{"id":31841,"date":"2019-04-11T16:10:17","date_gmt":"2019-04-11T20:10:17","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=31841"},"modified":"2019-04-11T21:38:33","modified_gmt":"2019-04-12T01:38:33","slug":"glen-street-associates-buys-former-red-cross-building-will-turn-it-into-office-space","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/04\/glen-street-associates-buys-former-red-cross-building-will-turn-it-into-office-space\/","title":{"rendered":"Glen Street Associates Buys Former Red Cross Building; Will Turn It Into Office Space"},"content":{"rendered":"<figure id=\"attachment_31842\" aria-describedby=\"caption-attachment-31842\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-31842\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/04\/hoffman-project-hc.jpg\" alt=\"\" width=\"1000\" height=\"750\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/04\/hoffman-project-hc.jpg 1000w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/04\/hoffman-project-hc-300x225.jpg 300w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/04\/hoffman-project-hc-768x576.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-31842\" class=\"wp-caption-text\">This is the former Red Cross headquarters at 74 Warren St. in Glens Falls. Glen Street Associates plans to renovate the 5,000-square-foot building and lease it out for offices.<br \/>Courtesy Glen Street Associates<\/figcaption><\/figure>\n<p>By Jill Nagy<br \/>\nGlen Street Associates recently purchased the former American Red Cross building at 74 Warren St. in Glens Falls, its 14th real estate purchase since 2001.<br \/>\nThe building has been vacant since the Red Cross moved to smaller quarters. Peter Hoffman, one of the principals in Glen Street Associates (the other is his wife, Suzanne), said they have not yet decided what to do with the building but, before they decide, he will consult with the North Glens Falls IDA. \u201cWe always start there.\u201d<br \/>\n\u201cIt is kind of a plain Jane right now, but it is a brick building with some 1940s charm and character,\u201d he said.<!--more--><br \/>\nThe building is across the street from the former post office building. Renovation of that structure waa another of the Hoffmans\u2019 projects. The building at 70 Warren St., which was built in 1915, was purchased by Glen Street Associates in 2009. According to Hoffman, one of the motivations to begin renovation was the need to have larger office space for leasing.<br \/>\n\u201cWe are on the move to complete that,\u201d Hoffman said of the post office. Both buildings are typical of the types of property the company invests in.<br \/>\n\u201cWe enjoy buying the old ones and doing the work,\u201d he said. \u201cWe want to preserve everything we can,\u201d especially the historical details, he said. At the same time, they have to bring the buildings up to date with building codes (\u201cthat changes every year,\u201d he commented), fire codes, and other safety standards.<br \/>\nThe purchase price of the Red Cross building was $182,000. Hoffman said he does not yet have an estimate of the cost of renovating it.<br \/>\nEventually, he expects to renovate the 5,000-square-foot building and lease it out for offices. Its 25 parking spaces can be expected to be a selling point. The Red Cross building is a modest project compared to the former post office building, a 12,000-square-foot building that the company purchased for $195,000. That renovation is financed by a $1.73 million construction loan secured in March 2018.<br \/>\nWhile concentrating on Glens Falls, the company has also purchased properties in Hudson Falls, South Glens Falls and Queensbury.<br \/>\n\u201cWe love the market,\u201d he said, because of the large number of older buildings ripe for historical renovation that \u201cwe can re-gentrify and celebrate.\u201d<br \/>\nTheir portfolio includes a mix of retail, office, commercial and apartment complexes. They have 65 commercial units and 175 apartments. Almost nothing is vacant, he claimed.<br \/>\nThe Hoffmans manage their properties themselves but rely upon BA Construction Services in Latham for much of the construction work.<br \/>\n\u201cThe construction work we do ourselves is fairly specialized,\u201d Hoffman said.<br \/>\nTheir only regular employee is Tom Manoleff, who does the drafting and design and keeps track of compliance issues.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jill Nagy Glen Street Associates recently purchased the former American Red Cross building at 74 Warren St. in Glens Falls, its 14th real estate purchase since 2001. The building has been vacant since the Red Cross moved to smaller quarters. Peter Hoffman, one of the principals in Glen Street Associates (the other is his [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":31842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Glen Street Associates Buys Former Red Cross Building; Will Turn It Into Office Space - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/04\/glen-street-associates-buys-former-red-cross-building-will-turn-it-into-office-space\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Glen Street Associates Buys Former Red Cross Building; Will Turn It Into Office Space - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Jill Nagy Glen Street Associates recently purchased the former American Red Cross building at 74 Warren St. in Glens Falls, its 14th real estate purchase since 2001. The building has been vacant since the Red Cross moved to smaller quarters. 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