©2018 Saratoga Photographer.com
By Maureen Werther
Sonny Bonacio, president of Bonacio Construction, has purchased the property on Excelsior Avenue in Saratoga Springs that was Stark’s Auto for some 60 years.
Bonacio said he has not yet finalized plans for the parcel at 62-64 Excelsior Ave. He purchased the property on May 25 from Sidney Stark. The purchase price was $450,000 and the deal was made through Bonacio’s real estate holding company, RR Depot LLC.
He called the purchase “a defensive move.” His company recently constructed 14 residential condominiums at Excelsior East, as well as four 1,500-square-foot commercial spaces. While 12 of the 14 condominiums have been sold, three of the four commercial spaces have not been filled as quickly as Bonacio anticipated.
By purchasing the Stark’s property, he will be able to provide additional parking to customers of any future commercial tenants. Bonacio said the additional parking space will help to expedite arrangements with people seeking commercial space.
Currently, there is one business, Lockette’s Hair Salon, at the Excelsior East property.
Bonacio said he is currently in talks with three other parties interested in the remaining space, but no deals have been reached to date. The three units are for sale but Bonacio said he would consider leasing them with an option to buy.
“We will be deciding on a final direction in the next few months,” he said.
Excelsior East Condominiums were completed and opened in 2017 as a mixed-use space on the corner of East Avenue and Excelsior Avenue. The corner building is a mixed-use property, with the four commercial units occupying the first floors and 12 one- and two-bedroom units on the second and third floors.
The property also includes two townhomes, each with a private one-car garage. All residential units have balconies.
The units range in price from $300,000 to under $800,000, with floor plans from 737 square feet to 1,830 square feet.