Tenants could begin moving into the vacant Uriah Hill Elementary School building before the end of the year, a prospective leasing agent told the Peekskill Board of Education Tuesday night.
The board’s hope to begin receiving rent as early as September is “optimistic” in the current “slow” market for commercial real estate, officials of Yorktown-based Primavera & Dobbins said. The real estate firm, accredited with Coldwell Banker’s nationwide network, was the lone responder to the school district’s request for proposals from marketing agents.
The district hopes to lease space in the Pemart Avenue building to at least offset the annual $90,000 cost of maintaining the structure and grounds, which include playing fields.
In response to board members’ concerns about potential need for classroom space for a growing student body, Bill Primavera said the building was unlikely to be fully leased immediately and urged school officials to keep the agent apprised of district needs.
Primavera, whose expertise is marketing, writes the for Patch. He and Ken Dobbins, whose expertise is financial, have a combined 50 years of experience in real estate.
The average tenant wants at least a five-year lease, Primavera said. Except for temporary uses there is not much demand for short-term space.
Dobbins said the agents would begin their efforts with a walk-through to help determine potential uses for the space, including such details as how much weight the floors could support and potential modifications to make space more attractive to tenants. Rent per square foot would be based on the current market, he said.
The marketing effort would include a professional video, brochures and online promotion.
“We are fully prepared to hit the ground running,” Primavera said in response to the board’s desire to have tenants in the building as soon as possible.
District officials are reviewing the proposal.
Please click here to view the presentation by Primavera & Dobbins.
