Eaton Center tenants await word from new owner
NORWICH – The $1 million purchase of The Eaton Center by Pennsylvania businessman Randal Hadeed will be finalized sometime between the end of February and beginning of March, officials said Wednesday. However, some of center’s tenants say they are uneasy about the transaction.
Several spoke to The Evening Sun Wednesday afternoon and said they have yet to be contacted by Hadeed or the Chenango County Area Corporation (the building’s current owner) regarding how the deal will affect – if at all – their status in building.
“The fact that he hasn’t come forward to talk to any of the tenants – it makes it difficult to know what’s going on,” said tenant Kim Steward, owner of Executive Image Hair Salon. “The unknown is what scares us.”
The concerned lease holders said they are satisfied with the arrangement they have with the Area Corp., but fear the change in owners could possibly alter their lease agreements and put them under a different set of building regulations – without warning.
“I really like where I am and don’t want to leave,” said Dr. Linda Horovitz, owner of Chenango Speech & Hearing Services in the Eaton Center. “But it’s disconcerting not to know what’s going on. There has to be a two-way conversation – you have to be able to have dialogue to dispel rumors and fear.”
Hadeed did not return a Wednesday afternoon phone message as of deadline this morning.
Area Corp. chair J. Peter Chaplin said that no significant changes will result from the sale of the center.
“When there is a change of ownership, it always raises questions,” said Chaplin. “There are no significant changes coming.”
The 200,000 square foot facility is between 62 and 65 percent occupied and is home to roughly 55 businesses, organizations and service providers, said building manager Louie Barnes.
Chaplin said there has not been an unusual amount of tenants leaving the center since the deal was approved Dec. 20.
“The program has been going well,” he said.
Steward said there will be a meeting between Hadeed and herself either this week or next week, but was uncertain of the exact date. Chaplin confirmed that Hadeed plans on talking with tenants in the coming weeks, but also could not specify a certain time.
In December, Hadeed purchased an option on the building and was subsequently awarded a payment in lieu of taxes agreement by the county Industrial Development, allowing him to pay only 50 percent of the property taxes over a 10 years period. The agreement saves him around $450,000, according to the IDA.
Hadeed has said he plans on making $500,000 in capital improvements and intends to move a portion of his online company – eAuction Solutions – to the center; creating approximately 75 jobs over the next ten years. His company liquidates stock for large clothing stores.
Several spoke to The Evening Sun Wednesday afternoon and said they have yet to be contacted by Hadeed or the Chenango County Area Corporation (the building’s current owner) regarding how the deal will affect – if at all – their status in building.
“The fact that he hasn’t come forward to talk to any of the tenants – it makes it difficult to know what’s going on,” said tenant Kim Steward, owner of Executive Image Hair Salon. “The unknown is what scares us.”
The concerned lease holders said they are satisfied with the arrangement they have with the Area Corp., but fear the change in owners could possibly alter their lease agreements and put them under a different set of building regulations – without warning.
“I really like where I am and don’t want to leave,” said Dr. Linda Horovitz, owner of Chenango Speech & Hearing Services in the Eaton Center. “But it’s disconcerting not to know what’s going on. There has to be a two-way conversation – you have to be able to have dialogue to dispel rumors and fear.”
Hadeed did not return a Wednesday afternoon phone message as of deadline this morning.
Area Corp. chair J. Peter Chaplin said that no significant changes will result from the sale of the center.
“When there is a change of ownership, it always raises questions,” said Chaplin. “There are no significant changes coming.”
The 200,000 square foot facility is between 62 and 65 percent occupied and is home to roughly 55 businesses, organizations and service providers, said building manager Louie Barnes.
Chaplin said there has not been an unusual amount of tenants leaving the center since the deal was approved Dec. 20.
“The program has been going well,” he said.
Steward said there will be a meeting between Hadeed and herself either this week or next week, but was uncertain of the exact date. Chaplin confirmed that Hadeed plans on talking with tenants in the coming weeks, but also could not specify a certain time.
In December, Hadeed purchased an option on the building and was subsequently awarded a payment in lieu of taxes agreement by the county Industrial Development, allowing him to pay only 50 percent of the property taxes over a 10 years period. The agreement saves him around $450,000, according to the IDA.
Hadeed has said he plans on making $500,000 in capital improvements and intends to move a portion of his online company – eAuction Solutions – to the center; creating approximately 75 jobs over the next ten years. His company liquidates stock for large clothing stores.
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