46 South Street hits the market: $1.2-million

By Zander Frost, Chronicle Staff Writer

46 South Street is for sale for $1.2-million. The vacant building — directly across the street from the Glens Falls Market Center now under construction — has been owned by Chad Nims and Nims Properties, LLC since 2017.

Realize Brokers has the listing.

“It’s in rough shape. And it’s basically in shell condition at this point,” Realize Principal Broker Nic Ketter said. “But it’s a great opportunity. 23,688 square feet.”

He mentioned the Market Center project, “and then you’ve got, of course, Bonacio’s approved 70 unit project.”

“It’s really the critical component to getting that whole South Street strip completely revamped,” he added.

“I think that the city wants to see it re-done and bottom-line, whoever does it, I really think it’s going to be the key project,” he said.

Mr. Ketter said he believes it would be a candidate for the Restore New York grant.

He envisions apartments on the top two floors, and perhaps three commercial storefronts on the first floor.

“In the city right now, there’s a need for multi-family housing. There really is a deficit,” Mr. Ketter said.

He said Mr. Nims has a plan for 16 one- bedroom apartments, eight on each floor, but that a developer could cut the building up a multitude of ways.

Realize Brokers is also now listing the Union Square Building at 9-15 Broad Street, at a newly reduced price of $1.8-million.

“That’s a 53,362 square feet building,” Mr. Ketter said. “And really, you get two wings with it.”

One wing fronts Broad Street with commercial tenants, the other Pine Street.

Mr. Ketter said the Pine wing “is also a prime redevelopment opportunity, I think, for multifamily residential as well.”

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