End of chaotic era in Troy as Horowitz bankruptcy case is dismissed
Sandy Horowitz, far right, with former State Majority Leader Joe Bruno, left, and former Troy Mayor Harry Tutunjian, middle.
The end of the Sandy Horowitz real estate development era in Troy – so painful the past six years – appears to be at an end.
On Dec. 16, a federal bankruptcy court judge in California dismissed the Chapter 11 bankruptcy case that Horowitz filed back in November of 2009, ending a six year process where his real estate holdings in Troy – some of the city’s most iconic buildings – were slowly sold off at auction.
Horowitz, who makes his home in Whitefish, Montana is a former movie producer who grew up on Long Island as the son of a wealth real estate family. In 2003, he swept into Troy and started buying up historic buildings around Monument Square, including the Hendrick Hudson Building, the Cannon Building and the Keenan Building.
Horowitz was hailed at the time as somewhat of a visionary, someone who was riding the wave of the city’s resurgence.
But in fact, he was about 10 years too early.
Horowitz filed for bankruptcy in federal bankruptcy court outside of Los Angeles in 2009 after his Malibu home there burned in California wildfires of 2008. His small real estate “empire” in Troy was swept up in the case as well and he began selling off the buildings in a process that dragged on for years since his mortgages often were worth more than the actual market values. He often promised the court more than he could deliver and in the past year had trouble paying his court fees.
And many of his properties ran into financial trouble long before he filed for bankruptcy.
The last major building that Horowitz owned, the Cannon Building, was finally auctioned off this past fall.
Article from:- http://blog.timesunion.com