Glens Falls Business Jouranl
By Christine Graf
Developer Peter Hoffman of Glen Street Associates is partnering with the youngest of his four children, daughter Christiana, on what will be his 20th local development project.
The pair purchased the former Morgan Stanley building at 20 Maple St. in Glens Falls for $275,000.
Hoffman, a Clifton Park native, was introduced to the world of property development by his father. From the time he was a young boy, he had a hammer in his hand and a nail apron around his waist.
“I started with my father when I was 11 years old,” he said. “He was an amazing developer and I started by following him around. Along the way we became partners. He taught me the business, and we were partners up until 1983 when I went out on my own and did some other things in my life.”
After spending 20 years in the restaurant, car wash, and real estate industry, Hoffman re-entered the development world in 2001. It was because of his wife, Suzanne, that he chose to work in and around Glens Falls. During her time as a New York state trooper, she had grown to love the city.
“She always talked about how wonderful Glens Falls was,” said Hoffman, noting that Suzanne joined Glen Street Associates after leaving the state police.
Since establishing their development company, he and Suzanne have worked on projects in Glens Falls, South Glens Falls, Clifton Park, and Hudson Falls. Their portfolio includes commercial and residential properties that the company owns, leases and manages.
Renovating historic buildings became Hoffman’s passion after Glen Street Associate renovated 100 Glen Street in 2004. The former home to the Glens Falls Newspaper (now the Post Star), it was built in 1906.
“It’s in my DNA,” he said. “My dad used to say that if they never built another building in the United States, that it would be okay. He said there would be enough buildings if we just took care of what we have.”
“We’ve done a 55,000-square-foot building that was totally dark and boarded up. To see it today being highly embraced and loved by the community is just wonderful. It’s quite a joy of mine to take an old building that nobody much cares about and to get it to where it is appreciated again.”
Both of Hoffman’s daughters have caught the development bug. Before entering into the 20 Maple Street partnership with Christiana, he partnered on projects with daughter Stephanie who lives in the Capital Region and is a financial planner for Morgan Stanley.
Manhattan-based Christiana travels the world as a buyer for TJX Europe.
“Christiana loves Glens Falls, and she grew up in the business more than my other kids and always said she would love to partner with me,” said Hoffman. “I thought it (20 Maple) was a perfect fit because it’s a small building to get into, and she can be part of it and redevelops and goes through its metamorphosis into a final project.”
The project was approved by the planning board at the beginning of August, and work on the building began immediately. Described by Hoffman as a “total redo,” extensive renovations are planned for both the interior and exterior of the structure. Exterior renovations will include a new slate roof and a custom-made iron canopy.
Built around 1870, the historic post-and-beam building was once used as a livery stable for well-known Glens Falls resident and philanthropist Henry Crandall. After that, it was owned by Spencer Trask, founder of the Yaddo artist’s community in Saratoga Springs.
“The ironwork on the outside of the building says ‘ST’ on it which was Spencer Trask,” said Hoffman. “It’s absolutely gorgeous inside and is one of the most unique buildings I have downtown. It was once a barn, so we will celebrate that and bring that out and keep the history.”
Renovations should be complete by the end of the year, and once the building is leased, final touches will put in place based on the needs of the tenant. Hoffman said that it is difficult to estimate a dollar amount for the renovations.
“As you take these buildings apart and put them back together, you figure out what it needs. It’s not like building a new building when you can create cookie cutter pricing. It’s anything but that.”
Christiana has a passion for architecture and will be heavily involved in the redesign of 20 Maple. She has already purchased some antique stained glass for the building as well as a beautiful antique copper horse weathervane for the roof.
“We like to use period items that would be appropriate to the building,” said Hoffman. “Most elements have been taken out of the building by the time we get it, so we have to envision and imagine. We also try to do things that are a little more edgy with the design work, so it’s not just bringing it back to a horse barn.”