As crews work on clean up efforts at the former Doane Stuart building many questions linger, including the building's ownership.
During a press briefing Friday morning Albany Mayor Kathy Sheehan said, "This building was sold by the border that owned it in 2017 to Kenwood Commons LLC; that transfer happened in August.”
City leaders say Kenwood Commons LLC had plans to create condos, apartments, artistry spaces, and more.
“That was all abandoned as far as we know in 2019 and since that time this has been a site that has been visited by our codes department," said Sheehan.
A quick google search of Kenwood Commons LLC shows the owner is real estate company Jacob Frydman Official based out of New York City. The company's website only listed an email as a form of contacting them; Reporter Emma Quinn reached out for comment but did not hear back.
CBS6 also went to Albany City Hall to learn more about the ownership of the building.
The City Corporation counsel provided us with documents relating to a petition to the New York State Supreme Court to the provisions of the Real Property Tax Law.
We also found federal court documents showing Kenwood Commons LLC filing for bankruptcy in March 2022.
That bankruptcy filing put a dent in the country's ability to take ownership of the building.
legal expert Paul DerOhanessian says it could be a challenge for anyone to take ownership of the building for that matter.
"Any piece of property that goes into bankruptcy halts any type of legal proceedings that may occur, like foreclosure,” he said. “Everything concerning assets in bankruptcy whether it's a lawsuit, it's a company; it gets stopped, it gets stayed. "
DerOhanessian adds all involved parties must go through bankruptcy court.
"Whether there's a chance the person won't be declaring bankruptcy, now usually in commercial property that's going to be very difficult to come out,” DerOhanessian added. “But what it does is it stops and delays the ability to get to where you want to go."
Now on March 14th, less than two weeks ago, the city and county met virtually with the mortgage company of the property who wanted to learn more about the city's code enforcements and zoning laws.
City leaders also mentioned an auction was made on the property at a bankruptcy auction this past Tuesday. Since the fire happened- it's unclear if the buyer will move forward.