By Rob Potter
MONTICELLO — March 30, 2001 – The Apollo Plaza in Monticello has changed hands.
In what Liberty realtor Gene Barbanti termed a “spur of the moment” deal, out-of-county investors whom he represents bought the shopping center Tuesday. The investors purchased the property from AP Equity, Inc., which is headed by Leo Ullman of Long Island.
“We have closed in escrow and taken possession of it,” Barbanti said Wednesday afternoon. “The official closing has yet to take place.”
Barbanti did not detail any specific plans for the Apollo Plaza – Sullivan County’s only indoor shopping mall – but noted that improvements would be made.
“We would like to see it upgraded and become a more viable entity,” Barbanti commented.
He added that the official closing on the deal should be held before June 1.
The Sullivan County Industrial Development Agency still must approve the deal, however. For the past 17 years, the IDA has held the lease to the 39-store outlet-mall. That arrangement provided significant property tax breaks for the Apollo Plaza.
IDA Executive Director Jennifer C.S. Brylinski said yesterday that she doesn’t know if and when the IDA will formally approve the transaction.
The sale is likely to be addressed at the next regular meeting of the IDA, which is scheduled for Tuesday, April 10.
“I think we will at least have a discussion on it,” Brylinski said.