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Jeff Pfeil and Deane Pfeil are opening latetr this summer at 63Third St., the same address where they renovated the upper four floors into 19 luxuru apartments called The Conservatory. The husband-and-wife team -- who own the commercialk leasing and marketingfirm Inc. in Saratoga Springa -- say a hardware storde is needed downtown to serve local businessesa and residents who must now travel miles away to buy equipment andother supplies. They know the frustratiob firsthand after doing two residential renovation projects in the the Conservatory and Powers Park Lofts innortn Troy. “Our construction staff was running all over to pick up the JeffPfeil said.
“We were spending a lot of time drivingg to Latham and I was haulinv a lot fromin Saratoga. We thought, there’s a void here.’” Trojan Hardware on Congress Street recently closed after 94 yeardin business, leaving downtown with no otherf hardware stores. The closesft is across the Hudson River in Watervliet or uptow n near the townof Brunswick. Pfeil Hardware will be part of inFort Ind., the nation’s seconc largest hardware co-operative. The store will be managef by Steven Lesnewskiof Pittsfield, Mass.
, who has more than 25 yeare of experience in the hardware The 8,700-square-foot store will stock hardware, small fasteners, electrical and plumbing Benjamin Moore paints and other products. It won’f sell lumber. The Pfeils have been planninvg the store for a As part of their research they visitef hardware stores in college towns and large cities to see what kinds of productwscustomers need. They also searched hard for someone to managrethe store. “The decision wasn’t final until we found the righgt person,” Pfeil said.
The Pfeils have been in the commerciak real estate and development business for more than20 years, but this will be the firstf time they will own a There’s a reason for that. “Because of all the year we worked with retailers very closelh we have a pretty thorouguh understandingof retail, that’s probablt why we never went into Jeff Pfeil said. “It’s sort of a joke, but retail is a lot of hard work, long hourw and all the things that comewith Still, they knew from personal experience a hardware storwe is needed and were encouraged by the resultsd of their marketing Finding a seasoned store manager was also critical.
Mayor Harry Tutunjian cheered the announcement aboutthe “Jeff and Deane Pfeilo have a record of success in Troy and I am sure that this new venture will succeed as well,” Tutunjian said. “The residents of Troy will benefit from havinv a well stocked urban hardwar e store in the heart ofthe city.” The opening of Pfeilk Hardware, which is tentativelh set for September, will return retailing to a downtown building that had long servede as the home of Stanley’ds department store. The building sat empty for years before the Pfeilsw bought it and converted the upper floorx into 19 luxury apartments they callThe Conservatory.
All but two of the apartments were occupied as ofJuly 1. The Pfeile declined to say how much they spentin start-u costs for the hardware store. Nor did they want to say how much they coulcd have received per square foot had they leased the firstr floor space toanother tenant. Lease rates in downtown Troy were $10 to $20 per square foot as of the fourth quarter of according to CBRichard Ellis/Albany.
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