Tom Roohan and Sonny Bonacio's bid of $1.46 million for the Saratoga Y building on Broadway has been accepted by the Y Board.
The Board had set a qualification for any bid to be accepted that the sale would benefit and enhance downtown Saratoga.
Not only was the Y Board delighted by the bid which exceeded their expectation of a sale price of $1 million but also by the proposed development which would replace the Y.
Featuring a Victorian motif the development would including interior parking, retail on the street level and condominiums above similar in design to the Franklin Square project built by Bonacio.
The Y as well as the building next to the Y owned by the Roohan family would be razed yielding about an acre of land for the development with frontage of 275 feet on Broadway.
The sale is contingent on planning and design review board approvals as well as that of the State Attorney General's office because of the charity status of the Y. With approvals construction could begin this fall.
This will be the twelfth joint project for Roohan and Bonacio.
Previous projects have included the Roohan Building on Broadway and The Mill on High Rock Avenue.