With the legal hurdle removed, it is hoped the closing can take place next week.

After renovations, space for retail shops could be offered on the lower floor and, possibly, two-story apartments for professionals could be developed on the upper floors, according to Gary M. Beasley, a member of the board. Part of the building could be used as a parking facility, he said.

The Trust, formally called the Watertown Local Development Corp., will first analyze the best use for the building and test the market for possible residential units, Mr. Beasley said.

"It's really an exciting building and, structurally, it's very, very sound," he said.

The purchase also preserves the downtown "streetscape" instead of causing another gap in buildings if the building was torn down, according to Mr. Beasley, who is also executive director of Neighbors of Watertown.

The Trust has so far earmarked $300,000 for the purchase and repairs, he said. The first step in renovations is expected to include replacing the roof, which forced the city to condemn the building in December. Leaks have to be stopped and wet carpet has to be removed to preserve the building, Mr. Beasley said.

The next step is to analyze code issues, test the the market and see how the structure can best be used, Mr. Beasley said.

The $55,000 purchase price to the YWCA, now known as the Women's Association of Greater Watertown, is to pay off the organization's outstanding debt with any extra going to carry on programs in the same or another location, according to a plan submitted to state Supreme Court in Watertown. Already, a $4,500 nonrefundable deposit by the Trust was to be sent to Niagara Mohawk Power Corp. to apply to a bill there.

Judge Gilbert approved the purchase plan in a decision recently filed in the Jefferson County clerk's office. The organization was required to seek court approval to sell its property because of its nonprofit status.

The Women's Association has been offered space in the building to continue running programs from there, Mr. Beasley said.

Women's Association President Sherry M. Wilson was not immediately available for comment this morning.

Under the YWCA banner, the organization reported its financial condition made it difficult to maintain the building and pay taxes and utilities.

Several other offers ranging from $50,000 to $150,000 had been accepted previously, but they fell through because of the condition of the building or the finances of buyers. The organization considered the $55,000 price fair in light of the soft real estate market

Key Bank National Association also holds a $10,000 mortgage on the property. The organization listed investments totaling $85,066 but reported it was restricted to use only income from them.