By Christine Graf
Buddha Ventures, an LLC owned by Nancy Scumaci of Bolton Landing, purchased property at 16 Exchange St. in Glens Falls for $348,250.
The 4,000-square-foot building is home to Milk & Honey, Juicin’ Jar and Advokate LLC. It also includes a private two-story apartment that is occupied by a tenant.
Ann Parrish, the owner of Milk and Honey, purchased the building in 2005. It was not on the market at the time Scumaci expressed interest in buying it.
By Jennifer Tsyn
Whether your business is just starting up, expanding, or relocating, you are likely to find yourself negotiating a lease. Of major concern to most commercial tenants are the maintenance, upkeep and repair of their space and the entire building. These issues should be carefully negotiated and then written into the lease.
1. Who is responsible for repairs and maintenance of the tenant’s space?
Commercial leases often require that tenants maintain, repair and replace those portions of the HVAC, electrical, plumbing, and water and sewer systems that are located inside or outside of the leased space, but which exclusively serve the leased space.
Tenants should always take steps to learn whether the heating, cooling and ventilation for their space will be provided by a shared HVAC unit or a designated HVAC unit, and whether that unit will be considered to be inside their space or outside of it (for example, if there is a rooftop unit).
In addition, tenants should be aware that maintenance, repair, and replacement are not the same thing, and each should be addressed. If the tenant is going to be required to “maintain” any of the HVAC or other systems, the tenant should make sure to know if they will need to enter into a contract for regular maintenance with an outside provider, and, if so, how much that is expected to cost.
By Maureen Werther
As Glens Falls and the surrounding region continues to experience growth in the business, educational, industrial and healthcare sectors, it is also balancing new growth with a commitment to rehabilitating and modernizing older existing structures to preserve the region’s history and aesthetic.
Peter Hoffman, his wife and business partner, Suzanne Hoffman, have taken on 17 projects in as many years. Their interest in expanding opportunities in the region and also preserving some of its architectural beauty keeps growing.
“We have been in the commercial market in Glens Falls since 2004, and every year we see more progress,” said Hoffman.
They just completed a $2 million renovation and modernization of the former Glens Falls Post Office on Warren Street, turning it into professional office space. The building was originally erected in 1915 and had been earmarked for demolition. Hoffman said it is an “absolutely amazing” building, adding that he has rehabbed more than a dozen older buildings and “this one is the most amazing building that we have done.”
Work began on the post office in May.Hoffman said it is ready for rental, with several interested potential tenants. He said that he expects there to be about 45 people working there within the next six months, which he calls a “big ripple in a little pond.” An additional influx of business and consumers will make a big difference in the local community.
By Maureen Werther
For Warren and Washington counties, the real estate news is mostly good, according to Ted Wilson, owner of All -American Properties with offices in Glens Falls and Chestertown.
Wilson and his team of 22 agents have seen markets at their worst, their best and somewhere in between. He described the current residential market as “stable,” noting that the statistics from 2017 and 2018 are pretty similar. It could also be called a “flat” market, but Wilson is quick to point that he would rather have a stable market over one that is in decline.
For years, interest rates were a strong determinant for people contemplating entering the real estate market. Wilson said that rates have remained low for so long and they are no longer the determining factor they used to be.
“Nobody even seems to think of them anymore,” he said. Unless they rise, which some indicators are pointing to for the future. However, the bygone days of 8, 9 and even 10 percent interest rates are dim memories for most home buyers, with first-time buyers having no experience with higher rates.
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:
What are the “premises” and how can you use the space?
The space that is being leased should be defined clearly. If the lease references square feet, make sure it is clear whether rentable square feet or usable square feet are being discussed. Additionally, you will want to be clear about when, and how, you and your employees or customers can use common areas of the building, such as hallways and common restrooms, as well as parking areas. The lease should also specify who is responsible for cleaning, maintaining and making repairs to these areas.
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 Glens Falls, old spaces are becoming new again as a resurgence in millennials is driving new demand. In Saratoga Springs, continued growth downtown is bringing more residential development and mixed-use spaces.
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.
Taking time to ask questions up front could help you avoid three of the most common frustrations when it comes to commercial financing.
Local offices and local lenders
It’s important to have a banking partner that understands the market and can move through the process quickly, whether funding at closing or construction over time. Locally, NBT Bank believes a reasonable expectation is to be able to meet within a few days of the commercial property owner’s outreach to a loan officer. After that initial meeting, the application process begins, followed by bank underwriting, and ultimately a commitment letter once the bank approves the loan.
By Susan E. Campbell
A healthy economy in Glens Falls and surrounding communities bodes well for all sectors of the real estate market now and into the near future, local experts say.
“This area is somewhat insulated by the downside of the economy,” said Bob Sears of Berkshire Hathaway HomeServices, Blake Realtors in Queensbury. “When the economy is booming, this area rises but it doesn’t have the pendulum swings.”
“The tourism industry is strong here, and much is going on to accommodate tourists,” Sears said.
By Maureen Werther
In a region where new office buildings, apartments, condos and mixed-use structures are rapidly taking over the landscape, there are still residents and business people committed to restoring and stewarding the buildings that are part of the rich culture of the region.
Esmond and Danielle Lyons are one couple who have made a significant impact on their neighborhood with a dedication to restoring a Glens Falls church and rectory and transforming it into a space for yoga and the arts, as well as a private residence.
Esmond is a painter of murals and Danielle, who is also a painter, designs and creates jewelry and teaches yoga.
When they discovered the abandoned church on the corner of Grove and Garfield avenues in Glens Falls in 1995, it had been neglected for at least 30 years and there was a “condemned” sign on the front. The church had originally been sold to a private individual. It changed ownership two more times after that. Each previous owner had bought it with the intention of restoring it. But that never happened.
Kimberly A. Salerno, Esq.
Clients we represent who are buying their first home typically have little experience with real estate. Attorneys can hold their hand through the entire purchase from contract review right through to the closing and explain each step to them along the way.
Commercial clients, on the other hand, are usually more sophisticated with the real estate world and often know exactly what they want. The attorney-client relationship, therefore, can vary greatly between the two types of clients.
Residential transactions do not vary dramatically, as they are generally single-family homes and the legal issues are generally the same. As compared with commercial transactions, depending upon the type of property being purchased, the transaction can be much more complicated because there are so many different factors to consider for the client.
Are you purchasing an office building, apartment building or multi-use with leases? Time should be taken to review the leases in detail and if necessary, negotiate changes to the leases with the seller and tenant. Depending upon your plans for the units, the sales contract should include language limiting the seller’s ability to engage in any new leases without the buyer’s approval.
The Ramada Queensbury/Lake George, a 110-room hotel at 1 Abbey Lane, Queensbury, has new owners.
According to the Muroff Daigle Hospitality Group, Ramji Patel and family sold the hotel to Paresh Patel, Darsham Patel, Minesh Hirpana and Akash Patel.
The transaction closed on Sept. 26 for a price of $3.2 million, said Mitchell B. Muroff, Esq., principal of the Muroff Daigle Hospitality Group.
Muroff Daigle Hospitality Group represented the seller, MPRV Enterprise LLC, in the transaction and was also responsible for securing the buyer, Velanja Hirpara LLC.
Muroff said the new owners are “experienced hoteliers with properties in other states and intend to be on-site managers to insure the quality of their guests’ experience.”