Tompkins Community Bank is now managing the Cornell Business & Technology Park after acquiring it in the largest foreclosure in Tompkins County history, according to The Ithaca Voice. The $50 million transfer was finalized July 3, though Cornell University still owns the land beneath the 17 parcels.
The foreclosure follows financial struggles faced by local developer Phil Proujansky, whose other properties have also gone into default. Despite interest from other parties, the bank bought the park at auction and plans to maintain it until a buyer steps in.
As “Ithaca Tech Park LLC,” the bank says it’s working with Cornell and community partners to keep the park running smoothly for existing tenants.
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