Category Archives: Commercial / Residential Real Estate

By Rod Bacon

According to area professionals, the commercial real estate market in the region is, while somewhat challenging, doing well.

Tom Roohan, owner of Roohan Realty in Saratoga Springs, said that the increase in interest rates post-Covid is making it difficult for investors to purchase commercial properties. 

“A lot of us were spoiled by lower interest rates,” he said. “Low interest rates mean a lower cap rate, which means higher value. That has been frustrating for many people because things they refinanced are built at a certain interest rate that is no longer available to us. That makes it hard for us to sell the property.”

He noted that interest rates that were as low as 3.75 percent have risen to 6.75 percent or 7 percent, depending upon how much is put down and the quality of the property.

Despite that, some very desirable office space is available in the Spa City. The agency just listed a 2,100-square-foot corner office for lease in the historic Van Raalte Mill building at 125 High Rock Avenue. The $6,000- per-month lease is all inclusive except for communication and includes a reception area, conference rooms, kitchen, eating area, and substantial parking. Listing agents are Amy Sutton and Megan Brenensthul.

It is on the market because Marshall + Sterling Insurance consolidated some of its Upstate New York offices in Latham. 

“It’s a nice historic building space that is very bright because it’s in a corner of the building,” Roohan said. 

By Rod Bacon

The Schultz family has a long history of providing high quality construction services in the Capital District and beyond.

Between a company started by William J. Schultz in 1970 and another subsequently launched by his son, William M. Schultz, in 2000, clients have benefitted from their expertise for 55 years.

William J. Schultz left his family’s 30-acre vegetable farm in Colonie in 1955 to join the U.S. Navy, where he was trained as a radioman. According to his son, following his four-year hitch he decided he “wanted to do something else with dirt” and took a job with Hoffman Excavating, a utility company in Colonie. He worked there for several years and in 1961 moved to Rosen-Michaels, a precursor to The Michaels Group. The company had its own land development arm called Glenmont Development Corporation and he was its general manager. 

“They would buy a parcel of land and it might be wooded or a farm field, and they would hire an engineer to design street layouts and determine the maximum number of houses permitted by zoning codes,” said Schultz. “Then Glenmont Development would do all the land clearing, utility installations, and road construction.”

There was a recession in late 1968 resulting in very little call for new housing starts. Because builders no longer wanted to develop raw land Rosen-Michaels decided not to continue with its Glenmont Development subsidiary. 

Always having had an entrepreneurial spirit, he took a leap of faith and started Schultz Construction, Inc. in 1970. He purchased two pieces of equipment from Rosen-Michaels as well as a small dump truck, with which he did road construction and underground utility work for private land developers and builders as well as installing underground utility pipelines for potable water, sewer collection, and drainage systems for municipalities.  

By Mitchell Muroff
Muroff Hospitality Group

As someone deeply rooted in hospitality real estate—having owned and operated multiple franchised hotels across the Northeast and Canada, and now brokering and advising hospitality assets throughout New York State and New England—I’ve witnessed plenty of market cycles. My firm’s nationwide database connects regional hotel owners with serious buyers and investors. Lately, one thing stands out: while the industry has faced its share of headwinds, hotel transaction activity has remained surprisingly steady.

Market Stability and Buyer Confidence

Across much of upstate New York and New England, occupancy levels have softened slightly since their post-pandemic peaks. Still, average daily rates (ADRs) have held firm, signaling that buyers continue to value well-located, well-run assets even as they become more selective.

Meanwhile, interest rates have started to ease after a long tightening cycle, bringing renewed attention to hotel acquisitions that show clear upside. Financing remains cautious, but deals are getting done—particularly when buyers combine traditional bank debt with other creative lending programs.

Financing and the Role of Local Lenders

In markets like Warren County, Saratoga, and the greater Lake George region, regional banks remain essential to hotel lending. Their familiarity with seasonal demand and tourism patterns allows them to underwrite transactions that larger national lenders might overlook.

Many buyers also rely on SBA 504 and 7(a) loans, which give lenders added protection and allow borrowers to secure 20- to 25-year fixed-rate financing on the SBA portion at competitive rates. This structure reduces lender risk while giving buyers predictable long-term debt service—an especially attractive option for smaller or first-time investors.

Even so, banks continue to scrutinize borrowers closely and often require more equity than before. Seller financing can help bridge the gap, though not every owner is willing to extend it.

By Christine Graf

Ballston Spa-based Boylegroup represents manufacturers in the commercial furniture industry, serving the Capital Region, Central, and Western New York.  The company acts as a link between furniture manufacturers, commercial furniture dealers, and end-user customers. Their diverse customer base includes universities, businesses, and hospitals. 

Among the manufacturers represented by Boylegroup are OFS, a manufacturer of office furniture; Carolina, a manufacturer of furniture for healthcare applications; and Vondom, a manufacturer of outdoor furniture. 

“We have furniture dealers throughout the state, and we act as the middle man between the dealer and the manufacturer. We are the local arm for the manufacturer,” said Boylegroup Account Manager Jill Jones. “We help customers with anything that they need help with when placing their order for the furniture. We show them samples of our products and give them quotes and pricing along with drawings and layouts. And, if they have a warranty claim, we would help them with that.”

