Ellicott Development Co. has added to its growing real estate portfolio by acquiring its first-ever property in Port Jervis.
William Paladino, Ellicott Development CEO, confirmed his company has purchased the vacant, Pike Street Plaza, buying it at a foreclosure sale from the Bank of Dominion. Ellicott paid $1.68 million for the 80,000-square-foot plaza.
The plaza's former owners, an out-of-state investment group, owed the bank more than $4 million. Ellicott Development was the sole bidder for the property.
Paladino said he is reviewing various development options for the property, located in Orange County near the New York-Pennsylvania line.
"We are going to have to completely re-do the tenant list," Paladino said.
At its peak, the plaza's tenants included Kmart, Rite Aid and Burger King.
Paladino said he negotiating with several prospective tenants for the plaza, although none have signed a deal, yet.