Category Archives: Commercial / Residential Real Estate

By Christine Graf

Unlike the residential real estate market which has boomed during the COVID-19 pandemic, the commercial real estate market has experienced a significant decline, according to those in the industry.

The demand for commercial space has been impacted by pandemic-related business closures and the changing demographic of the workforce. According to a Gallup poll, 72 percent of white-collar workers were still working remotely in May 2021.

Many companies are expected to  switch to a hybrid model or to allow employees to continue working exclusively from home after the pandemic ends. If this happens, the demand for commercial office space could drop significantly.

The pandemic also led to a dramatic increase in Ecommerce, which was already a threat to brick and mortar retailers who now fear that consumer behaviors that changed during the pandemic may become permanent. A record number of stores closed in the U.S. in 2020 leaving 159 million square feet of retail space vacant.

Despite these concerns, Howard Denison, associate broker at DeMarsh Real Estate in Glens Falls, said the local commercial real estate is rebounding after being “under the weather” for the past year.

He has been working in real estate for 31 years and attributes much of the recovery to the Route 9 sewer project in Moreau. The addition of a municipal sewer system in the town’s commercial corridor is expected to lead to development and economic growth in area where growth had stagnated.

For nearly 40 years Wellspring, the organization that provides crisis and support services to victims of domestic violence and sexual assault in Saratoga County, has operated from an out-of-sight basement office on Broadway in Saratoga Springs.

Now, after decades of planning and a successful fundraising campaign, Wellspring is moving into a new mission-based facility located just south of Northway Exit 12 at 2816 Route 9 in Malta.

Similar to Wellspring’s current location on Broadway, domestic violence and sexual assault are often hidden from view.

“Because relationship abuse is so private, and understandably so, I don’t think many people realize that there is a deep demand for Wellspring’s services throughout our county. Last year we responded to over 1,300 hotline calls,” said Wellspring Executive Director Maggie Fronk. “Even so, we know that there are many victims who we are still not connecting with. This new building will make Wellspring much more visible, and we hope this means that more people will know that we are here as a resource.”

Wellspring’s new home will expand their ability to serve more clients, she said. Many times victims of relationship abuse are unable to leave because their abuser has prohibited them from having their own source of income. The agency’s new building will have program space for workforce development to enhance clients’ job skills for career growth and financial literacy classes for self-sufficiency.

In addition to new client services, Wellspring’s new location will include ample space for community prevention and education programs.

By Christine Graf
Twelve years ago, Susan Davis completed the design of a two-story mixed-use building at 65 Beekman St. in Saratoga Springs. Davis, a principal architect at SD Atelier Architecture LLC, was hired by the woman who owned the vacant 5,200-square-foot property at the time.
SD Atelier Architecture, in Saratoga Springs, is owned by Davis and her husband, fellow architect Don Davis. During their 25 years of working in Saratoga, they have designed numerous residential and commercial properties both locally and in the Adirondacks. Current projects include Elk Lake Lodge, a historic hunting and fishing lodge in North Hudson, and Schroon Lake Community Church, a historic church that was destroyed by fire in early 2019.

By Jill Nagy
Alltown Fresh on Erie Boulevard in Schenectady is a cross between a farmers’ market and a convenience store housed in a striking gabled building. Its builder, Frank H. Alessandrini, owner of F.H. Alexander Inc., of Schacticoke, was so pleased with the result that they chose it for their September advertising campaign.
“It’s a great looking store,” said Alessandrini, who said the project was the first of its kind in New York state.
The 4,800-square-foot market focuses on creating an elevated, farm stand-like experience by providing a menu of healthy options such as made-to-order all-day breakfast, fresh salads, smoothies, sandwiches, bowls, and more, the company said.
“It was a great job,” said Kevin Doyle, director of the project management office for Global Partners LP, the company that owns Alltown Fresh. “We are very happy and pleased with the work they did for us.”
“You walk in and it’s ‘Wow,’” said Martha Sullivan, a marketing person with Global Partners.

By Jill Nagy
Two attorneys with some 40 years of combined experience, much of it as solo practitioners, joined together to form DeAngelus Goralczyk PLLC, a law firm concentrating on real estate, business formation, and cybersecurity, and has expanded with an office in Saratoga Springs.
The firm opened the office at 18 Division St. in September. It also has offices in Schenectady and Clifton Park and several satellite locations for real estate closings.

By Christine Graf
Missouri-based Pinecone Holdings recently purchased the 73-room Best Western Plus at 3291 South Broadway in Saratoga Springs.
The $5.6 million purchase was finalized on Aug. 23 and financed through Catskill Hudson Bank.
Pinecone Holdings also owns Best Western Plus hotels in Bolivar, Mo., and Mascoutah, Ill. Their additional holdings include storage unit facilities, a shopping plaza, and a construction company.
According to Pinecone Holdings Managing Director Drew Kifer, the company’s search for a new hotel was extensive and spanned the entire east coast. He said they were looking for a property that had the potential to provide the best return on investment.
“We were looking at and wanting to stay with Best Western, which is a brand we know and understand,” said Kifer. “We narrowed it down to a few key properties, and we felt like the Saratoga Springs property had the bones we were looking for.
“It is a good property that is in good shape and one with a lot of potential. We think the Saratoga market will continue to grow. It’s such a strong leisure market for the greater New York area.