Green Street /Golden Street Annex Build - Urban Blight / Preservation

In the years I have owned the historic Richard Douglass House on Green Street in New London I have often wondered about the building immediately across the street. A shell of its former self the building features a large 1st and second floor with an exterior made of bricks and mortar. It looks just OLD. A recent owner began a never ending restoration of the property with the hopes of turning it into his residence and workshop. This never came to fruition due to various reasons and recently his passing. 

Now again New London is left with a shell of a building that if a first time visitor to the area you are greeted with a rundown building in disrepair. You would like think you were headed into the most dangerous neighbourhood in the Bronx. The building is too small for a major development, too large to let it simply fade. 

I am in the process of finding out more about this building... I did read in the New London Landmarks Preservationist some time ago that a former owner said it had timbers from likely before 1840 which would make sense at the Green Street area was first laid out in the late 1780s and the first houses moved to, built here from about 1793 and on. 

I am intrigued by the building and its potential. Via Facebook I have asked for ideas on what to do with it, some have come others have asked for it to be taken down. I can envision a 2-4 apartments, a small studio/gallery and even some parking. I believe this would help the street become an important destination in New London and show visitors a glimpse of New London in the late 1700s and early 1800s. We already have the Monte Cristo Book Store, Douglass House, INet, Dutch Tavern, Mangetout and Northern Indian Restaurants as well as a skate shop, caterer and tattoo studio.

Imagine 2-3 more residences, a gallery, nice signage, attractive street lamps and historic sign markers.
It can happen!

The ownership of the building is likely in probate and having been in the building years back..it needs a lot of work. What do you know about this building? What do you think should be done?