State stalling on sale of Armory hinders economic development, officials say

"The state might as well hand it over now for $1," he said.

Fosbrook and his audience of nearly a dozen Warren County supervisors Monday at a county meeting said they'd likely be lobbying the state to sell the building for $250,000 so it can boost the local economy rather than drag it down.

Retired New York City firefighter Rocco Musumeci was the only person registering to bid on the Glens Falls Armory. He brought along a $50,000 deposit required to purchase the building at its minimum bid price, but apparently decided not to purchase the building at the set price when no other bidders showed up.

Musumeci has said he might rehabilitate the armory as a home for disabled veterans or for children with developmental disabilities.

Attending the auction were investors and real estate brokers, several other developers including Hoffman - and an official of the Hyde Collection, which is situated next door.

Some have suggested that considering the building's imposing architecture, The Hyde would be an appropriate new owner if they sought to expand their art collections and exhibition space.

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