The Wick was for sale. It seems Redburn Development, the group that transformed an old industrial building on Cross Street into a boutique hotel, has decided that owning a hotel is not their forte. This morning, at the meeting of the Hudson Industrial Development Agency (IDA), Mike Tucker reported that there is a potential buyer for The Wick who would like to assume the remaining four years of the hotel's PILOT (payment in lieu of taxes) agreement.
Under the terms of the PILOT agreement, which was approved in June 2016 and commenced in January 2018, the tax payment in Year 1 was $20,000, in Year 2 was $25,000, and beginning in Year 3 increases by $9,375 every year until it reaches $100,000 in Year 10 and then expires.
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