According to Steve Griffin, CEO of the Finger Lakes Economic Development Center (FLEDC, Yates County’s sole Industrial/Economic Development Organization), the Lake Street Plaza, located at 220 Lake St. in Penn Yan, is changing ownership.
First National Realty Partners, the parent company of Penn Yan LLC, operating out of Aberdeen, N.J. is purchasing the plaza. Griffin says, “First National Realty Partners is a commercial real estate company and investment firm that owns and manages commercial property. They own property in several asset classes, including retail/shopping centers in New Jersey, Ohio, and Pennsylvania. The company specializes in acquiring ‘Value Added’ real estate with upside redevelopment potential,” explains Griffin.
At the last meeting of the FLEDC Board Feb. 21, Griffin explained that as part of First National Realty Partners’ purchase of the plaza for $3.5 million, they are applying for a transfer of the current Payment in Lieu of Taxes (PILOT) agreement with FLEDC, over to their ownership. Griffin said, “There are three years left on the original PILOT agreement and the tax incentives are needed to allow Penn Yan LLC to continue to operate the plaza and make some improvements. Initial plans are to physically clean the property and make parking lot repairs.” According to Griffin, First National Realty Partners do project to invest $1.7 million in improvements to the plaza to attract additional tenants, but specific plans have not yet been developed.
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