Category Archives: Commercial / Residential Real Estate

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.

By Jennifer Tsyn

Whether your business is just starting up, expanding or relocating, a key concern for most businesses is finding the right space. That process can be fraught with difficulties, especially when it comes to negotiating the lease.

Most landlords will present prospective tenants with a draft lease that is very favorable to the landlord. This means that when negotiating with the landlord, it is easy for tenants to overlook issues that may cause problems in the future.

Here are some of the key issues a new tenant should consider when reviewing a draft lease for commercial space include: