Malta, NY The New York Unified Court System, Fourth Judicial District has recently leased 22,754 s/f at the former 101 State Farm Pl., recently rebranded as Malta Grove. The Fourth Judicial District is comprised of eleven counties and is, geographically, the largest of New York State’s judicial districts. This transaction represents both a relocation and expansion for The New York Unified Court System who is relocating from 65 South Broadway, Saratoga Springs. The building is conveniently located seconds off Exit 12 of the Adirondack Northway, providing ease of access for all employees.
Peter Struzzi, SIOR and Jeffrey D’Amore, SIOR of Cushman & Wakefield | Pyramid Brokerage Company of Albany represented the landlord, Malta Grove LLC, in the transaction. Struzzi and D’Amore are the exclusive leasing brokers for the two-story 116,000 s/f class A office building.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,