Troy

It's faced bankruptcy, foreclosure and even two devastating fires (although those were in the mid-19th century). Now, after dozens of potential buyers considered but did not buy, the historic Cannon Building has sold for its full asking price of $2.5 million.

The new owners, Minnow Associates, are from Brooklyn, said Dan Slote, who with Kevin Phillips, both of NAI Platform, brokered the deal.

Minnow representatives weren't immediately available for comment. But Slote said he believes they'll likely convert the upper floors,which have been used as an extended-stay hotel, into apartments.

The building dates from 1834, and was designed by renowned architect Alexander Jackson Davis. The building, originally four stories, added a mansard roof in 1870 during repairs following two fires.

Developer and movie producer Sandy Horowitz acquired the Cannon building and a portfolio of historic downtown Troy buildings, but Horowitz filed for bankruptcy in 2009 and eventually lost the Cannon Building to foreclosure in 2015.

Slote and Phillips have shown the building extensively to prospective buyers, after KeyBank, the latest owner, chose them to market it.

"It's one of the most pivotal buildings in Troy," Slote said.

Monument Square is the site of the weekly downtown farmers market. Bow Tie Cinemas, meanwhile, plans new movie theaters on the square's west side, where Troy's short-lived City Hall once stood.

For Minnow Associates, the purchase comes as Troy is in the midst of an urban renaissance, with a number of new residents, including some from Brooklyn.

"The city of Troy is turning around," Slote said. And for the purchasers, "it had everything to do with the fact they could not buy a building in New York City for anywhere the near the price they got here.

He expects Minnow Associates, founded in 1988 by Daniel Miller, to be a good steward of the building. The real estate firm says its goal "has been to buy, develop and hold real estate for the long-term, constantly improving our assets, both physically and financially."

"They'll put the money into it that it needs," Slote said.