Saturday, February 22, 2020
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The Mill owners buy 14 Hudson

By Gordon Woodworth, Chronicle News Editor

The developers and investors who bought The Mill apartment complex in downtown Glens Falls in 2017 have purchased Sonny Bonacio’s 14 Hudson mixed-use building across the street, The Chronicle has learned.

Mark Rosen and Marc Paquin, and a number of partners and investors, bought the building that has 87 high-end apartments, Surgical Specialists of Glens Falls Hospital, SUNY Adirondack Culinary School and about 6,000 square feet of vacant retail space.

Contacted for comment, Mr. Paquin confirmed the purchase. He would not disclose the price.

“Sonny and I were at a charity event almost a year ago,” he said, “and I started talking about the success we were having across the street and how much we liked the market, and sometimes that’s all it takes to get things started.

“We have been really happy with Glens Falls. We like our tenants, the City leaders are really fair and we’re looking for more investment opportunities there.”

Mr. Paquin said that at the Mill, all 70 units are occupied, and all the office space will be rented come this summer. After buying it for $6.95-million, they sunk another $1-million into turning the second floor into 18 apartments that rented almost immediately, Mr. Paquin said.

As for 14 Hudson, he said the apartments are fully rented and “it’s good storefront right on the street and close to everything. We are pretty confident we’ll be able to fill the vacant space.

“Both properties have really dynamic spaces. And downtown has so much synergy right now. Look at Chazen Engineering, who moved into the Mill from Queensbury. There’s something attractive about being in an urban location like the Mill, with the design and unique architecture that goes with it.

“Every day you’ve got people walking across the street for lunch. Every evening you’ve got people going out to grab a beer. A camaraderie develops, and now we’re seeing employees of some of those companies renting downtown. Some are renting upstairs in The Mill.

“There are a lot of interesting things going on in Glens Falls. The food choices, the creative things with the Civic Center and the theaters. And it’s a pleasure to work with the City. They try to find solutions to what you want to do.

“And with the new farmer’s market coming, more people living downtown will make that more viable.”

Mr. Paquin said he is in Glens Falls “weekly. I enjoy the City. I really do.”

Mr. Bonacio had not returned a message seeking comment by press time.

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