Schenectady, N.Y., June 8, 2006 – Metroplex today joined with Schenectady County and City officials to announce that LaSartoria, a clothing store located on Broadway in Saratoga, will open a second location in downtown Schenectady directly across from Proctors and the new Hampton Inn.
Susan E. Savage, Chair of the Schenectady County Legislature said, “Our plan for economic development is right on track–entertainment, tech companies, more office workers, more dining and night spots and the return of a vibrant retail sector. We welcome this development as further proof that our unified economic development effort is working.”
Mayor Brian U. Stratton said, “Years ago, downtown Schenectady was home to fine men’s stores and women’s boutiques. Now, we are pleased to welcome LaSartoria to Schenectady to continue in this fine tradition.”
Mr. Vincent Montesanto, owner of LaSartoria, will purchase and renovate 447-451 State Street, a building that formerly housed Jos. Nusbaum, Inc. and more recently a boxing gym.
Mr. Montesanto said, “I look forward to serving my customers with a great selection of fine, reasonably priced, fashionable clothing. We will feature items that will attract shoppers from throughout the Capital Region.”
A complete renovation of the building will include a new roof, new windows and an improved façade. The renovated building will feature oak wall shelving and display racks, pressed tin ceilings, track lighting and a distinctive design. The store will sell men’s, women’s, young women’s and children’s apparel lines as well as designer suits, jeans, footwear and accessories.
Mr. Montesano has more than 20 years of experience in tailoring, custom clothing design and apparel merchandising.
Gary Hughes, Chair of the County Legislature’s Committee on Economic Development said, “When retailers start returning to an area, it is a signal that the community is really turning around. This is a very positive step forward for downtown Schenectady.”
Metroplex will provide a $375,000 loan at 5% interest to help fund building renovations. All Metroplex funding will be applied to building improvements. The total project cost including renovations, inventory and other project costs exceeds $1.2 million.
Metroplex will sell the building to Mr. Montesano for $250,000. 447-451 State Street is one of four buildings between Clinton and Jay Street that Metroplex purchased last year. Sale of the building puts this property on the tax rolls. Metroplex is expected to announce plans for the remaining three buildings shortly.
Ray Gillen, Chair of Metroplex said, “This project gets another key building on the Proctors Block restored and back on the tax rolls. When Metroplex purchased these buildings, our goal was to sell them to investors who would restore the buildings and add to the vibrancy of downtown.”