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Closed diners attract interest on real estate market

Closed diners attract interest on real estate market

Death of owner prompted closure of Town House Diner, Route 7 Diner and Latham Meat Market
Closed diners attract interest on real estate market
The Town House Diner on Rosa Road in Schenectady is shown Monday, May 21, 2018.
Photographer: Erica Miller

SCHENECTADY — Two well-known neighborhood diners and a meat market in Latham and Schenectady that closed after their owner’s death are attracting interest on the real estate market.

The Town House Diner in Schenectady’s Northside neighborhood, the Latham Meat Market on Route 9 and the Route 7 Diner all were owned by Peter Kounoupis, who died May 15 after a long illness. He was 69.

Hanna Commercial Real Estate is marketing the properties.

  • Town House, at 408 Rosa Road in Schenectady, is listed for $425,000. The circa-1943 building totals 6,121 square feet of space on a 1.02-acre lot. The property includes two rental apartments and a billboard. 
  • Route 7 Diner, at 1090 Troy-Schenectady Road, is listed for $1.425 million. The circa-1970 building totals 2,377 square feet and sits on 1 acre of land.
  • Latham Meat Market, at 687 New Loudon Road, is listed for $695,000. The circa-1950 building totals 1,930 square feet and sits on a 0.25-acre lot.

Listing agent Jessica Richer at Hanna's Albany office said each parcel has value as a going business, but they all could also be adaptated to other uses.

“There’s a lot of interest; these are excellent businesses,” she said. “I think we’ll probably be able to get these under contract in the next few weeks.”

The Town House includes an income stream from the apartments and billboard, Richer said. The Route 7 Diner is set back from its namesake highway and is accessible on all four sides to vehicular traffic, an ideal configuration for the busy thoroughfare.

Richer said either diner would appeal to a restaurateur who could reopen the business quickly with the same theme, if not name, or they could reinvent it as a different eatery without major renovations. But either could be adapted for other uses, as well, she said.

“As long as the zoning would be allowable, I could see someone doing something different,” she said.

The meat market is the most specialized of the three properties, she said: The rear of the building is prep/production space, and there are extensive walk-in coolers. But even this could be adapted to uses other than a butcher shop, she added.

Richer said Kounoupis took steps while he was ill to prepare for the sale. All three businesses closed after his death and before his funeral on May 22, and they will remain closed until sold, a process being handled by the executor of his estate.

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