Two mixed-use buildings across the street from MVP Arena sold for $2.3 million to a partnership with a growing commercial real estate portfolio.
The properties at 40-48 South Pearl St. have three commercial tenants, including Maurice’s Pearl Street Delicatessen, and 15 fully leased apartments on the upper floors.
Mark T. Clark and an unnamed partner of MCK 40-48 LLC were the buyers.
The sellers were Christopher Maddalone and Seth Meltzer of 40-48 S Pearl Street LLC.
M&T Bank provided $1.9 million in financing.
The two buildings totaling 24,000 square feet were vacant when they were purchased five years ago. They were renovated through the use of historic tax credits and tax exemptions approved by the Albany Industrial Development Agency.
“They [the tax credits] were due to expire this year, so we were able to sell without penalty on the taxes,” said Maddalone of Maddalone & Associates in Schenectady. “It’s just a good time. We typically only keep buildings for five years and then try to get investors their money back.”
“A big reason why it sold is we were able to secure a five-year lease with Maurice’s,” he added.
The delicatessen moved to the ground-floor space, known as 50 S. Pearl St., last December from a smaller location downtown.
“Our interest was the commercial space,” Clark said. “I would say in the current environment we were a little nervous but with Maurice’s as a solid tenant, they seem to be doing well. It made sense financially for the purchase price as long as that commercial place is rented. It was a good investment.”
The apartments range from 700 square feet to about 1,200 square feet, with rents averaging about $1,300.
Clark and other partners own about 200 apartments in the region, including Schenectady, Cohoes and Troy.
Clark, 55, grew up in western New York, graduated from Rensselaer Polytechnic Institute in 1998 and worked in the software industry before he started investing in commercial real estate about 20 years ago as part of his retirement planning. He now does it full time through CK2 Properties in Schenectady.
© 2022 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 1, 2021) and Privacy Policy and Cookie Statement (updated July 1, 2022). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.
About Author
