2008-05-27 23:50:20 -

- On behalf of its client, Empire State Development Corporation, Binswanger is pleased to announce the sale of a 48-acre land parcel in Syracuse, New York, to a group of local investors, Syracuse Resorts LLC. Sale price was $2,222,220.

The buyer, Syracuse Resorts LLC, is the sole-purpose entity of a group of Long Island investors and developers. While firm

plans for the property have not been announced, any development will be subject to local zoning ordinances.

Empire State Development Corporation, the chief economic development agency for the State of New York, sought to transfer this property - formerly a home for the mentally disabled - to the private sector. Andrew Harris, senior vice president of Binswanger Advisory Services, represented the agency in this transaction. He has advised Empire State Development Corporation in the disposition of over 20 surplus institutional facilities throughout the state. These properties encompass over 10 million sq. ft. of space and 3,200 acres with a combined transaction value in excess of $75 million.

Headquartered in Philadelphia, Pa., Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East, and Asia.

Binswanger
Leslie Young, 215-448-6239
Fax: 215-448-6097