Paquet, who owned the building which had housed The Metro, a local nightclub at 17 Maple Avenue, began toying with the idea of selling it, but knew she would probably want to buy another downtown property.
Straus already owns several buildings in the downtown area and had wanted to buy the Metro building for several years. He had a few of them up for sale.
So the pair decided, why not swap?
And last week, that is just what they did. Straus took over ownership of the Metro building and Paquet is the new owner of the Silverado building on Broadway.
“I love the building,” said Straus of the Metro. “It has a lot of potential.”
Getting there took some time and work.
“It took a while, but it all fell into place,” said Paquet, calling the process “pretty much seamless.”
The original Metro was a neighborhood nightclub started in the 1980s by Paquet’s late husband, Peter, who was an art professor at Skidmore. He had originally purchased the building in the 1970s as a studio, but eventually renovated it into a highly successful bar with disco music and dancing in the early 1980s. Later, the front of the bar became a must-play venue for local and nationally known musicians.
The couple married in 1990 and in 1996, Peter decided to return to his passion, his art, and leased the nightclub out.
But in 2009, Peter passed away and Paquet found herself the landlord of the nightclub.
“It was not an easy decision for me,” said Paquet. “My husband had had the building a number of years and I always considered it his building.”
Paquet noted that she did not want to be critical about the former tenants or the nightclub, but as the nightclub’s reputation deteriorated, she found being the landlord increasingly more challenging.
“I do not want to say anything negative about it,” said Paquet. “It just became too difficult for me.”
This past year, the nightclub made the news when it was the scene of several brawls and rowdy incidents. In an attempt to turn the establishment around, Panza’s came on board and leased the restaurant portion of the club, 28 Tables. They brought in a new chef, ramped up the menu and hoped to obtain their own separate liquor license. But in August, 28 Tables was denied their liquor license by the New York State Liquor Authority because it does not have its own separate entrance. Patrons had to enter the restaurant through the courtyard, which was part of the nightclub.
28 Tables closed that month and the nightclub, The Metro, followed suit in September.
Paquet said that when she recognized she was ready to sell The Metro she also realized she would probably want to buy another Saratoga Springs building.
That is when she remembered that Straus had expressed an interest in the building and he had other downtown buildings for sale.
“Mark had spoken to me in the past about buying the building,” said Paquet. “But I had to get over the sense that it was my husband’s building.”
So they got together and decided to swap properties.
Paquet, owner of Miranda Realty, took over ownership of the Silverado building at 446 Broadway and Straus, along with partner Thomas Gardner, owners of Saratoga Historic Restoration, took over the Metro at 17 Maple Avenue.
“We had them appraised and they came in very similar,” said Straus.
The buildings are assessed at roughly the same amounts – 446 Broadway is assessed at $883,500 and 17 Maple Avenue is assessed at $853,500.
Straus saw it as a win/win situation as well. He owns The Marketplace building which backs up to The Metro’s courtyard. He has had to live with the loud dance music and rowdy crowds and said that the atmosphere generated by the nightclub would often cause a quality of use issue with his Marketplace, especially with the adjoining courtyard where a bandstand had been erected.
“They’d have a nine-piece band in there,” said Straus of the bandstand that is up against the rear of The Marketplace.
Now that he owns the courtyard, Straus said it opens up both places of business to some interesting options.
“I am open to ideas with new future tenants,” said Straus. “But I want it consistent with the needs of the neighbors and downtown.”
Calling The Metro “a very beautiful building,” Straus said it has a lot of potential for a future tenant. The three-story building has several ground floor entrances and is divided into four separate areas. There is the bar area downstairs with a separate, glass-enclosed wine cooler, the dance area, the restaurant and bar on the second floor with a full kitchen and an office/apartment area on the upper level with high ceilings, large skylights and tall windows.
“I want to do something that is a credit to the neighborhood and Saratoga,” said Straus, who envisioned a fine dining restaurant, a steak house, even a Bistro for the uniquely designed space.
“I think it has a lot of potential,” said Straus, who has renovated several Saratoga properties and has received awards for the renovations.
Paquet said she is very pleased with the Silverado building, noting that is has undergone extensive renovations under Straus’s ownership including a new heating system, a new roof and a restored façade.
“It has an awful lot of charm,” she said, noting that she loves the tenants in both the jewelry store and the upstairs apartments. “I hope everyone is comfortable and stay as long as they want.”
“I think it’s a win/win,” said Straus.
For more information on Saratoga Historic Restoration or for information on leasing The Metro, visit the website www.saratogacommercialrealestate.com or call (518) 857-2238.
