Schenectady, N.Y., May 7, 2010 — Schenectady County officials today said that development in downtown Schenectady has taken another step forward with the purchase of the former Friendly’s on Nott Terrace near Union College by Mr. David Firestein and Mr. Robert Raphael. Mr. Firestein’s son Guss is a student at Union College. Mr. Raphael is a graduate of Union College.

“The former Friendly’s is strategically located between Union College and the new Union Graduate College. We are excited that experienced retail developers with connections to the community through Union College see the opportunity to invest and grow their business here,” said Susan E. Savage, Chair of the Schenectady County Legislature.

Mr. David Firestein said, “We look forward to redeveloping this property and participating in the revitalization of Schenectady.”

Mr. Firestein is the President of Northwest Atlantic Real Estate Services, LLC. The firm is located in White Plains, NY. It helps major retailers find the best possible and most profitable locations and then provides tenant representative services for those retail clients. The firm represents such retailers as Starbucks, Whole Food and Staples.

Mr. Robert Raphael said, “I’m glad to own property in Schenectady where I went to College.”

Mr. Raphael is a principal in Gilman Management.

Friendly’s was represented in the transaction by The Dartmouth Company’s Latham Office. Ms. Alison Burnside acted as lead broker on the sale. She will continue to work as a leasing agent for Mr. Firestein and Mr. Raphael as the property is marketed for retail use.

Ray Gillen, Chair of Metroplex and Commissioner of Economic Development for Schenectady County said, “We are excited about the vision that these two developers have for the former Friendly’s. Our goal is to work with them and The Dartmouth Company to attract a new tenant to the site.”

More information may be found at www.dartco.com and www.nwatlantic.com.

Former Friendly’s, Nott Terrace