On Tuesday, the news of Galvan's gift of its properties to Bard College was reported by Roger Hannigan Gilson in the Times Union: "Galvan to donate nearly all nonprofit properties to Bard College."
This morning, the story appeared in the Albany Business Review: "Hudson's largest property owner to donate majority of its holdings there." The article clarifies that the donation "will be directed toward Bard's $500 million endowment campaign as part of a matching donation from billionaire George Soros." It also gives some information about what properties may not be included:
As part of the transaction, Galvan is retaining some of its properties and will "continue developing and owning Hudson Public Hotel, Hudson Community Theater, and other opportunities on a limited basis."
Dan Kent responded to questions from the Albany Business Review in an email. The following is quoted from the article:
The properties are expected to transfer over the next six months.
"The final number is still to be determined pending a due diligence period related to title and appraisals," Kent said in an email. "We have been developing plans to ensure the future sustainability of our work in Hudson for several years. We decided to donate the properties now having identified Bard as a partner with the capacity to steward a portfolio of this size."
The final paragraphs of the Albany Business Review article are also of interest:
Kent said the move to donate much of its Hudson real estate comes as Galvan is looking to invest in other cities across the country, including in Savannah, Georgia.
"Galvan will remain active on a limited basis in Hudson, and on an expanded basis in other parts of the country," Kent said.
He declined to comment on the current state of Hudson.
Galvan has begun what will seriously damage Hudson's future -- the hotel at 4th & Warren and the apartment building(s) at 7th & State (after razing three perfectly good houses there). And now they're on to greener pastures. What a disgraceful wrecking ball Galvan is. But City Hall let them get away with it all.
ReplyDeleteSavannah is incredible! We have visited Savannah many times and it is beautiful. I can understand his desire to spend his time and energy in Savannah. We highly recommend the Thompson Hotel if you plan on visiting - the views from the rooms and rooftop are the best in the city. It is on our list, if we end up ditching Hudson.
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