As of July, all of New York State has qualified for Phase IV reopening, and as we come out of the pandemic the major concern in the multifamily industry is the effect on rents and occupancy, unemployment is always the biggest threat. Temporary job layoffs and permanent losses among the industries that are large tenant employers, particularly retail and hospitality, have reduced collections mid-year in those cases where stimulus funds are insufficient to cover both rent and tenant living expenses.
Canajoharie, NY Montgomery County’s efforts to redevelop the vacant Exit 29 site, formerly the home of Beech-Nut Nutrition for over 100 years, took a step forward this month with the completion of the asbestos abatement process for the remaining portions of the former manufacturing facility and office building. The site, which the Montgomery County Business Development Center (MCBDC) has been working to clean up and prepare for redevelopment since the county took possession of it in July 2017, is likely to see greater interest from prospective developers now that the costly asbestos removal process is complete.
NYSCAR held their Annual Meeting virtually in October. It was a good meeting with timely discussions. The 2021 budget was approved. Committee reports and chapter reports were received. The following members were elected as officers and governors: • James Walker, CCIM, president; • Dana Crocker, first VP; • Robert Strell, second VP,
Syracuse, NY According to JF Real Estate, Central New Yorkers have a spot to grab a coffee and a snack and relax with a few furry feline friends. Pawsitivitea CNY is open inside the CNY Regional Market at 2100 Park St. according to owner Alisha Reynolds, one of two cat cafés planned for the area. The concept for the 1,200 s/f is simple: Coffee and tea, baked goods, and cats. The dining room and cat lounge area will be separate.
Schenectady, NY According to Cushman & Wakefield | Pyramid Brokerage Co., the former Sears at Via|Port Rotterdam was purchased by United Auto Supply, a Syracuse-based wholesale distributor of aftermarket automotive parts and accessories. The 103,296 s/f building sold for $1.875 million, and will become United Auto Supply’s regional distribution hub. This $6 million dollar investment is expected to create up to 150 jobs and will service customers in Northeastern New York and New England.
Middletown, NY According to Sutton Real Estate Co., the firm has completed the following transactions: Louis Fournier of Sutton and Gina Marchese from All Phases Realty handled three leases at 390 Crystal Run Rd. totaling 5,900 s/f: • Healthy Deli took 1,700 s/f; • Empire Inspections & Apparaisals leased 1,600 s/f; and • Family Foot Care signed for 2,600 s/f.
Albany, NY According to Carrow Real Estate Services, Jeff Santore has joined its property management team as a property manager. With over 28 years of on-site management experience, Santore has maintained over two million s/f of professional office, medical, retail and industrial property across Western and Upstate New York.
Johnson City, NY According to Michael Finn, managing partner of CBRE|Syracuse, the firm has completed the following commercial real estate transactions: Rick Searles and Finn exclusively represented Gannett Satellite Information Network, LLC in the $4.5 million sale of 10 Gannett Dr. The property was previously a newspaper printing facility that ceased operations in 2018. Built in 2006, the 97,000 s/f building on 10 acres was purchased by the Binghamton University Foundation, to be utilized as a library annex.
Amsterdam, NY Despite the challenges 2020 has presented to the hospitality industry, the grand opening ceremony of the new, 67-room Microtel by Wyndham Hotels along Rte. 5S is another sign that Montgomery County is a growing destination for people and investment. The grand opening event–delayed several months because of the impact of COVID-19–reflects another major victory for economic development efforts along the 5S Corridor.
Cortland, NY JLL Capital Markets closed the $7.6 million sale of Tops Plaza, a 133,849 s/f retail center anchored by Tops grocery store and Harbor Freight Tools in central Upstate.
