February 3, 2025 - American Public News

ITHACA, N.Y. — Those interested in entering the Ithaca real estate market may soon have their opportunity, as an area landowner plans to part with nearly 30 properties. Over decades as a local landlord, Pam Johnston has owned dozens of properties with hundreds of bedrooms, with a concentration of student-oriented properties in outer Collegetown on East Hill. Now, Johnston has decided to offload many of them.The complete offering comprises 27 properties around the Ithaca area, holding 99 apartments with a total of 349 bedrooms and 82 parking spaces. All of the units are fully leased through the 2025-26 academic year.The sales listing, managed by Global Real Estate Advisors (GREA), touts the “upside potential,” meaning that a buyer could theoretically look to increase rents at the student-oriented properties. Given Cornell’s growing enrollment, with 4,500 more students enrolled than a decade ago, and the captive market of Collegetown with its easy access to the university, the aforementioned “upside potential” certainly exists from a market perspective.A sales price for all the properties combined isn’t being published, but based on values for the properties determined by the Tompkins County Assessment’s office, the total price will likely be in the tens of millions of dollars. However, it’s not clear if the buildings are being offered up piecemeal, or in large asset chunks.Johnston declined to take part in a full interview, but was willing to answer a few questions.“I am going to reduce the size of my portfolio,” she said. “How that will be accomplished, at this time, remains to be determined. I love my buildings and I love this industry and I would like to focus more on design and development going forward.”When asked for clarification on whether her interests would be here or elsewhere, Johnston added she has no plans to leave the Ithaca area and will retain business interests in the community.The sales listing also includes two vacant building lots and six “large lots” with potential for development. The vacant lot at 204 Williams Street is one example, where the original house on-site was ruined by a fire 20 years ago and concept plans for a 12-bedroom house were previewed in 2018, as well as 111 Williams Street and several properties on DeWitt Place with potential subdivision opportunities.The former Carriage House Cafe location at 305 Stewart Avenue is also listed for sale. The popular eatery closed in 2020 after the owners were unable to sell the business, which went on the market shortly before the COVID-19 pandemic erupted.It should be noted that Johnston’s properties are all located within the East Hill Historic District. Any exterior renovation or new development would have to be approved by the Ithaca Landmarks Preservation Commission, adding a degree of complexity to future developments. The post Prominent student housing landlord prepares sizable property sell-off appeared first on The Ithaca Voice.First published by The Ithaca Voice.

Daily Archives: February 3, 2025

Prominent student housing landlord prepares sizable property sell-off

Civil rights icon Angela Davis speaking twice in Ithaca this week