Syracuse, N.Y. (NCC News)- Syracuse University keeps growing their real estate footprint with new purchases on Marshall Street.
SU paid $14.2 million for the 153 and 159-163 Marshall St properties, according to records from the Onondaga County Clerk’s office. Manny’s clothing shop, the Mediterranean Combo restaurant, Lucy Blu and the Student Choice market are new additions to a portfolio that already included Varsity Pizza, Faegan’s Pub, Pita Pit, and Chipotle.
In the past few years S.U. paid around $143 million for 11 parcels, $12 million solely on Varsity and Faegans. For this purchase, the university paid nearly six times the combined full market valuations as evaluated by the city’s Department of Assessment, according to CNYMediaMatters.
“It’s kind of inevitable the way the world is, if you will. And the bigger keep getting bigger, and the smaller kind of, you know, fall off. It does kind of stink to see, you know, everything disappear up here over the years.” said Colin Smith, manager and Co-Buyer at J Michael Shoes.
Properties purchased by SU do not automatically come off tax rolls and are taxable if used for commercial purposes . The university can claim tax exemptions if the property is used for academic purposes or student housing among other things.
Syracuse University senior associate vice president of communications Sarah Scalese said that the University doesn’t have plans for immediate changes to the properties.