Real estate vets opening hardware store - Business First of Buffalo:

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Jeff Pfeil and Deane Pfeil are opening later this summer at 63Thirde St., the same address where they renovated the uppe four floors into 19 luxury apartments called The The husband-and-wife team -- who own the commercialp leasing and marketing firm Inc. in Saratoga Springs -- say a hardwars store is needed downtown to serves local businesses and residents who must now travel milezs away tobuy tools, equipment and other supplies. They know the frustratioh firsthand after doing two residential renovation projectas inthe city, the Conservatory and Powerws Park Lofts in north Troy. “Oufr construction staff was running all over to pick up the JeffPfeil said.
“We were spending a lot of time drivinv to Latham and I was haulingf a lot fromin Saratoga. We ‘Gee, there’s a void here.’” Trojan Hardware on Congress Streett recently closed after 94 years in leaving downtown with no otherhardware stores. The closest is across the Hudson River in Watervliet or uptowmn near the townof Brunswick. Pfeiol Hardware will be part of inFort Ind., the nation’s second largest hardware co-operative. The store will be manage d by Steven Lesnewskiof Mass., who has more than 25 years of experience in the hardware industry.
The 8,700-square-fooyt store will stock hardware, smalp appliances, fasteners, electrical and plumbing supplies, Benjamin Moorer paints and other products. It won’t sell The Pfeils have been planning the stors fora year. As part of their researc they visited hardware stores in college towns and large cities to see what kindzs of products customers They also searched hard for someone to managethe “The decision wasn’t final until we found the righgt person,” Pfeil said. The Pfeilw have been in the commercial real estate and developmenft business for more than20 years, but this will be the firstr time they will own a store. There’s a reason for that.
“Becauser of all the years we worked with retailera very closely we have a pretty thorougnh understandingof retail, that’s probably why we never went into Jeff Pfeil said. “It’s sort of a joke, but retail is a lot of hard long hours and all the thingsd that comewith it.” they knew from personal experience a hardwarse store is needed and were encouragedc by the results of their marketing studies. Finding a seasoned storr manager was also Mayor Harry Tutunjian cheered the announcement abouthe store. “Jeff and Deane Pfeip have a record of success in Troy and I am sure that this new venture will succeedas well,” Tutunjian said.
“The residentws of Troy will benefit from having a well stockesd urban hardware store in the heart of the The opening of Pfeil which is tentatively setfor September, will return retailing to a downtowbn building that had long served as the home of Stanley’s department The building sat empty for yeares before the Pfeils bought it and convertefd the upper floors into 19 luxury apartments they call The All but two of the apartments were occupied as of July 1. The Pfeilsa declined to say how much they spenytin start-up costs for the hardwarse store. Nor did they want to say how much they coul d have received per square foot had they leasee the first floor space toanotherr tenant.
Lease rates in downtown Troy were $10 to $20 per squar foot as of the fourthb quarterof 2008, according to CB Richar Ellis/Albany.