Historic Skaneateles building bought by local developers

Commercial tenants to stay on ground floor; luxury apartments to be ready this summer

SKANEATELES — A team of local developers has purchased the Seitz Building in Skaneateles for $2 million. The building had been in foreclosure since last year, 

The developers are Ted Kinder, vice president and co-founder of MCK Building Associates; Robert Medina, president of MCK; Robert Neumann, owner of Erie Materials; and Chris Kinder, of New York City.

The building, built in 1822 at the corner of West Genesee and Jordan streets, went into foreclosure last year when a Long Island developer defaulted on a $5 million loan just as the renovation was being completed. Chris Kinder worked with First Trade Union Bank to purchase the delinquent note.

The investors took ownership of the building after an auction completed the foreclosure process on May 2.

The investors say they bought the building for two main reasons. First, three of the four partners are from Skaneateles and wanted to see the building in the hands of local people. Second, they felt it would be a good financial investment in a prime piece of real estate, says Ted Kinder.

The Seitz Building currently has four commercial tenants on the ground floor — Skaneateles 300, the Irish Store, Kabuki, and Hobby House Toys. The new owners would like to keep them in place.

There is one vacant commercial unit where Morris’s Grill had occupied prior to 2009. The developers intend to lease that space to a similar type of operation.

“Our group is excited about the acquisition of the historic Seitz Building. It fits the type and class of building that this partnership specializes in throughout Central New York,” Kinder says. “We look forward to working with the existing fine commercial tenants already in the building and renting the beautiful apartments on the upper floors. In terms of the Old Morris’s Grill space, we intend to seek out a tenant who will operate a bar and grill in the same spirit and philosophy that Morris’s operated under for over 50 years.”

The second and third floors of the Seitz Building, which currently consist of 10 residential units, will be home to 10 luxury rental apartments, ranging from one bedroom to two bedrooms with a den. They will offer granite countertops, hardwood floors, indoor parking, and lake views.

Interested tenants can tour the units immediately, but it will be a couple of months before the apartments will be ready for a move-in.

The Sutton Companies, a Syracuse–based real-estate management and brokerage firm, will manage the Seitz Building.

This article was drawn from the May 9, 2012 issue of the Skaneateles Press. Jason Emerson is the editor of the Skaneateles Press.

Commercial tenants to stay on ground floor; luxury apartments to be ready this summer

SKANEATELES — A team of local developers has purchased the Seitz Building in Skaneateles for $2 million. The building had been in foreclosure since last year, 

The developers are Ted Kinder, vice president and co-founder of MCK Building Associates; Robert Medina, president of MCK; Robert Neumann, owner of Erie Materials; and Chris Kinder, of New York City.

The building, built in 1822 at the corner of West Genesee and Jordan streets, went into foreclosure last year when a Long Island developer defaulted on a $5 million loan just as the renovation was being completed. Chris Kinder worked with First Trade Union Bank to purchase the delinquent note.

The investors took ownership of the building after an auction completed the foreclosure process on May 2.

The investors say they bought the building for two main reasons. First, three of the four partners are from Skaneateles and wanted to see the building in the hands of local people. Second, they felt it would be a good financial investment in a prime piece of real estate, says Ted Kinder.

The Seitz Building currently has four commercial tenants on the ground floor — Skaneateles 300, the Irish Store, Kabuki, and Hobby House Toys. The new owners would like to keep them in place.

There is one vacant commercial unit where Morris’s Grill had occupied prior to 2009. The developers intend to lease that space to a similar type of operation.

“Our group is excited about the acquisition of the historic Seitz Building. It fits the type and class of building that this partnership specializes in throughout Central New York,” Kinder says. “We look forward to working with the existing fine commercial tenants already in the building and renting the beautiful apartments on the upper floors. In terms of the Old Morris’s Grill space, we intend to seek out a tenant who will operate a bar and grill in the same spirit and philosophy that Morris’s operated under for over 50 years.”

The second and third floors of the Seitz Building, which currently consist of 10 residential units, will be home to 10 luxury rental apartments, ranging from one bedroom to two bedrooms with a den. They will offer granite countertops, hardwood floors, indoor parking, and lake views.

Interested tenants can tour the units immediately, but it will be a couple of months before the apartments will be ready for a move-in.

The Sutton Companies, a Syracuse–based real-estate management and brokerage firm, will manage the Seitz Building.

This article was drawn from the May 9, 2012 issue of the Skaneateles Press. Jason Emerson is the editor of the Skaneateles Press.