Mattydale Plaza redo The owner of the Kmart-anchored Mattydale Plaza has big plans for an even older dinosaur: the long-abandoned Cinema North movie house between Kmart and Zebb's.
If all goes according to plans, the cinema could come down and a hotel could go up.
"There's not a better location: halfway between the airport and Carousel mall," said Bill Evertz of Syracuse's Pyramid Brokerage, which handles leasing for Syracuse-area properties owned by Berkley Properties, of Nanuet, near New York City. "Hopefully, that site will become a hotel."
The 902-seat Cinema North standalone movie theater closed in early 1990.
The hotel plans are part of a major investment by Berkley in its Syracuse area holdings, which includes eight apartment complexes.
Mattydale Plaza has completed its Phase I remodeling, from the Kmart building on down, and brought in the headquarters for the Boy Scouts Hiawatha Seaway Council, a location that includes a retail outlet. The Zebb's strip will be next for upgrades.
Among Berkley's other local shopping center holdings are the New Country Plaza, next to Cicero-North Syracuse High School, and the recently acquired Sugarwood Plaza, at Bear and Buckley roads.
New Country is undergoing extensive renovations. What you'll be seeing is more like the renovations and upgrades Berkley did to its Limestone Commons plaza, in Manlius, said Evertz. Manlius Mart plaza, behind Sno Top, is also a Berkley property in Manlius.
Berkley owns Fayetteville Square and several small centers along Erie Boulevard East.
"This is a great outfit putting a lot into Syracuse," said Evertz.
Central New York News
June 15, 2008 Section: Real Estate Edition: Final Page: H1 Column: REAL ESTATE NOTEBOOK
TIM KNAUSS REAL ESTATE NOTEBOOK
INVESTOR LIKES SYRACUSE
A RocklandCounty company continues its buying spree in Central New York.
Berkley Properties, of Nanuet, has acquired Aaron Manor Apartments, a 52-unit complex on Gordon Parkway in the town of Camillus, for $2.05 million.
Berkley now has eight local apartment complexes, including four purchased during the past month, said Michael Silberberg, a principal in the privately held Berkley Properties.
The company also owns all or part of at least 13 office and retail properties in Central New York. Among them are MattydalePlaza, Fayetteville Square, LimestoneCommons in Manlius, GlacierCreekOffice Park in DeWitt and Erie Place in Syracuse.
Silberberg said he and his associates are long-term investors who have been attracted to Central New York by its stability, its friendliness and its promise of at least moderate growth.
Richard Will, president of Hemisphere Holdings Corp., brokered the sale of Aaron Manor. Will, who specializes in apartment sales, said out-of-town investors continue to buy Syracuse properties, though not at the frantic pace of several years ago.
View Channel 9 WSYR News Report
NYC Firm Buys 14 Retail Properties
June 28, 2006 By John Jordan
SYRACUSE-In an all-cash transaction worth $16 million, Berkley Properties LLC has purchased a portfolio of retail properties here. The seller was local investor Michael Muraco.
Jonathan Greenberg, a sales associate with the Kislak Co., represented the purchaser Berkley. The seller was represented by Marty McDermott of locally based JF Real Estate. The sale involved 14 retail properties, which consisted of strip malls and single tenant buildings that totaled approximately 200,000 sf. Greenberg says that Berkley Properties owns several apartment complexes and a few office buildings in the Syracuse area.
Commenting on the deal, Greenberg says, “The buyers really stepped up to the plate and performed above and beyond what anyone could consider reasonable,” to get the transaction concluded. He notes that the seller made some demands during negotiations, including an all-cash deal.
He adds that the Berkley is now aggressively undertaking improvements and lease up at its new retail holdings. “Syracuse is a top 15 mid-sized American city for conducting business, and this retail sale will continue to have a positive effect on the area.”
NYC company buys 14 Central New York properties by Traci Gregory, Journal Staff
SYRACUSE - New York City based Berkley Properties has purchased 14 properties in Central New York for just over $16 million, according to the company that brokered the deal.
The sale includes a mix of more than 250,000 square feet of multi-tenant and standalone properties, says Martin McDermott, vice president at JF Real Estate, Inc. in Syracuse.
The mix includes one property each in Fayetteville, Cicero, Pulaski, and Cortland; two in Manlius; three in DeWitt; three in Syracuse; and two in Geneva. The sale closed on April 7. The majority of them are retail,” says McDermott of the properties.
Five of the properties are large multi-tenant shopping centers with tenants such as Ruby Tuesdays restaurant and the Eckerd drug store. One of the largest parcels is a 25,000-square-foot plaza in Fayetteville. The deal also included three former Waffle Works restaurants that are currently vacant, an Advance Auto Parts store, a light industrial facility, and a warehouse, McDermott says.
The properties were owned by several different LLCs whose main member is Michael Muraco, McDermott says. Muraco didn’t specify why he was selling other than to note he was divesting some of his properties, McDermott says.
“The [new] owners are looking to come in and make some investments and some improvements,” McDermott says. “They’re looking forward to unveiling some plans and showing some investment.” Berkley, a real-estate investment firm headed by Michael Silberberg, has hired CBD Builders, LLC of Syracuse to conduct the architectural study and determine what renovation and repair work needs to be done. A timeline and project estimate should be ready some time in May, McDermott says. Berkley would like to have renovations done by this fall, he says.
“This is not their first investment in Syracuse,” McDermott says of Berkley. “But this is their largest acquisition to date.” Berkley already owns several apartment buildings in the Syracuse area, he says. This is the first deal JF Real Estate has brokered with Berkley, and JF will now act as the leasing agent for the properties.
“They’re looking to aggressively market any vacant space for lease,” he says of Berkley. No current tenants will be displaced due to the sale. The sheer size and complexity of the deal made the sale process a lengthy one, McDermott says. Negotiations began last October.