Skaneateles Skaneateles’s Seitz Building, in foreclosure since last year, has been purchased by a team of local developers for $2 million.
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.
Ownership of the building became official after an auction completed the foreclosure process on May 2.
The investors bought the building primarily for two reasons, first, because three out of the four partners are from Skaneateles and wanted to see the building in the hands of local people, and second, they felt it would be a good financial investment in a prime piece of real estate, said Ted Kinder.
There are currently 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 been 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 said. “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,” Kinder said.
The second and third floors, 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 to move in. The building will be professionally managed by Sutton Companies.