Check out the Business Review Article on Mikes Deal
NAI Platform’s Michael McGovern represented Hampshire Properties, LLC in the sale of 90-100 Broadway in Menands to Y Gazali Corp for $3.1 million while also signing an agreement to represent the new owners in leasing up available retail space.
Over the course of negotiations, it often appeared it was going to fall apart, but Mike was able to hold it together.
Our sales manager, Cory Tyksinski, made the following observations, "This real estate transaction took place because Mike McGovern tirelessly and relentlessly kept the deal together numerous times. He insisted that the channels of communication remain open between the parties even when they wouldn’t see eye to eye, he arranged for and attended every site inspection for the Seller and Buyer and demonstrated why the purchase could be of value to the buyer, even though some vacancy existed."
The 7.3-acre plaza, located at the intersection of Broadway and Wards Lane, hosts over 67,000 SF and has multiple retail spaces available for lease. Anchoring the plaza are multiple retail outlets including Dollar Tree, Verizon, and several restaurants.
With new ownership and renovations in the works, this is an excellent opportunity to get into the up-and-coming warehouse district/Menands corridor. According to the new owner, Nurettin Ulukaya, the plan is to invest roughly $1 million for improvements and upgrades to the site. As such, Mid-City Plaza is a great location for boutique supermarkets, banks, drug stores, and additional retail outlets.
According to Mike and our market research, this area of Menands is ripe for development and will benefit from the energy surrounding this deal and the investment new ownership is making.
Mike sums up the deal and the implications, stating, “It has been a genuine pleasure working on The Mid City Mall and looking forward to continuing to do so moving ahead. The goal is to expand on the energy from previous deals in downtown Albany. We have Redburn Development bringing 350 units online and The Sidebar Restaurant is opening soon in the former Dale Miller/Taste Restaurant location. We want to drive that development into Menands.”