Kutikov and Heeps of RedMark Realty
sell 125,000 s/f Westgate Plaza

Albany, NY Westgate Plaza at 911 Central Ave. was sold for $6.3 million.

The buyer, a locally based investment group led by Faraz Khan, also owns Clifton Park Center and Wilton Malls. The seller, Horizons Management has owned the center for over 30 years. The transaction was brokered by Alex Kutikov and Gordon Heeps of RedMark Realty.

The 125,000 s/f shopping center is on 14 acres on Central Ave. Originally built in 1957, Westgate Plaza is considered the first shopping center in the Capital Region and has served as a retail hub for generations. First anchored by Woolworth’s and Albany Public Market, the plaza name was conceived by builder Leo Nigro as a “gateway to the west” when the area was still largely farmland. Its “Westgate Plaza” sign is original to the property, and remains a recognizable landmark.

Westgate Plaza has been home to many notable tenants over the years, such as JC Penney, WT Grant, Barbizon, Grand Union, Fay’s Drug, AJ Wright, Paper Cutter, Champion Outlet and Duane’s Toyland. In 1993, Price Chopper built an 86,000 s/f supermarket on an adjacent parcel purchased from the plaza. That property, not part of this transaction, remained in operation until their relocation earlier this year.

Like many urban retail centers, Westgate Plaza has faced challenges in recent years amid shifting market dynamics, increased competition from suburban shopping hubs, and evolving tenant needs that require more hands-on local management.

Kutikov had been involved with leasing for Westgate Plaza in various capacities for over two decades. He first discussed the idea of a potential sale of the plaza years ago with Faraz Khan’s brother, Azam Khan. “The timing wasn’t quite right at that point for either party, but the sellers loved Faraz and his vision for the property. We kept the conversation going for the last 5-6 years, and are thrilled to see the deal come to fruition!”

Horizons Management shared that selling after three decades was bittersweet: “When you own and operate a property for 30 years, you develop connections with the community and long-standing relationships with the tenants. In recent years, the need for more hands-on local ownership has become increasingly more apparent. We felt strongly that Faraz and his group would be the right fit to carry on Westgate Plaza’s legacy”.

The buyer was represented by attorneys Seth Finkell and Sue Nixon of Lemery Greisler.

Faraz Khan emphasized his commitment to the plaza’s next chapter: “We are honored that Bob Lane and his daughter Rebecca have entrusted us with Westgate Plaza. The property has been a landmark in the community for over 70 years, and an integral part of our own story. We are a local Albany family that has shopped at the center for 3 generations and are humbled by the opportunity to steward it into this next phase. Our goal is to preserve its legacy while reimagining it to better serve the community, and ultimately breathe life back into this core neighborhood center.”

Current city auditor and mayoral candidate Dr. Dorcey Applyrs said, “I’m deeply grateful for the opportunity this acquisition presents to renew Westgate Plaza, a place woven into Albany’s social and commercial life for generations. For decades, Westgate has been more than just a shopping center; it’s been a gathering spot, a community anchor, and a part of our shared story. I want to express my heartfelt thanks to the Lane family for their long stewardship of this place and to Faraz Khan for bringing new energy and commitment to Albany. As we move forward, we will honor our past even as we build toward a more vibrant future.”

Lemery Greisler LLC is a multi-practice business law firm serving leading businesses and financial institutions across the Capital Region, with offices in Albany and Saratoga Springs.