Credit union launches foreclosure on Carney’s Tavern property

A credit union with a lien on the historic Carney’s Tavern property in Ballston Lake last week launched foreclosure against Rosemary Carney, asking the court to authorize the sale of the property.

Saratoga County Court Federal Credit Union Sunmark on Thursday opened foreclosure proceedings against Carney, who the credit union said defaulted on a loan of more than $ 600,000. The loan was secured by the property listed at 15 Main Street and 17-19 Main Street in Ballston Lake, which includes a small apartment, vacant lot and the historic pub closed in July after operators Matt and Stephanie Finnigan shut down in July. announced their intention to start a new business. (The Finnigans are not involved in the foreclosure proceeding.)

The Latham-based credit union in the court file describes a total lien of $ 692,000 on the property, noting that Carney still owed more than $ 520,000 on the principal of the unpaid debt, and asks the court to order the sale of the property to pay off that debt.

The building, built in the 1840s, has housed many taverns, inns and restaurants over the decades. Local musicians performed at the bar, and Burnt Hills-Ballston Lake graduates used the venue as a meeting place. The building was reportedly visited by Theodore Roosevelt as he was about to be sworn in as president.

Carney and his family have been affiliated with the property for almost 40 years, but the Finnigans had owned the pub business since 2013, leasing space from Carney. Finnigan, after announcing the pub’s closure, said the old building needed more investment than it thought it was worth the time, energy and expense.

“It’s too expensive and too big a project for us to even consider,” he said in July. “It was an overall nice place, unfortunately it’s just the condition of the building, it just expired. Every time you fix one thing, something else is wrong.

While Carney insisted that she planned to reopen the pub within days of Finnigan’s departure, she did not have the necessary liquor license to sell alcohol, and the pub remained closed at over the past two months.

The latest legal deposit suggests Carney also faces significant unpaid debts, and the property of Carney’s Pub could be linked to litigation – or sold to reduce debt. Carney was partially protected by personal bankruptcy proceedings pending between 2014 and 2019, according to court records, but his bankruptcy was dismissed in December 2019 for failing to make required payments under his repayment plan approved by the tribunal.

It is not clear whether Carney received the foreclosure summons filed in court last week. When reached by phone on Monday, she said it was the first time she had heard of the lockdown and declined to comment further.

The foreclosure file includes over 200 pages of supporting documents outlining numerous mortgages on the property that have been consolidated over the years, resulting in the lien held by Sunmark.

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