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Sunday, 29 November -0001 19:03

Local Businessman Purchases City Lot Located at 20 Lake Avenue

By | Business

SARATOGA SPRINGS – Local businessman Frank Parillo has acquired a city block located at 20 Lake Avenue, for the tidy sum of $2.625 million. The lot happens to be the location of The Saratogian newspaper, where it has stood for over 100 years. Parillo did not purchase the newspaper itself, but rather the land on which their building currently sits. The transaction was finalized June 13 and Parillo has reportedly assured the newspaper that they will be allowed to remain at the location for at least the next three years. The Saratogian is owned by the Journal Register Company and managed by the New York City-based Digital First Media.


The lot was purchased from the Saratogian itself, which had owned the lot since purchasing it from the Gannett Company in the 1970s as part of an urban renewal initiative.

For the last two years, the adjacent parking lot has been made available to local nonprofit organizations as a means to raise money for various causes. Parillo has said he will honor the commitment to any groups who have already made arrangements to use the lot this year. The fundraising drives have proven to be a success as over $45,000 has been raised over the last two seasons.

Parillo has already been making quite a name for himself as an investor or property owner in the greater Saratoga region. This includes the Wilton Travel Plaza, Scotty’s restaurant, Saratoga Strike Zone, the Hampton Inn and 38 High Rock Condominiums. His ownership of both Bolton Landing Marina and Dunham’s Bay Marina make him the largest marina operator in Lake George. He has also recently acquired the former Pontiac-Buick dealership located on South Broadway. Parillo could not be reached for comment as of press time.

Parillo has taken title to the 20 Lake Avenue block as Saratoga Prime Properties, LLC. The company is made up of Parillo and his wife, Dolores.

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