54 West 5th House Update

The past month has moved slowly but steadily toward the final sale of the House. The buyer has cleaned up the yard – mowing, trimming, and picking up trash.  He has also been busy securing liability insurance and finalizing his prepossession agreement so that he can get started on renovating and repairing the building. He has repeatedly insisted that he wants to rent back to Phi Lambda Phi, starting June 1st  when he expects to be completed with his work. PLPAA has shared photos with him which show  how the House looked in “better days.” And great news: he plans to tear down the half-completed front porch and start fresh with a porch more like the original one.

On our part of the sale process, PLPAA has hired an appraiser to complete a detailed and updated report on the property as required by the legal approval process. Once that report goes to our attorney, she will finalize her paperwork and send it on to step one – the State Attorney General’s office in Syracuse where the sale needs to be reviewed and approved. After that, it goes for approval to the state Supreme Court in Oswego. No one knows how long these two steps will take, but once completed, we can finally go to closing to finalize the sale.

It’s a long and winding road, but at the end, we hope to have our beloved House back. Stay tuned.