Copyright syracuse.com
Syracuse, N.Y. – It’s been a slog. They fought through six feet of water in the basement and several months of legal battle with the city. But a Chicago-based investment company now has hopes of bringing 370 high-rise apartments quickly back to life in a city that badly needs them. Some of the renovated apartments at the former Skyline Apartments could be ready for tenants as soon as the end of this year, said Razi Uddin, managing director and CFO of Clear Investment Group. The company bought the 12-story complex at 753 James St. for $13 million in 2023. Uddin said he hopes to have the entire building renovated and occupied by April 30. The company is trying to move past the name Skyline, which under the previous owners became notorious for squalor and crime. It’s The Metropolitan now. The Metropolitan is the subject of a court order that sets a timeline for renovations. At the same time, across town Clear Investment Group is working to start renting apartments by late November in two of the eight buildings at the former Vincent Apartments off Jamesville Avenue, which Clear has rebranded as The Summit. The complex is not part of the court order. Rents at both complexes are expected to be below the local median. Apartments at The Metropolitan are expected to range from $1,000 to $1,520. At The Summit, rents are expected to range from $1,200 to $1,400. The median rent in Syracuse was $1,689 as of August, according to Zillow. Clear bought both complexes from Tim and Troy Green, who had neglected the properties so badly that Troy Green was later banned by a judge from owning affordable housing in New York state. The Chicago company vacated both complexes – 630 units altogether – and started to renovate. It hasn’t been easy, Uddin said. When Clear bought The Metropolitan two years ago, the company outlined a $4.6 million renovation plan. But the company has already spent $5.3 million on repairs, not counting $2.9 million for operating costs, said Evelyn Jacoby, director of analytics at Clear. The operating costs included more than $1 million for round-the-clock armed security to keep out squatters and criminals, company officials said. At this point, Clear officials expect to spend another $5 million to $7 million before The Metropolitan is finished, Jacoby said. A critical factor behind the high cost was a flood last March that left at least six feet of water in the basement and ruined new heating and water-heating equipment that had already been installed, Uddin said. The flood began when a thief stole copper pipes. Then a second leak occurred in a standpipe – part of the water system for fighting fires – causing massive damage. Clear has replaced the equipment in the basement. Now it must install new vertical pipes throughout the massive building to carry hot and cold water. The company will seek bids for that work soon, Uddin said. “This building will be completely re-piped (for) heating and hot- and cold-water supply,’’ he said. Last April, as Clear dealt with the flood, the city sued the company and sought a court-appointed receiver, arguing that the company had neglected to make repairs quickly enough. Under a settlement reached last month, company and city officials agreed to work toward completing the renovations by spring. “The city wants to see the Skyline and Vincent properties brought back online as soon as possible,’’ said Michael Collins, commissioner of neighborhood and business development. Uddin, who traveled from Chicago to check on the progress Tuesday, said company officials feel they have been blamed unfairly at times for the delayed renovation. “It’s frustrating for us, because we’re doing everything we can to get this moving,’’ he said. Joe Njuguna, the construction supervisor, said he has 45 to 50 workers on site daily. All told, Clear acquired four properties from the Greens in 2023. In addition to The Metropolitan and Summit, Clear bought the former James at 600 James St., a 62-unit building that has been rebranded The Dutchess; and the former Chestnut Crossing at 923-941 James St., a 133-unit complex now called The Gardens. The Dutchess and The Gardens are 100% rented, Uddin said. Clear has spent about $3 million so far on renovations at The Summit and plans to spend another $6 million to $7 million, Jacoby said. Founded in 2003, Clear specializes in turning around troubled rental properties. The company aims to restore properties to good condition – rather than upgrading them and raising rents – in an effort to keep the units affordable, Uddin said. “We don’t consider ourselves value-add real estate (investors),’’ he said. “We want to make sure that people can afford the rents.” Stories by Tim Knauss Ryan McMahon cites a ‘pipeline’ of housing projects, but it’s filled with uncertainty Syracuse-area home building slumps when it needs to grow. Why are we stuck? Former Onondaga County Legislature chair, who left 2 years ago, launches last-minute bid to return
