Rochester's downtown Chateau building up for sale
bout Rochester's Historic Chateau Theatreat 15 First St. S.W. surfaced last week on Twitter, because the 89-year-old building is up for sale.
While no change seems imminent, it's correct that the 21,613-square-foot classic cinema b uilding is for sale.
A sales listing f or the building originally was posted on Loopnet.com on September 20 12. The asking price is $5 million.
A Barnes & Nobl e bookstore has operated in the renovated Chateau since 1995. It has a 20-year lease that runs through January 2015. In 2005, the annual rent was $495,548. Its rent was slated to increase by 14 percent in 2010.
It's owned by Dowel Realty Associates, of Morristown, N.J. The real estate investment firm bought it from Chateau Plaza Limited Partners of Rochester for $6.1 million on Jan. 20, 2004.
When Dowel purchased it, a spokesman said the company planned to keep the building as an investment property. It was the firm's first acquisition in Rochester. The prominence of the building and having Barnes & Noble as tenant was said to have attracted Dowel as did Rochester's active downtown. – Jeff Kiger