Iona as Landlord

[tootie223]

Just got the word -->


Iona College has signed a contract to purchase 748 and 754 North Avenue, which includes four storefronts: Gemelli Pizzeria, Beechmont Tavern and two vacant retail spaces. The property owner approached the College several months ago and the parties have reached an agreement that includes the assumption of all existing leases, which run for 8-11 years. The purchase is part of the commitment of the College to invest and improve the financial viability of North Avenue and generate auxiliary revenue. The College intends to maintain this property for commercial tenancies and seek to rent the vacant spaces in order to provide additional amenities for Iona students and the public at large.

The Beechmont Tavern is a landmark business that is fondly remembered by many of our alumni and, as such, we look forward to a long-term relationship with its owners. Although Gemelli Pizzeria is a newer establishment, it has been well received by the Iona community and we look forward to continuing that relationship as well.

[Super]

Nyre continues his aggressive approach to growth and solidifying Iona's relationship with the city.

[Cjb]

A little surprising with lease commitments of that length. But I wouldn't underestimate Nyre's vision, which appears pretty far reaching.

Over time, I could easily see Iona developing that space into additional student residences.

Adjacent to that property is a fairly large lot that used to be a gas station. It's been vacant for a number of years. Someone within the prior Iona administration once mentioned to me that the owner of that lot approached the college to see if they'd be interested in its purchase, but the price they wanted was so ridiculous the school never gave it any serious thought.