According to Jones, Boylegroup works extensively with architects and designers throughout the state. “We have a designer on staff, and they contact her when they are working on a project and want to use our furniture within their project. They would send the layouts to her and then she works with them to choose products to fit the space and the design.”

Boylegroup’s designer, Natali Cobb, also works with individual clients, assisting with space planning, material and finish selection, and furniture specification and design.

By Paul Post

Area real estate professionals say the fourth quarter heading into 2024 continues to be a strong seller’s market as demand far outpaces inventory for prospective homebuyers.

“It seems that there’s been a decline in homes coming on the market during the past year because many people who are at lower interest rates are holding back, they don’t want to have to buy a house at a higher rate,” said Janet Besheer, of Equitas Realty in Saratoga Springs. “They’re just backing off. So there are fewer sales. We have a lot of disappointed people.”

Pending sales throughout the Capital Region declined 9 percent this summer while closed sales dropped more than 26 percent and total inventory was down 28 percent.

Mortgage rates are currently over 7 percent, more than double the 3 percent level of a few years ago.

“That’s causing a certain portion of the market to step back and say, ‘I’m not going to buy now, we’re going to stay put’,” Besheer said. “Others say, ‘We’ll wait till interest rates come down.’ Well that might be a long wait.”

Meanwhile, prices continue to escalate.

“It’s hard for empty nesters to retire, sell and buy in this market,” said Melissa Cartier, of Saratoga Springs-based Cartier Real Estate Group LLC. “They’re getting a lot for their property, sure, but to purchase at such a higher price point? I don’t know.”

“It’s a really tough time for buyers,” she said. “It’s not fun for them. Lots of people have been looking six months, a year. One buyer I know moved out and rented for a full year before finding a house.”

Some people are so anxious to buy that they’re waiving inspections, which she strongly discourages. “We like to see people be confident in what they’re buying,” Cartier said. “We try to have our buyers be more completive in other areas, like giving the seller more time to move out, not just throwing caution to the wind.”

By Christine Graf

Signature ONE Realty Group recently celebrated grand opening of its new offices  at 2460 Route 9 in Malta. 

Prior to relocating, their office was just a short distance away at 2575 Route 9. 

“We leased that space for almost four years, and we outgrew it,” said owner Cindy Quade, a licensed real estate broker with more than 35 years of experience. “We also wanted to have our own space.”

Quade started her real estate career in new construction and branched out into resale after years of referring business to other brokers.

“We had a huge demand from a lot of past clients to do resale,” she said. “We had been referring out a lot of that business for a lot of years.”

When rebranding the business in 2018, its name was changed from Signature Homes Realty to Signature ONE Realty Group. The firm has grown to include 12 agents, and to date, sales have totaled close to $1 billion, according to Quade.

By Paul Post

Alan Schnurman epitomizes the American Dream. Raised by his single mom, a seamstress, in Brooklyn, he slept on the couch of an affordable housing unit with no room of his own.

Fast forward a few decades, he and business partner, Gary Seff, recently bought up more than $15 million worth of commercial properties in Saratoga County.

“I was passing through Saratoga Springs a while back and didn’t see any vacant stores,” said Schnurman, 77, a retired lawyer and Dutchess County resident. “I saw a very vibrant community. I did a little research and found out about GlobalFoundries and how jobs were coming into the county. I was looking for a place to diversify and decided this was it.”

His first local acquisition, on his own, was Red Roof Inn on Old Route 146 in Clifton Park. Next, he and Seff, owner of Fountainhead Construction Co. on Eastern Long Island, purchased the Bank of America property at the corner of Route 146 and Clifton Country Road in Clifton Park.

Recently, they paid $1.67 million cash for the historic 472 Broadway building in Saratoga Springs, which was the long-time home of Menges & Curtis Pharmacy and deJonghe Original Jewelry. On the same day, they bought a 17,800-square-foot retail plaza at 4 Kelch Drive, off Northway Exit 12 in Malta, whose tenants include Five Guys, Jersey Mike’s, Starbucks, ATT, a beauty parlor and pizza shop.

Plans call for renovating the currently vacant upper floors of the downtown Saratoga Springs building, at the corner of Lake Avenue, into upscale apartments.

By Susan Elise Campbell 

Signature ONE Realty Group is within weeks of moving into its new space at 2460 Route 9 in Malta, according to owner Cindy Quade. 

This is the first time in Quade’s 35-year real estate career that she is taking on a total commercial renovation. It is also the first time Quade and her agents will conduct business from a place she owns, rather than rents, she said.

“When our lease came up for renewal this spring, I gave our agents the choice of staying on or working remotely,” said Quade. “It was unanimous.  They would work out of their homes and meet on Zoom and at restaurants.”

Quade purchased the turn-of-the-century building in 2018 with thoughts of remodeling and occupying in one or two years. Originally a schoolhouse that was “added to and propped up over the years,” the structure was rich in history and nostalgia, she said. 

“I had several contractors looking at the building and found it would not be feasible to do a remodel,” she said. “Even if I did remodel, there would still be some issues with the structure. We needed to tear it down.”

Quade said she was “working out the design and my vision when COVID came. I had watched Franco Construction Services build Little Achievers Child Care nearby on Route 9. They kept that project moving even when it was difficult to get labor and materials.”

Quade hired the Ballston-based firm.