Dooley Square in the city of Poughkeepsie seemed a promising gateway to a revitalized waterfront when it opened adjacent the railroad station six years ago.
The development could still lead there. But it is first taking a detour through foreclosure on its way to what advocates hope will be a prosperous future
Mark Tulis, operating trustee for R.J. Dooley Realty Inc., said Preferred Group of Manhattan has bid $3.75 million for the complex off North Water Street during an auction April 7 at U.S. Bankruptcy Court in Poughkeepsie. He said the deal could be completed within a month and must be approved by Judge Cecelia G. Morris.
Tulis said Preferred representatives would retain tenants who are not in default of their leases. Dooley Square includes Mahoney”™s Irish Pub within a complex of stores, offices and restaurants between the railroad and the riverfront. The Square is about 65 percent occupied and ownership filed for bankruptcy last year, when tenants suffering from recessionary woes could not make rent.
Dooley Square had been listed for sale for $5.9 million by CR Properties Group. The site had been assessed at $4.6 million by city officials.
