The city of Little Falls will feature in a new A&E series on Saturday, Oct. 18.
The new A&E Television Network series is called The Real Estate Commission. It stars Albany-based Commercial Real Estate Broker and Invester, Todd J. Drowlette, the managing director of Titan Commerical Real Estate Group, according to a statement announcing the show.
The episode, in sync with the style of the non-scripted series, tangles viewers up in a dramatic $3.75 million foreclosure deal and race to close the sale on the 50-unit HUD property located at 759 East Monroe Street in the small Herkimer County city in only 60 days, while a reluctant seller fights “intense federal bankruptcy deadlines” to try to hang on to his property.
This 50-unit HUD property in Little Falls, NY is the focus of an episode of the New A&E unscripted series, “The Real Estate Commi$$ion,” premiering Oct. 18, at 9 am on the cable network.
About the property
The seller owned three HUD properties entwined in the federal bankruptcy, one each in Fonda and Granville, with the Little Falls location being the largest. Drowlette’s client in the transaction was Fairbridge Real Estate Investment Trust and the potential buyer is Little Falls Realty, LLC.
Drowlette noted how, typically, foreclosures on multi-family properties, especially “half-contract HUD” properties as the Little Falls building was, involve something dramatically wrong with the building, resulting in high vacancy and insufficient income.
He called the Little Falls location “the craziest thing,” because the building was fully occupied, with guaranteed rent income from the federal government, and was in very good condition.
About the broker
Drowlette, a “top commercial broker” with over $2 billion in closed deals, according to a statement announcing the episode, promises the episode reveals “a rare inside look at how high-stakes commercial real estate deals unfold in smaller markets like Central New York” and why these dramatic deals are “becoming more common” due to “shifting market conditions in the Utica area.”
“You’re starting to see people that were buying stuff in major cities, are more into “growing” areas and are starting to expand into upstate New York,” said Drowlette in the statement, “particularly in multi-family properties, you’re definitely seeing expansion into upstate.”
Drowlette also noted while perhaps not top of mind in exploring commercial property locations, when companies get their first insurance bill in Central New York, they are pleasantly surprised by the region’s essential insulation from extreme weather events impacting other areas of the country.
He credited recent state and local incentives for development in upstate, such as “opportunity zones,” local tax abatement and tax pilot programs.
Said Drowlette, “there are a lot of incentives that exist in Upsate New York that are attracting buyers.”
When will it air
Two 30-minute episodes of the series air back-to-back at 9 and 9:30 a.m. on Saturday mornings on A&E, and are then available to stream the following Sunday on HULU.
You can catch a sneak peek of the episode here.
This article originally appeared on Observer-Dispatch: 50-unit Little Falls building topic of A&E series episode, Sat, Oct 18
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