Upstate New York

NYSCAR mourns the passing of chapter president Dana Crocker

Albany, NY NYSCAR is very sad to share the news that president Dana Crocker passed away on March 29, 2023 after a short illness. Crocker served on the NYSCAR Board for many years, serving as governor, vice president, secretary and treasurer before being elected president in 2022. He was proudly honored as NYSCAR’s Realtor of the Year in 2013.

Vanguard-Fine negotiates two sales and two leases

Queensbury, NY Christopher Farrell and Barry Feinman of Vanguard-Fine, LLC and Ann MacAffer of CBRE, Albany brokered the sale of 176 Quaker Rd. between the buyer Collection Center Property Company, LLC and seller Aldi, Inc. (New York). The purchase price was $1.55 million.

Uniland holds ribbon cutting for 150,000 s/f distribution/manufacturing facility at former Bethlehem Steel site

Lackawanna, NY Local community leaders gathered at 8 Dona St. for a ceremonial ribbon cutting for Uniland’s new distribution and advanced manufacturing facility. Built on “spec”, Uniland has fully leased the 150,000 s/f building and has begun construction on a second

Vachon and de la Garza of KeyBank CDLI secure $10.6 million for Cornerstone’s acquisition of 52-unit Silver Lake Meadows

Perry, NY KeyBank Community Development Lending and Investment (CDLI) provided $10.6 million to Rochester’s Cornerstone Group, Ltd. (Cornerstone) for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit, fully subsidized family project at 165 Lake St.

Muroff Hospitality sells 31 room inn for $1.94 million; rebranded Phoenix Inn Resort

North Creek, NY Muroff Hospitality Group sold The Phoenix Inn Resort (formerly known as the Copperfield Inn), at 307 Main St., for $1.94 million. Mitch Muroff represented the seller, Diana Espalza, and secured the buyer, Buhai and Zihan Ren, in this exclusive offering.

Larkin to instruct March 21st course

Verona, NY On March 21st, NYSCAR will feature Joseph Larkin, CCIM, MCR, SIOR teaching Real Estate Investment Measurements Using Excel. Time: 11:00 am – 1:00 pm via Zoom

Kelly of Hanna Commercial Real Estate named NYSCAR Realtor of the Year

Albany, NY James Kelly, CCIM, Hanna Commercial Real Estate, Syracuse, was named NYSCAR’s Realtor of the Year for 2022 during the February 7 NYSCAR board meeting. The NYSCAR Realtor of the Year award is given each year to recognize an outstanding active member of the New York State Commercial

March 2023 message from the president of NYSCAR - by Dana Crocker

The NYSCAR board of governors met on February 7th, at the Crowne Plaza/Desmond Hotel in Albany. The board is looking forward to another productive year and the offering of so many great courses free to the NYSCAR membership. Also, the annual conference will be held June 14-16, 2023 at the Turning Stone Resort and Casino in Verona. Save

Kelly of Hanna honored by NYSCAR

Albany, NY The Upstate New York CCIM Chapter has named James Kelly, CCIM, as this year’s recipient of the Commercial Realtor of the Year. Shown are Dana Crocker NYSCAR president of Hunt Commercial Real Estate and James Kelly of Hanna Commercial Real Estate.

2023 upstate New York apartment market - by Brian Heine

In the largest upset of the multifamily industry since the financial crisis of 2008 the Federal Reserve has raised the fed funds rate over 400 basis points in 10 months to 4.5%, the highest level in 15 years. According to chairman Powell the goal is to create enough unemployment to reduce inflation down from 6% to 8% annually back to the 2% range and at the same time