Good for them....but that location is a bear to get in and out of.
and actually it isn't a 'new business'....just a relocation. If they bought the building, the tax base stays the same. Nothing gained in ROTTendam....but then again nothing lost either. Just stayed the same.
Not a new business but a GROWING business. Also, the building that they are moving into has been empty for some time. The building is more valuable occupied than unoccupied. And don't forget that more and more people prefer shopping at stand alone businesses rather than going to large indoor malls. I would add that a stand alone store gives the business more exposure which should generate more revenue. I agree about the getting in and out issue. Overall, I think it is a good move to move out of the mall. There is so much uncertainty as to the mall's future. That it has been purchased SEEMS like a good thing. However, we really don't know what the new owner plans to do with the mall -- will the new owner be willing to invest the money needed to "reinvent" and "reimage" that mall? I can count on one hand the number of times that I went to the mall in 2013. There really is nothing at the mall that interests me - except for the Chinese food place. Hopefully, we will see some specific plans for the mall's future in the very near future.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Good for them....but that location is a bear to get in and out of.
and actually it isn't a 'new business'....just a relocation. If they bought the building, the tax base stays the same. Nothing gained in ROTTendam....but then again nothing lost either. Just stayed the same.
it's on a bus line
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Not a new business but a GROWING business. Also, the building that they are moving into has been empty for some time. The building is more valuable occupied than unoccupied. And don't forget that more and more people prefer shopping at stand alone businesses rather than going to large indoor malls. I would add that a stand alone store gives the business more exposure which should generate more revenue. I agree about the getting in and out issue. Overall, I think it is a good move to move out of the mall. There is so much uncertainty as to the mall's future. That it has been purchased SEEMS like a good thing. However, we really don't know what the new owner plans to do with the mall -- will the new owner be willing to invest the money needed to "reinvent" and "reimage" that mall? I can count on one hand the number of times that I went to the mall in 2013. There really is nothing at the mall that interests me - except for the Chinese food place. Hopefully, we will see some specific plans for the mall's future in the very near future.
they(jewels) didn't leave the mall 'voluntarily'..... nuff said
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
to say a business like "jewels" will have more foot traffic at a intersection that is already notorious for difficulty of entry/exit versus a mall , even one as challenged as Rotterdam Square is laughable... The move was forced by the non-renewal of their lease and that's the bottom line.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Not a new business but a GROWING business. Also, the building that they are moving into has been empty for some time. The building is more valuable occupied than unoccupied. And don't forget that more and more people prefer shopping at stand alone businesses rather than going to large indoor malls. I would add that a stand alone store gives the business more exposure which should generate more revenue. I agree about the getting in and out issue. Overall, I think it is a good move to move out of the mall. There is so much uncertainty as to the mall's future. That it has been purchased SEEMS like a good thing. However, we really don't know what the new owner plans to do with the mall -- will the new owner be willing to invest the money needed to "reinvent" and "reimage" that mall? I can count on one hand the number of times that I went to the mall in 2013. There really is nothing at the mall that interests me - except for the Chinese food place. Hopefully, we will see some specific plans for the mall's future in the very near future.
don't worry about inside vs outside mall
Rotterdam will rubber stamp the building permits for the Russians - and the county will distribute the people's money to them as they are so accustomed
I was surprised to see that the new location is Altamont Avenue, I thought for sure a thriving business like that would be getting in on the renaissance in downtown Schenectady.
That business was definitely doing better than the mall in general. Why didn't they get the red carpet treatment when they needed to move? Maybe the owners live here and pay taxes here. It helps if you don't.
Deal closes for Rotterdam Square New owner vows to revitalize mall Friday, January 17, 2014 By Justin Mason (Contact) Gazette Reporter
ROTTERDAM — Macerich Co. quietly closed on a deal to sell the Rotterdam Square mall to a downstate retail investor this week.
Mike Kohan of the Kohan Retail Investment Group acknowledged he’s new owner of the mall following a closing on Thursday. He said he now intends to start revitalizing the mall so it’s once again a center of commerce in the town.
“It’s a done deal,” he said during a brief phone conversation Friday.
