Dramatic drop in sale price for three warehouses

— Photo from the Galesi Group website

The Northeastern Industrial Park in Guilderland has many warehouses.

GUILDERLAND — Three warehouses in the Northeastern Industrial Park in Guilderland Center sold this month for a combined price of $2.9 million, far less than the $18.6 million that the seller had paid for them in 2007, according to Guilderland Assessor Karen Van Wagenen.

In 2007, the buildings sold for far more than their assessed value, while, this month, they sold for far less, she said.

The three warehouses together currently have an assessed value of $6.7 million, which has been the same since 2005, the last time Guilderland conducted townwide property revaluation. The town is currently in the midst of revaluation.

“There may be details that we are unaware of,” said Van Wagenen, noting that it is possible that other business transactions could also have taken place.

The seller is a limited-liability corporation whose tax billing address is Heritage Management, 123 Prospect St., Ridgewood, New Jersey, Van Wagenen said.

Calls to Heritage Management were not returned.

The buyer is also an LLC; its tax bills are sent to Schulweis Realty Inc., 21 Dorann Rd. in Purchase, New York. A representative who answered the phone at Schulweis Realty in New York City said that the company is a minority partner in a larger enterprise that made the purchase and declined comment.

The Northeastern Industrial Park is owned by the Galesi Group. President and Chief Executive Officer David Buicko said by phone, through an assistant, that the Galesi Group had nothing to do with the transaction.

The three warehouse properties were purchased in a bargain-and-sale deed filed with Albany County on May 7.

Van Wagenen gave these details about each warehouse:  

— Warehouse number 8: Assessed at $2.3 million, the property is 7.6 acres, and the building, classed as a distribution warehouse, is 189,000 square feet;

— Warehouse number 21: Assessed at $2.1 million, the property is 5.8 acres, and the building, classed as cold storage, is 100,000 square feet; and

— Warehouse number 22: Assessed at $2.3 million, the property is 6.4 acres, and the building, classed as a distribution warehouse, is 104,000 square feet. 

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