Snyder and Murphy of University Hill Realty facilitate $12.115 million sale

Ithaca, NY Christopher Snyder and Dan Murphy of University Hill Realty facilitated the sale of 401 East State St. The buyer, McKinley Development plans a 321-unit student housing development along with a new three-level parking structure at the 3.689-acre site.

Norman Roth, principal broker at University Hill Realty said, “This was a tremendous experience from start to finish. Working with a seller like Travis-Hyde Properties and a buyer-side of Jeff Githens and his team at McKinley was really beyond gratifying. Both sides wanted to be sure not only that the transaction was completed, but that the project was absolutely right for the location and the community. We have been fortunate enough to deal with McKinley Development/Peak not only in Ithaca, but also on their Theory Syracuse project, a 605-bed development just a few blocks from Syracuse University. In the student housing development sphere, one does not always get the chance to deal with firms on a repeat basis. I think our familiarity and prior relationship really was a huge advantage in getting this project to come together.”

“401 E. State St. will be a pivotal connection between the fantastic and downtown/commons area of Ithaca and the Cornell Collegetown neighborhood. Ithaca is such a dynamic place with so much vitality- we have strong and ongoing demand from a variety of parties interested in entering the Ithaca market- and we hope to be working with some of them in the near future.”

“It genuinely seems that McKinley bringing this new space to life will make for even greater participation in the energy of the area and will help make Ithaca an even more desirable and accessible place for people to live and work.”

University Hill Realty Ltd. is a full-service real estate consultancy and brokerage firm specializing in the acquisition, development, and management of investment properties since 1974.