to work with the city,” Sereno said. “I can see them stepping up and helping us bring a new tax base to Oswego.”
Pyramid would receive a 7 percent commission upon sale of the building.