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Cathedral Gardens Apartments in Utica sold for $675K

By Adam Rombel

Date:

UTICA —  The Cathedral Gardens Apartments complex, at 1506 Whitesboro St. in Utica, was recently sold for $675,000.

Utica Holdings, LLC sold the 88-unit, 100,000-square-foot complex to an undisclosed buyer. The deal closed April 4, and the broker was Richard L. Will, president of Hemisphere Holdings Corp., a Syracuse–based commercial real-estate firm.

The complex — located on the west side of Utica, near the Yorkville/Utica city line — features two brick and stone buildings that were originally built as a hospital and nurses’ residence, according to Hemisphere. One structure is three stories and the other occupies two stories.

Cathedral Gardens currently has a 63 percent occupancy rate and is a “work in progress looking for the right developer to finish the remodeling and realize significant upside and cash flows,” the property listing on Hemisphere’s website said. The real-estate firm had listed the property at a price of $750,000.

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