City Centre

Update: City of Ithaca Planning Director JoAnn Cornish said in an interview that she was assured this morning by Newman Development Group that they will retain ownership of the City Centre building. Despite the listing, Cornish said Newman has told her the building is not actively for sale. 

Marc Newman, CEO of Newman Development, said the company is "gauging the market to understand what our options are."

"There may be opportunity for refinance, there may be opportunity for sale, there may be opportunity for equity investment, it doesn't necessarily mean something is for sale," Newman said in an interview. 

Newman reiterated his company is very committed to the Ithaca community.

Original story: The City Centre building is being listed for sale, just months after opening its doors to tenants. Offers are being accepted until Dec. 10, according to the listing with Newmark Knight Frank real estate group

A price is not listed, and under the "purchase price" category there is a request to "contact for details." According to Tompkins County assessment records, the property was assessed at $20 million for 2019, and the project's total cost to complete was around $50 million. 

The building opened in July to tenants and is now housing Collegetown Bagels and a Chase Bank location on its ground floor. Ithaca Ale House is also purportedly scheduled to move in to the ground floor as well. 

If the statistics listed on the ListingLab page for City Centre are to be believed, it's certainly not struggling to fill apartments: as of November 2019, its occupancy is listed as 99 percent. Interestingly, though, Newmark Knight Frank's student housing team appears to be handling the property's sale, and in its list of the property's advantages it emphasizes the student renter market in Ithaca. 

"City Centre Ithaca’s irreplaceable location is insulated from new supply and completely differentiated from other student accommodations within the Ithaca submarket," the listing says (those interested in that link may have to register with an email address to view it). "City Centre Ithaca’s purpose-built amenities offer an abundance of indoor/outdoor activity space providing an inclusive community for students."

That would seem to be an alarm bell for Ithacans, many of whom lashed out against the previously proposed Campus Advantage project for that site partially because it was openly targeting the student market (though there were certainly other complaints as well). 

The building's 192 units include 231 beds, and are being rented at luxury prices: currently listed options state that a single-bedroom unit rents for a minimum of around $1,900 per month, while a two-bedroom goes for as high as $4,600 per month. 

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(1) comment

Tom Dougherty

Hey that's me and my girlfriend riding bikes ! We're going to the farmers market :D

Cheers,

Thomas Dougherty