
Courtesy Spencer Bray
By Christine Graf
Green Harbour Mansion, situated at the tip of Cooper Point on Lake George, was sold in June for $6.5 million.
Buyers Joe Russell and John LaSalandra of Bolton Landing have plans to restore the property.
The mansion is situated on Millionaire’s Row, a 10-mile stretch of road between Lake George Village and Bolton Landing. The palatial homes that were built there during the early 1900s served as summer residences for wealthy businessmen.
Frederick Peabody, partner in Troy shirt factory Cluett, Peabody & Co., was the original owner of Green Harbour Mansion. Built in 1913, the three-story 11,579-square-foot residence sits on 3.3 acres of property. The waterfront compound includes a 14-bedroom home, a four-bedroom guest cottage, and 33 income-producing rental boat slips.
Nic Ketter and Spencer Bray of Realize Brokers were the listing agents for the property. They represented the estate of Ken Ermiger, a local businessman who passed away in 2021. One of Ermiger’s other properties, the Depe Dene Resort, was sold last year.
Ketter and Bray conducted 30 showings of Green Harbour during the year that it was on the market. The original listing price was $8.4 million.
“It went to market in April 2022, and we had a ton of interest of interest on the property. It’s an incredible piece of property. I believe one of the best one on the lake. It’s super unique, and there’s a lot of history with it,” said Ketter.
The property went to contract twice with Russell and LaSalandra closing the deal after the first contract fell through. For Realize Brokers, it was their largest deal to date.
“We’re a young brokerage,” said Ketter. “We started in June 2020, and we’ve been very fortunate that we’ve gotten the strong support of local folks who have been transacting with us. This was our biggest deal to date. Previous to that, we did a $6.3 million deal. We sold 425 Glen St., the school building in Glens Falls.”
According to Ketter, the residential real estate market remains strong.
“Anything that is hitting the market that is in good shape is still selling. Inventory is very low, and we’re still seeing multiple offers. Residential is super-hot. If you are trying to find a home in the $250-350 range, it’s tough.”
“The buyers that are left right now–I don’t want to call them desperate–but they have missed out on so many opportunities. Whenever you have that scenario, with a couple people going up against each other, it turns into a bidding war.”
Sales of multi-family homes have been especially strong, and Ketter said the majority are being purchased by investors who are making improvements to the properties.
“We’ve been very fortunate with multi-family properties. We’ve brokered a few hundred units. There are a lot of folks who have done quite well in the last few years by acquiring multi-family units.”
Ketter noted that the recent increase in interest rates has had the greatest impact on the commercial sector.
“The commercial sector has definitely tightened up the deals, but you are still seeing properties transact and you are still seeing opportunities out there. The commercial/office sector is definitely a challenge right now,” he said.
“We manage an office building at 101 Ridge Street, and we have a lot of space available. From an office standpoint, it’s a very tough market to be in.”
Despite the slowdown in the office sector, Ketter said the retail market is beginning to pick up.
“Retail was tough during COVID, but that’s bouncing back. People are starting businesses and opening up storefronts. We just put a lease together for someone who is going to be doing a kitchen and bath store right in Glens Falls. The space leased in like a week, so there are still things happening.”