Peter Shabat’s key building on South St. priced at $650,000

By Gordon Woodworth, Chronicle News Editor

Peter Shabat’s several properties on South Street in Glens Falls include 46-56 South, seen by some as a potential anchor in the $10-million state-funded revitalization of downtown’s “Street of Dreams.”

The three-story, 25,000-square-foot building on the corner of South and Elm sits largely vacant, except for a couple of taxi cab companies in spartan storefronts.

“It’s listed for $650,000, which is a very fair price,” Mr. Shabat said. “There could be 20 apartments upstairs, and there are eight storefronts. It’s a very sound building with no asbestos. It’s a game-changer.”

But Mr. Shabat isn’t getting carried away with the $10-million revitalization buzz.

“I’ve seen lots of plans come and go,” he said. “The problem is business is dead here. I’m just waiting now to see what happens.

“I’ve been on South Street for 45 years. Twenty years ago you couldn’t find a parking spot on the street. I love South Street. I made my money here. I’m just waiting.”

Bartholomew: Potential anchor

Mr. Shabat said, “I’ve talked to Ed Bartholomew [Glens Falls’s economic development director who also heads Warren County EDC] and he told me to wait and that there may be some people who want to buy my building.”

Contacted for comment, Mr. Bartholo-mew said 46-56 South St. “is a potential anchor building because of its size. We have had discussions with him about it in the past.

“Right now we’re getting the ground rules from the state. This is the first time they’ve done these Downtown Revitalization Initiatives, and we are waiting to find out what the ground rules are.”

Mr. Bartholomew said the City would like to create a low-interest pool of funds “to assist existing businesses and attract new businesses,” not only on South Street but in a large downtown area stretching south to Park Street and west to School Street.

“There is an obvious focus on South Street because of the number of vacant and deteriorating buildings,” Mr. Bartholomew said, “but we hope there will be loans and grants to assist in the rehabilitation of buildings, and we’re talking to SUNY Adirondack about bringing their culinary arts program down here, which would add a diverse dimension to our downtown.

“We’re also looking to upgrade the farmers’ market and make it possibly year-round.”

Mr. Bartholomew said any changes would have to go through the standard approval processes like the City Planning and Zoning boards.

Shabat a fixture on South Street

Mr. Shabat, who operates a restaurant equipment and refrigeration systems business on South Street, has extensive real estate holdings, including both Bay Meadows and Kingswood golf courses.

He’s a familiar figure on South Street. As The Chronicle interviewed on the sidewalk Tuesday morning, he paused several times to wave to friends in passing cars.

Mr. Shabat grew up in Israel and fought in the Six-Day War in 1967 as part of the Israeli Air Force.

Is he excited about possibly selling his building on the corner of South and Elm?

“It makes no difference to me,” he said, smiling. He said he doesn’t need the money.

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