Macerich and Kohan did not, however, disclose what was paid for the 463,987 square feet of retail space along West Campbell Road. Karen Mauer, a spokeswoman for Macerich, did not return calls for comment.
The Schenectady County Clerk’s Office had no record of the sale Friday afternoon. Both county and town officials weren’t aware of the purchase price of the mall, which is assessed at $30 million and is Rotterdam’s third-highest valued property.
Macerich had slated the mall for an online auction last fall, starting the bidding at $2 million. The mall was abruptly removed from the auction block in December, just days before bidding was set to begin.
The value of the deal is critical to both the town, county and Schalmont Central School District, all of which are embroiled in litigation with Macerich over the value of the mall in 2012 and 2013. If the mall sold for far less than its assessed value, all three taxing entities could have a difficult time justifying the higher valuation of the property.
Macerich argued the mall was worth roughly $10 million less than its assessment. Town Supervisor Harry Buffardi said the rumored purchase price of the property is far lower than its assessed value.
“We’re concerned about our tax interest there,” he said “Not just us, but the school district and the county of Schenectady, too.”
Rotterdam Square has seen better days. Though it has fluctuated in recent years, the mall’s occupancy rate has routinely been lower than others in Macerich’s portfolio.
The Santa Monica, Calif.-based company claimed Rotterdam Square had an occupancy of 86.1 percent in advertisements for the property, but filings with the U.S. Securities and Exchange Commission placed the mall’s occupancy at 79.8 percent at the end of September.
Rotterdam Square’s retail space was also valued significantly lower than other similar malls in Macerich’s portfolio. Rotterdam Square was leasing space at $234 per square foot during the third quarter of 2013 — about $66 less than the Wilton Mall about 35 miles away in Saratoga County.
Rotterdam Square also has the disadvantage of having two anchors — Sears and Kmart — with parent companies that have run into financial trouble. Sears Holdings, which also owns Kmart, has posted six consecutive years of declining revenues and has recently been selling off assets.
Still, local officials remain cautiously optimistic about the sale. Ray Gillen, Schenectady County’s commissioner of economic development and planning, said his discussions with Kohan have been positive.
“The new owners want to invest in and lease up additional space at Rotterdam Square mall,” Gillen said.
Likewise, Buffardi said he looks forward to meeting with the new company.
“We certainly want to work with them and improve the mall,” he said.
Hopefully, the new owners will come forward with a great plan to revitalize the mall and the money to pay for it.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
The value of the deal is critical to both the town, county and Schalmont Central School District, all of which are embroiled in litigation with Macerich over the value of the mall in 2012 and 2013. If the mall sold for far less than its assessed value, all three taxing entities could have a difficult time justifying the higher valuation of the property.
Macerich argued the mall was worth roughly $10 million less than its assessment. Town Supervisor Harry Buffardi said the rumored purchase price of the property is far lower than its assessed value.
“We’re concerned about our tax interest there,” he said “Not just us, but the school district and the county of Schenectady, too.”
Love this!!! That means that folks who buy homes for less than the assessed value...should have their taxes reflective of the purchase price!!! HURRAY FOR THE NEW HOME BUYER!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Love this!!! That means that folks who buy homes for less than the assessed value...should have their taxes reflective of the purchase price!!! HURRAY FOR THE NEW HOME BUYER!!!
It could prove to be interesting.... Town assessor does full assessment at $200k House cannot sell at assessed value, but sells at $175k Why can't that be premise for dispute/reassessment and use documented Mall issue to substantiate?
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
It could prove to be interesting.... Town assessor does full assessment at $200k House cannot sell at assessed value, but sells at $175k Why can't that be premise for dispute/reassessment and use documented Mall issue to substantiate?
Agree. I know someone who bought a house for $110K and was assessed for $200K. They wouldn't lower the taxes. They got a lawyer and the court ruled in favor of the new home owner. Assessment was dropped to the sale price. It will be interesting to see what happens.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Looking at some of their other properties. If they bring that same vision to Rotterdam Square Mall then we can expect something very positive to develop from this.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
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