420 Hamilton street for sale?

$7.3 million?

I have no idea. Did you see a sign? What do all numbers represent? Why not tell us all you know instead of leaving us hanging? What is at 420 Hamilton street?

I Google map it , it's the Rite Aide across from Walgreen

OK. I never thought of that. LOL I wonder if there is a For Sale sign out front? But I am sure the 7 million dollar price is not on a sign!

I come back to Geneva quite often, didn't the Rite Aide on Castle Street close? Hope that Rite Aide is having financial difficulties

It's assessed for a little under $2.5 million; of that the land is assessed at a little over $800K. I don't see how you get to over $7 million as a selling price.

Walgreens now owns a majority of Rite Aids. Maybe they plan to close the location and are seeing if they can get an offer on the property first. $7.3 million seems high for an asking price which is what is listed on Loopnet.

Bluezone could of posted where he found the asking price of $7.3 million dollars but he likes everyone chasing their tail.

Prices on Loopnet seem just as believable as most of Blue's posts.

Are you saying the prices on Loopnet are fake?? It's just like realtor.com, the listing comes directly from the realtors selling them.

What asking price would you put on the property?


Ncoaip

I think any rational buyer would question an asking price that is triple the assessment.

Or are you saying the building is grossly under-assessed?

What assessment would you put on the property?

From my understanding, how many businesses have folded or left Geneva in the last 5 years? Let's name a few, BJ Whole sale, Friendly's restaurant, Tops, Pizza Hut, Olympia shoe store, the store that replaced McCurdy's, In our town ,council members , we were saddled with threatening exoduses who garnered tax abatement or huge assessment reductions. At the cost to home home owners, many business are leveraging reductions in operating cost or they threat to relocate. When I lived in the Finger Lakes area, I recall Gould's Pump later becoming ITT Corp being significantly under valued. Think of the resale advantages of a lowered tax assessment to potential buyers. From my understanding as well, you guys will enjoy the luxury of clean cars seeing that at least two new car washes are being proposed...will they make up for the loss of property tax revenue?

https://www.toptaxdefenders.com/blog/bid/182205/how-does-tax-abatement-work

Quite the opposite. The usual course is for the recent sale to become the assessment in the absence of a PILOT, which is generally granted for a new project or expansion, not a sale. Everyone would be delighted if the property sold for this preposterous amount. Anyone can post a sale offer at an absurd price, but that doesn't mean anyone would consider buying it.

Do you have citation and factual data in that regard or is this just a pissing contest with Bluzone? Find out the assessment at your Plaza just South East of Rite Aide..... and maybe we can discuss abatement in the future OK?

Well the assessment is a fact. And, as a matter of policy, sales values becoming the new assessment is also a fact.

The rules for getting PILOTs are generally known, but I will agree that our politicians are pretty easy when it comes to approving them, but even then there is a timeline for getting to full value.

Corporations such as Walmart are constantly challenging their assessments as part of their business model, so you have to hope our Assessors have a good case when a challenge is brought.

The primary reason I sold all my property in Geneva is for the fact that it tend to favor businesses promising vast jobs numbers, one favor, abatement on tax assessments, huge discounts given by NYSEG on gas and electric, guess who shoulders the expense seeing that 58 percent of the property there is already tax exempted.

https://www.tax.ny.gov/research/property/reports/exempt/15exrpt.htm

How much more can the government milk out of the city residents in regard to property taxes?

Calculate the value of the property using the cap rate and the NOI