Development in and Around Syracuse Discussion | Page 80 | Syracusefan.com

Development in and Around Syracuse Discussion

shandeezy7 said:
Hopefully Empire shutting down has more to do with poor financial management than it does with it being a trend.
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The fact that it shut down for three years before for financial issues, and the the farm brewery is in bankruptcy makes me think it's the former and not the latter.
 
Fly Rodder said:
Eh, I don't think anything in Armory is irreplaceable. Frankly, I haven't been to the Empire Armory location in a lot of years. There are enough places there to cushion the occasional bar closing up shop before someone starts up a new one. The space where the Hops Spot is has been about 10 different joints in the last two decades.
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Kind of sad, because they're nice people and it's a landmark. And when I worked in the building it was fun to take the elevator from my office directly into the bar.

But I never go there, don't like their beer at all, and am indifferent about their food. (Though my wife is going to be sad about never having a Tumbleweed Burger again.)

Me, I'm still broken up about J. Ryan's closing last year and Nick's Place a few weeks ago. Those places have character and won't be replaced. Even The Stoop, whose menu was average but whose pastries were incredible, has left a hole in the local food scene. Empire's demise doesn't have the same effect. Its basement space, which essentially was all of Empire's appeal, is very cool and I'm sure tenants will be lining up for a slice of the bar/restaurant pie in that location.
 
The Stoop was fantastic in the days when you could sit out back there on the second floor - felt very much like you were in Toronto or NYC. Hope someone else in the Syracuse area can do the outdoor thing like that again.
 
OttoMets said:
Kind of sad, because they're nice people and it's a landmark. And when I worked in the building it was fun to take the elevator from my office directly into the bar.

But I never go there, don't like their beer at all, and am indifferent about their food. (Though my wife is going to be sad about never having a Tumbleweed Burger again.)

Me, I'm still broken up about J. Ryan's closing last year and Nick's Place a few weeks ago. Those places have character and won't be replaced. Even The Stoop, whose menu was average but whose pastries were incredible, has left a hole in the local food scene. Empire's demise doesn't have the same effect. Its basement space, which essentially was all of Empire's appeal, is very cool and I'm sure tenants will be lining up for a slice of the bar/restaurant pie in that location.
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J Ryan's closed toooooo? Man, I knew none of this. Nicks and J Ryan's????? :(
 
shandeezy7 said:
I can't tell if this is a serious question or not. 700+ properties in 54 countries. $4+ billion in annual revenue. 45,000+ employees. Yes, it's still a chain.
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Not really serious, I just like making fun of the Hyatt.

Although the Andaz (Hyatt) down the block from me has an amazing rooftop bar.
 
syrBossHogg said:
empirebrew.com

STATEMENT ON EMPIRE BREWING COMPANY - Empire Brewing Company

By: David Katleski, founder, Empire Brewing Company Thursday, October 17, 2019 The success of Downtown Syracuse, in particular Armory Square, has been at the forefront of my interest and business...
empirebrew.com empirebrew.com
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Terrible. This sort of thing happens whenever a city starts getting better. Eventually, the very businesses that made a place cool get chased out, and you get a Capital One Cafe.
 
DMDMD said:
Terrible. This sort of thing happens whenever a city starts getting better. Eventually, the very businesses that made a place cool get chased out, and you get a Capital One Cafe.
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I wondered about the integrity of the Armory Boys property ownership group, which seems to be run by one guy whose bio on the website seemed, oh a touch self-aggrandizing. ... and their website is dead (but cached!). And after reading that statement, I really wonder about their integrity.
Jeff Appel is a record-setting sales professional and industry-leading executive who is widely recognized in New York real estate. Most recently, Jeff using his extensive knowledge of real estate valuation and underwriting began developing property in upstate New York. Jeff is currently the managing partner of a family portfolio totaling 14 properties of commercial and mixed use.

As an industry expert, consultant, and spokesperson, Jeff continues to share his knowledge to create strategies for success with the real estate elite of New York.

Jeff’s passion for sales began after he purchased and flipped his first home in Los Angeles, which he sold in a matter of months at a considerable profit. The success of that transaction led Jeff to transition from his career in television production to real estate. He was soon advising many of his entertainment industry peers about the advantages of real estate investments. Soon after, Jeff launched his own real estate sales and residential finance firm in Los Angeles, which he successfully operated for nearly a decade. Lured by the growth of the Manhattan real estate market, Jeff moved to New York and quickly became one of the city’s top professionals. Since that time, Jeff has built an incomparable reputation as an industry educator and leader, having participated in literally thousands of transactions valued in the billions of dollars.
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A superstar real estate professional who dominated the LA and Manhattan scene decided to take his considerable talents to the 89th sized metro area in the US.
 
Fly Rodder said:
I wondered about the integrity of the Armory Boys property ownership group, which seems to be run by one guy whose bio on the website seemed, oh a touch self-aggrandizing. ... and their website is dead (but cached!). And after reading that statement, I really wonder about their integrity.

A superstar real estate professional who dominated the LA and Manhattan scene decided to take his considerable talents to the 89th sized metro area in the US.
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If memory serves, Steve Gregory is a silent partner in this group as well.

But it's still my understanding that Empire just was unable to meet its obligations under existing lease terms. They got overleveraged again.
 
OttoMets said:
If memory serves, Steve Gregory is a silent partner in this group as well.

But it's still my understanding that Empire just was unable to meet its obligations under existing lease terms. They got overleveraged again.
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Thinking about it seems they should have tried to buy a building down there rather than rent. But I guess their experience in Cazenovia says that wouldn’t have worked either.
 
Noexcuse said:
Thinking about it seems they should have tried to buy a building down there rather than rent. But I guess their experience in Cazenovia says that wouldn’t have worked either.
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Empire Brew has been hanging on by a thread for a decade and they had a tough time competing downtown. It was amazing that they could get their collective crud together enough to open the Caz location. The Community Bank of Olean put up the loan and will take a bath. They're on the hook for almost $10M.
 
There are quite a few empty storefronts in the Armory area these days, I wonder if the property owners are asking a bit too much in rent trying to capitalize on one of the actual successful areas. There are also a couple of places that have been under construction for what seems like a year to this point with no outward sign of being complete. I'm less plugged into the Armory area development, but there's a few quiet spots. Empire will be another.
 
Fly Rodder said:
There are quite a few empty storefronts in the Armory area these days, I wonder if the property owners are asking a bit too much in rent trying to capitalize on one of the actual successful areas. There are also a couple of places that have been under construction for what seems like a year to this point with no outward sign of being complete. I'm less plugged into the Armory area development, but there's a few quiet spots. Empire will be another.
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This is exactly the problem in DC and NYC and other high rent areas. Land lords raise rent, force out small businesses and either chains move in or there are empty storefronts.
 
The NIMBY's have the torches and pitchforks ready to squash any new development. They don't want to lose the golf course but feel sorry for the owners that have been trying to sell it for a decade now. As long as the NIMBY's get to keep their status quo everyone else can take a hike.

www.syracuse.com

Commentary: Clay warehouse 'could never give back as much as it will take away'

Couple living nearby criticizes secrecy, rush to approve $350 million project just to bring low-wage jobs to the area.
www.syracuse.com www.syracuse.com
 

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