NYREJ

07-17-12

The New York Real Estate Journal provides the latest commercial real estate news for the entire state of New York. Read profiles of the most influential companies and people involved in the NY commercial real estate market.

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facebook.com/nyrej twitter.com/nyrej nyrej.com Quick Read Speaker Series with Upstate Chapter of the USGBC Destiny USA hosts Sustainable Section D New York Real Estate Journal July 17 - 30, 2012 FOR 78,000 S/F NEIGHBORHOOD SHOPPING CENTER WITH 100% OCCUPANCY structures $11.325 million retail loan Pisanelli of US Realty Capital The Upstate Chapter of the USGBC recently held a discussion of the LEED Gold certification of Destiny USA at their facility in Syracuse. Perry of Destiny USA discussed the process that resulted in the addition's LEED Gold certification. SEE PAGE 8D Fitzhugh Associates close $3.7 million rehabilitation loan CPC, SONYMA and HYDE PARK, NY US Realty Capital has brokered an $11.325 million perma- nent loan for a 78,000 s/f neighbor- hood shopping center. The re- tail center is located on Rte. 9 which is the major retail Rob Pisanelli corridor in the area. Park Pla- za is one of the main shopping centers in the area and the property has experienced a near 100% occupancy for the past two decades. The 10-year non-recourse loan has a sub-5% fixed interest rate with a 30 year amortization schedule. Rob Pisanelli of US Realty Capital structured the deal. Sutton Cos. completes two sales and a lease Upstate GROUNDBREAKING HELD RECENTLY FOR $2.45 MILLION PROJECT Construction begins on Olean East State St. reconstruction SYRACAUSE, NY According to the Sutton Cos., the firm has completed the following transactions: The loan was closed to develop the Academy Building in Roches- ter. The building is a 140-year-old historic property which will be transformed into 21 apartments. SEE PAGE 10D 20 Pages R. Peters .................................. 4 B. Heine ................................... 6 Western New York ..........12-13 Capital Region ..................14-15 Professional Profiles............ 16 Digital Edition nyrej.com Printed on recycled paper Bart Feinberg Andréa Bucci Bart Feinberg, of The Sutton Cos., represented Gascon Enterprises, owners of 4 Dwight Park Dr. in the sale of their 27,200 s/f industrial building for $1.1 million. The buyer was Kinder Lane I LLC, who was represented by Josh Podkaminer of Emhoff Associates. Feinberg also leased a total of 10,986 s/f at 731 James St. The subject property is an office building managed by Sutton. Andréa Bucci, of Sutton, has sold 104-108 Rebhahn Ln. in Camillus, an eight unit apartment complex, for $300,000. John Thomasmeyer, also of Sutton, was listing agent. •to comment on this story visit nyrej.com• OLEAN, NY According to the city and the Western New York Regional Economic Development Council, the first stage of construction of the East State Street Reconstruction project in Olean has begun on the strength of the $1 million award it received as part of governor Andrew Cuomo's Regional Council initiative. This project will reconstruct East State St. (NY Rte. 417) from Front Street to King St., and will support 67 jobs with a total project cost of $2.45 million. City mayor Linda Witte welcomed state representatives to the city recently for a ceremony at the construction site. "I am proud to see Olean is front and center with a shovel in the ground today," said mayor Witte. "East State St., with its potholes the result of deferred maintenance and lack of funds, will once again provide smooth passage for the 13,000 vehicles that travel this road daily. It will be a stun- ning gateway for workers, visitors, shoppers and business owners. The neighborhood residents and commer- cial concerns will especially benefit from updated infrastructure. This is exactly the kind of infrastructure project that the governor's Regional Economic Development Council distressed neighborhood. The project is a part of the East End Corridor Management Strategy, as identified in the city's 2025 Comprehensive Plan. The reconstruction will also support tourism. Since 1997, East State St. has served as NY Bicycle Rte. 17, a conduit for statewide touring bicy- clists, and a part of a comprehensive network of signed, on-road, long distance bike routes. Groundwork for the project has The East State St. reconstruction will consist of a complete highway and utility remake of this important gateway corridor to downtown Olean. The project will include the replace- ment of water and sanitary sewer lines, a new storm sewer and gutter system, a new road bed, sidewalks and curbs. It will address severe pave- ment deterioration, as well as public safety concerns, and provide more infrastructure capacity to support future development and bring jobs to a called for in 2011. Additionally, I'm pleased my engineering department staff met the design challenge and exceeded expectations, saving the city of Olean $200,000." begun. The construction contract was awarded to Mark Cerrone Inc. of Niagara Falls, New York. Mayor Witte said, "In addition to the engineers I want to thank all of those who have been instrumental in moving this project forward thus far: the Governor's Western New York Regional Economic Development Council, Empire State Development and officials-particularly Sam Hoyt- the key sponsor, Ward 2 Alderman Ann McLaughlin, Olean's Public Works director Tom Windus, Com- munity Development project coor- dinator Mary George, and the Olean Common Council." •to comment on this story visit nyrej.com•

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