Investors buy Ulster Savings Bank building on Wall Street
KINGSTON, N.Y. >> A group of investors has purchased the Wall Street building that is home to an Ulster Savings Bank branch and several other tenants.
“It’s just an investment for the future,” Robert Pollack, majority partner of buyer CPR Kingston LLC, said Tuesday.
Pollack said his group purchased the Uptown building from Ulster Savings Bank and is looking at some other properties in Kingston. He said he owns properties in the town of Marlborough but no others in the city.
In Kingston, though, it seems like “things are happening,” Pollack said.
Pollack said he is friends with Charles Blaichman, who has purchased several Uptown Kingston buildings in recent years, including the one at the corner of Wall and John streets that now is home to the Hotel Kinsley.
CPR Kingston LLC bought the
Ulster Savings Bank building at 280 Wall St. for $2.6 million, Realtor Nan Potter said. She said the deal closed on Dec. 31, 2019.
“It’s going to be maintained as an office building,” Potter said.
Potter, who manages the property and whose Potter Realty handled the sale, said Ulster Savings Bank will remain a long-term tenant in the building. She said other current tenants also are to remain, including the Ulster County Public Defender’s Office, the Ulster County Board of Elections, Community Foundations of the Hudson Valley, Kingston Community Acupuncture, and Jewish Family Services of Ulster County.
There also is some space in the three-story building that has not yet been developed, Potter said. She said CPR Kingston LLC plans to do so and then offer it for rent.
She also said the investors will work to keep the building “in great shape.”