Vacant land on Wolf Road in Colonie sold for new retail strip – Albany Business Review – Albany Business Review
A small, undeveloped parcel on Wolf Road — perhaps the last piece of raw land in one of the region’s busiest commercial corridors — has been sold.
The 0.7-acre lot at 244 Wolf Road sold for $250,000, according to a deed filed in the Albany County clerk’s office.
The property is on the west side of the road, just south of the Sunoco gas station/convenience store at the corner of Wolf and Albany Shaker roads.
The buyers are Russ Faden, Yates Scott Lansing and and his son, Colin Lansing.
Faden owns 17 Subway franchises in the region. Lansing is an engineer in Malta who teamed up with Faden on a similar real estate deal in South Glens Falls.
“Most of mine are in Clifton Park and north,” Faden said. “I’ve always loved Wolf Road. The traffic is unbelievable.”
He plans to build a 2,000-square-foot Subway as part of a 6,000-square-foot to 7,000-square-foot retail strip.
Faden said he pursued the property because two other Subways — one inside a Mobil gas station at the corner of Wolf and Sand Creek roads, the other across from the former Macaroni Grill — both closed.
The development will cost an estimated $1.5 million and is subject to review by the Colonie Planning Board. Pending approval, Faden said construction could begin in early 2023.
Vladimir Goykhman of Trinity Realty Group represented the buyers and is listing the retail space. Asking price is $30 per square foot plus taxes, insurance and maintenance.
The property was sold by Connie Dennis and Katherine Dennis of the Bronx. The deal closed Dec. 27.
It had been listed for sale but was then removed from the market. Goykhman contacted the sellers when he saw that the listing had expired.
“I think we got a great deal,” Goykhman said.
© 2022 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/21) and Privacy Policy and Cookie Statement (updated 7/20/21). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.
