Summer 1992 Table of Contents
FDIC-Owned Hotel Listed on State Register of Historic Places
While the FDIC in Buffalo has opposed historic preservation efforts for Goldome, it has shown some cooperation in other parts of the state.
In Millbrook, NY, Halcyon Hall– a magnificent, ornate former luxury hotel – has been listed on the NY State Register of Historic Places and is being nominated for inclusion on the National Register of Historic Places.This marks a major achievement in the three-year campaign to save the historic mansion, which formerly served as Benett Hall.
Recent uncertainties regarding ownership of the building, and the impact of the involvement by the Federal Deposit Insurance Corporation (FDIC), makes these listings particularly significant.
"I am delighted with the progress of our efforts to help assure the future of this unique and magnificent historic structure," noted Orin Lehman, State Commissioner of Parks, Recreation and Historic Preservation, who serves as New York's Historic Preservation Officer. "It is our hope that this nomination will set a precedent for listing and protecting other properties transferred to FDIC, and will encourage the creative use of preservation tax incentives when FDIC markets such properties."
The FDIC became owner of Halcyon Hall when it assumed control of the Mechanics and Farmers Savings Bank, which had acquired title to the property as part of a loan restructuring agreement with the previous owner.
Transfer of historic properties to the FDIC has become an increasingly frequent occurrence in the current economic climate.
National Register listing may be important for the future of Halcyon Hall because it will qualify the property for participation in the Federal Investment Tax Credit program.
This program encourages adaptive reuse and preservation of historic buildings by offering the incentive of a 20% income tax credit to investors who restore a listed property according to federal preservation standards.
In addition, listing will provide a measure of recognition and protection by requiring that its historic status be considered by the FDIC before any actions such as sale, lease or transfer are taken.
The efforts to save Halcyon Hall through State and National register listings are the result of a partnership between Friends of Halcyon Hall; the New York State Office of Parks, Recreation and Historic Preservation; and the Preservation League of New York State. Support and encouragement from the National Trust for Historic Preservation has reinforced and enhanced the effectiveness of this effort.
"Supporting the efforts to preserve Halcyon Hall has been a high priority for the Preservation League of New York State," according to Clark J. Strickland, the League's President. "Our technical and legal services programs will continue to provide expertise on strategies to preserve and re-use this wonderful building. The leadership in the community has been most impressive and we are pleased to lend our strong support."
The State and National Registers of Historic Places are "honor rolls" of historic properties. In addition to the prestige of listing, inclusion in these registers provides benefits for a property and its owner– among them eligibility for preservation grants, as well as a measure of protection from the negative effects of State or Federal action.
Halcyon Hall is historically significant as a prime example of a late 19th century rural hotel. Originally built in 1893, it is an excellent intact example of late Victorian architectural eclecticism applied to a resort hotel.
"Halcyon Hall is a unique resource worthy of preservation," said Vicki Sanstead, Director of the National Trust's Northeast Regional Office. "The Trust enthusiastically supports the partnership between the State Historic Preservation Office, the Preservation League and local citizens which made this listing possible."
