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Closing on sale of 5 downtown buildings owned by David Sweet postponed

The potential sale of five prominent downtown office buildings owned by longtime landlord David Sweet is still alive, but the closing has been postponed until at least early October, Sweet said late Friday.

Sweet is trying to sell the five buildings, including the Rand Building, the Main-Court Building, and three smaller buildings near Main and Seneca streets, to former banker-turned-developer Paul Kolkmeyer, owner of Priam Enterprises LLC. The purchase price has not been disclosed and Sweet indicated in a letter to his employees that “we are still working through the transaction details.” But the buildings, some of which have significant vacancies, are assessed at $12 million in all.

Sweet previously said the two parties had a contract with a closing scheduled for Aug. 23, but due diligence has taken longer than expected. According to the Aug. 20 letter to employees, the earliest the sale might close is between Oct. 8 and Oct. 21, at which time all employees would be let go by Sweet’s company, Main Seneca Corp. There is no guarantee the sale will close, however. Kolkmeyer could not be reached for comment.