BATH | The property broker handling the sale of the former Philips Lighting facility in Bath announced it's dropping the asking price by half a million dollars, from $3.95 to $3.45 million.
Pyramid Brokerage posted the lower listing price to Twitter on Wednesday.
The facility, which previously manufactured light bulbs, closed down in early 2014.
Steuben County IDA Executive Director Jamie Johnson said he hopes the lower price will attract more potential buyers.
“We’re hopeful that the drop in price will help encourage additional interest in the building, and we’re looking forward to working with any potential buyer,” Johnson said.
Steuben County Manager Jack Wheeler echoed that sentiment, if more bluntly.
“Anything that makes it more likely to get someone in that facility is a good thing,” Wheeler told The Leader.
The 335,835 square-foot facility in Bath sits on a 75-acre lot, according to the listing by Pyramid.
Johnson said he wouldn’t venture any opinion on the sale price, or why it was changed.
“The market really is going to determine where the price lies,” Johnson said.
The broker couldn’t be reached for comment Wednesday.
Johnson said he’s not aware of how Pyramid and Philips have been promoting the sale, whether it’s been aimed at a single manufacturer or for subdivision into smaller sections.
Johnson said if the facility was subdivided to smaller employers, it would likely be by a single buyer who would then sublease sections of the building.
But he said the property, which has been on the market for a little less than a year after a lengthy site cleanup process, remains an attractive site for a manufacturing employer or an investor.
“It has all the capabilities that you would expect from a former manufacturing facility, it’s got public water, sewer, it’s got all the utilities that you would expect,” Johnson said. “It is ready to go and would take very little investment to get the infrastructure to the facility, based on our knowledge.”
But he acknowledged the challenge of bringing an employer or employers to the site.
“Your pool of potential buyers is somewhat limited because it’s a large industrial facility in upstate New York,” Johnson said.