Stephen Mitnick paid $10.7 million for a discount shopping plaza in Schenectady and then spent about $3.5 million on badly needed improvements.
The result: a modern facade; better lights; freshly-paved parking lot; increased visibility from Route 7 and a new name, Crosstown Commons.
Mitnick, managing member of Magellan Realty Partners LLC, has been investing in neighborhood strip malls for the past 25 years.
He looks for older properties in densely-populated areas with high traffic counts. Typically,…
