Renovated Historic Building Proves that Interest in Condos Remains High in Some Markets
Published: July 23, 2009

By Erika Schnitzer, Associate Editor

Skaneateles, N.Y.—Emanon Equities, a Long Island-based real estate development and construction firm, and Skaneateles-based Ramsgard Architectural Design have turned The Seitz Building, a collapsing historic building in downtown Skaneateles, into a luxury mixed-use, 10-unit condominium.

Originally constructed in 1830, the Hecox Building became known as the Pardee Block when Charles Pardee purchased it for use as a bank. In 1878, the building was used as Edward Eckett’s bakery, known as “Eckett's Steam Bakery.” The building has also been used as a restaurant, the Skaneateles Post Office, and The Auburn and Syracuse Trolley ticket office. In the early 1960s, it was converted into apartments and become known as The Seitz Building.

When Emanon Equities purchased it, he building was collapsing due to a failing foundation wall, and the wall adjacent to its neighbor had crumbled to the point where it was no longer load-bearing. The basement, where the foundation wall was collapsing, was originally located on the street level prior to the construction of a nearby dam that raised the level of the lake by nearly eight feet. Renovations included reinforcing the foundation and the entire skeleton of the building with steel beams.
 
“When I went in into the building, there was a lot of concern as to what could be done because it was such a pivotal point of the human landscape,” Jeremy Gorelick, president of Emanon Equities, tells MHN. “The historical commission said the exterior had to remain as close as possible as to how it appeared historically. While we changed a lot of the interior, the exterior remained true to the period of when it was first built.”

Emanon gutted the interior through to the exterior walls and reconfigured the interior for a more efficient use of space, notes Gorelick. While all homes have stainless steel appliances and hardwood floors, he adds that he tried “to do as much with interior walls to have the look and feel of an older building.” To that end, units include fireplaces made with original building materials.

The development offers one- and two-bedroom residences, ranging in size from 800 to 1,800 square feet. Pricing ranges from $500,000 to $650,000. “Even though it sounds like a fairly hefty price tag for most areas of New York State, it’s priced under-market for Skaneateles,” notes Gorelick, adding that the homes had to be reduced in this turbulent economic market.

Emanon’s target demographic for the newly renovated Seitz Building are either Baby Boomers looking to downsize or people looking for a second home on the Finger Lakes. Gorelick notes that the building has been marketed for only three months and nearly 200 people—mostly within a five-hour radius of Skaneateles—have shown interest in purchasing a condo.

In addition to the residences, the Seitz Building will include five commercial storefronts—three for retail and two for restaurant/bar use. In addition, the site will feature a new underground parking garage for resident use.

While construction is slated for completion early this fall, Gorelick notes that three condos are in contract, with an additional two in negotiation. “The village is a pretty unique place insofar as it has the attributes of a much larger place. It has a number of restaurants and shopping opportunities and attracts a fairly affluent group. Someone looking for that sort of summer/lakeside retreat won’t find something better than Skaneateles,” says Gorelick, adding that the village “ also has a track record of success with condos,” with the two in the nearby vicinity fully sold.