Malta marina, restaurant sell for $5 million
MALTA — The South Shore Marina and its adjacent Nostalgia Ale House and Wine Bar has sold for $5 million to two limited liability companies: First Street Malta ($2.1 million) and Lago Di Toga ($2.9 million).
Deed transfers filed at the Saratoga County Clerk’s office show that the properties along Saratoga Lake were transferred to the LLCs from Joseph DiDonna on Jan. 30. Since 1955, the DiDonna family owned the property that in recent years became the center of a controversy when New York Development Group proposed a large, multi-building condominium and commercial complex on the site.
While current plans for the site are unclear, New York Development Group’s plans required a change of zoning and were unanimously panned by the town’s Planning Board and the public. However, the town supervisor at the time, Mark Hammond, wanted to allow a pathway to build the complex, a move that residents believe played a part in his downfall in the polls last November.
New York Development withdrew its plans in November, putting the marina and restaurant back on the market.
Attorney Steven Gottman who is listed as the attorney for the deed transfers said he doesn’t know who is behind the LLCs. First Street Malta is registered under the address where the restaurant was located, 113 Route 9P. Lago Di Toga is registered under the address of 215 Park Ave., Mechanicville.
Real estate agent Tim Doherty of Berkshire Hathaway, the broker that listed the property, said the Saratoga Lake lots were initially on the market for $5.5 million four years ago.