Unused warehouse sold by CNY Regional Market at a $200k deficit
Central New York Regional Market Authority Sells Vacant Warehouse at a Loss
The Central New York Regional Market Authority has sold a warehouse in Syracuse at a $200,000 loss. This sale occurred five years after the Authority had purchased the building, suggesting financial or strategic reasons behind accepting a loss on the property[1][3].
Located at 513 Hiawatha Blvd. E., the warehouse spans 80,000 square feet and has been vacant for an unspecified period[2]. The sale was made to an unnamed party, as per the deed filed with the Onondaga County Clerk's Office[3].
While the exact reasons for selling at a loss are not detailed explicitly, such a decision typically occurs due to factors like declining property value, changes in market demand, or an organizational need to reallocate assets or reduce liabilities. Given the five-year gap between purchase and sale, it reflects a strategic decision likely influenced by market conditions or organizational priorities[1][3].
As for the future of the property, no detailed public information is currently available on redevelopment or new use plans following the sale[1][3]. Developers have shown interest in the piece of Syracuse's musical past[4], but no specific plans have been shared.
Meanwhile, in other real estate news, a huge apartment project in downtown Syracuse has received a $28M tax break[5]. On the other hand, the owner of Destiny USA has lost a third mall to foreclosure[6]. However, a recent development shows that they have struck a deal to retain control of a western New York mall[7].
[1] - Central New York Business Journal [2] - Syracuse.com [3] - Onondaga County Clerk's Office [4] - Syracuse New Times [5] - Syracuse.com [6] - Syracuse Business Journal [7] - Syracuse.com
The Central New York Regional Market Authority might have decided to sell the warehouse at a loss due to a decline in real-estate value, changes in market demand, or a need to reallocate investing resources within the industry and finance sectors. A future redevelopment or new use for the property after the sale remains unknown, but developers have shown interest in the warehouse as part of Syracuse's cultural heritage.
