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
Two $9 million physician-owned medical office buildings will be built on commercial property on Route 9 in Clifton Park.
Developer Rich Paulsen of Albany’s Paulsen Development will have a minority interest in both buildings, one at 1766 Route 9 and the other at 1785 Route 9.
They are being built by BBL Construction of Albany.
OrthNY will be the sole tenant of the two-story, 40,000-square-foot building at 1766 Route 9.
Construction is expected to begin this month, and the projected completion date for the project is September 2020.
Upon completion, OrthoNY will relocate their Clifton Park satellite office to the new facility. The satellite office is currently located in leased space in the Ellis Medicine building on Sitterly Road. OrthoNY also has a four-room ambulatory (outpatient) surgery center at 16 Maxwell Drive in Clifton Park. The $5.3 million physician-owned surgical center recently celebrated its grand opening.
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.
By Christine Graf
Stewart’s Shops has announced plans to spend $50 million to construct new stores and replace smaller, older stores with shops that include more space for prepared foods and coffee.
All new stores will have expanded parking lots and gasoline services, and some will include beer caves, the company said.
The new stores will be located in 11 counties including Albany, Saratoga, Oswego, Rensselaer, Oneida, Warren, Columbia, Essex, Clinton, Ulster, and Orange .
According to company spokesperson Erica Komoroske, the new locations will average 3,750 square feet in size and cost between $2.5 million and $3 million to construct. Fifteen new stores are slated for 2019, and stores in Clifton Park, Mechanicville, Oswego, Yorkville, and Brunswick have already been completed. The company hopes to finish work on the remaining 10 stores by the end of the year.
Stewart’s also has major remodels planned for several existing locations.
By Maureen Werther
Saratoga County is one of the fastest growing counties in New York state and the commercial real estate market is more than holding its own, according to local real estate agents.
Commercial real estate markets, like other markets, tend to be cyclical in nature. One of the challenges for businesses looking for a prime location is making sure they can access skilled workers.
“We are seeing business across all the service sectors. They are never going away … Food service businesses, hair and nail salons, spa and massage studios. We also have a lot of medical companies going into retail spaces, such as urgent care facilities,” said Alex Kutikov, principal, broker and partner of RedMark Realty in Clifton Park.
By Maureen Werther
Anyone who has ever worked in real estate knows the adage, “All real estate is local,” which means that what is happening in other parts of the country is not necessarily indicative of what is currently happening, or what is likely to happen over time in this market.
Take the economic downturn of 10 years ago, for example. While in other parts of the country real estate markets took a nosedive that lasted for a long period of time, the local market did not feel the recession as badly and it recovered more quickly.
Karen Charbonneau of the Saratoga Home Team group agrees with the adage. She has been in real estate for 24 years. Originally from Massachusetts, she has been working with buyers and sellers in this region for the last eight years.
By Alfred Testa
Regardless of whether commercial property owners have one or multiple properties, are looking to acquire new property, or renovate or develop new space, financing is always an integral part of the process.
In Saratoga Springs, continued growth downtown is bringing more residential development and mixed-use spaces. In Glens Falls, old spaces are becoming new again as a resurgence in millennials is driving new demand.
Whether your focus is on multi-family housing, self-storage, mixed-used properties, office space or retail, the opportunities for commercial property acquisition remain strong. But without a good relationship with a commercial banker, getting through the process can be very challenging.
By Jill Nagy
Michaels Group Homes plans to begin work this fall on a new 49-lot subdivision at the intersection of Fort Edward and Bluebird roads in the town of Moreau.
The development, called Winterberry, will consist of ranch-style and two-story homes on lots of approximately half an acre each, according to the company
Luke Michaels, principal at Michaels Group Homes in Malta, said he expects to begin work on roads and utilities this fall and have a model home ready to open in the spring. The exact layout of the subdivision has not been determined nor have prices for the homes, he said.
By Jennifer Farnsworth
Local real estate broker Scott Varley will be moving his sales team sometime early next year. After having purchased 378-382 Broadway in Saratoga Springs in June, Varley and his team are now getting closer to moving their office to that location.
The move will be just across the street from his currently leased space. Varley said the move will allow them to create a space that is unique and reflective of the business. The four-story brick building is located across the street from Saratoga Stadium restaurant, Fingerpaint headquarters and the Adelphi Hotel. Owning something downtown, Varley said, is something he has thought about since first getting into the business.
By Jennifer Farnsworth
Amedore Homes is in the final stages of getting a project approved with the village of Stillwater.
The company has plans include to construction townhomes and two retail properties on land at Route 423 and Route 9P.
John Bossalini of Amedore Homes said he plan calls for 19 multi-family buildings consisting of a total of 76 two-bedroom townhomes. He said the homes will have two bathrooms, laundry hookups, a kitchen, den and an individual garage.