A trio of historically preserved properties in Schuyler County were recently transferred from Nelson Development to Capriotti Properties, based in Elmira.
Amongst the properties, located in the Finger Lakes towns of Watkins Glen and Montour Falls, are 32 residential apartments and five commercial spaces.
Capriotti Properties has managed and restored Victorian-era homes in Elmira into apartments for rent, while maintaining their historic aesthetic.
CBRE – a real estate and investment firm based in Dallas, Texas – finalized the sale.
A mix of historic, modern design
The properties—Montour House, The Flats on Broadway, and Water Works Center—are all within a short drive of each other and mix historic craft and modern design.
Montour House, originally built in 1854 as the Canal Hotel, was restored in 2010 and has received multiple preservation awards. It features 11 apartments above four commercial units, including a café.
The Flats on Broadway, once the Montour Falls Union School, was redeveloped into 14 apartments and a commercial space, offering sleek interiors near the Catherine Valley Trail.
Water Works Center, perched on the edge of Seneca Lake, offers seven apartments with lakefront views in a building that once served as the municipal light and water plant.
The CBRE team of Richard Gatto, Fahri Ozturk, Zach McHale, and Matthew Loscalzo spearheaded the marketing campaign for the residential portfolio and represented the seller in the negotiations after ensuring the buyer’s interest.
Buyer Capriotti Properties was recognized by CBRE for understanding the historic value and potential of the properties in a region known for its natural beauty, vineyards and tourism attractions like Watkins Glen International Speedway.
“From the onset, the purchaser recognized the uniqueness of the portfolio and distinguished themselves as the right group who will steward these assets for the next chapter of their lives,” McHale said in an Aug. 6 statement from the firm. “The portfolio further presented an excellent opportunity to invest in the scenic Finger Lakes region with access to incredible local amenities, including Seneca Lake, countless vineyards, Watkins Glen International Speedway, and historic downtowns.”
This article originally appeared on Ithaca Journal: 3 historic Finger Lakes properties sold to Elmira real estate company
Reporting by Jacob Mack, Ithaca Journal / Ithaca Journal
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