How the New Hartford shopping center has changed in 2022

While a December zoning decision and ongoing financial difficulties have stalled future plans for New Hartford’s Sangertown Square, the mall added a few small businesses to its roster in 2022.

Ashcroft & Oak Jewelers is the latest addition to officially opening its doors on Saturday 3rd December.

The jewelers are owned by Rogers Enterprises, which also operates Rogers & Hollands Jewelers.

“We are incredibly excited to add Ashcroft & Oak Jewelers and our other new retailers to our growing and extensive offering of shopping, dining and entertainment options,” said Sarah Milligan, general manager of Sangertown Square. “We know that our guests will be satisfied with the brand’s knowledgeable staff, unique merchandise and distinctive guest service – not to mention the largest selection of beautiful diamonds, jewelry and watches anywhere.”

These stores opened in Sangertown in 2022

These stores also moved into areas in the shopping center in 2022:

  • Beyond Reality: Opened April 9th, a local business offering a virtual reality gaming and entertainment experience.
  • Stella Salon: Opened September 13th.
  • Ghost Halloween: Opened on September 7th for the Halloween season.
  • Strong Spas: Opened in December in the former JCPenney premises.
  • Reczko’s Craft: Small family business opened in early December selling handmade and custom wood crafts.
  • Royal Jewelers, 420 Glass and Reimagined (sneakers): Opened in Sangertown for the holiday season and Sangertown officials are hoping to extend their stay.

Financial problems go back several years

In the summer of 2021, New Hartford Sangertown officials issued an annual determination that would bring it to a lower appraised value to save on taxes.

The city revisited the provision earlier this year, extending it to three years.

In 2015, the estimated value of Sangertown was around $85 million, according to OD reports. The estimated value of the mall is now less than half.

In 2021, New Hartford Town Supervisor Paul Miscione said the city settled a lawsuit with the mall over property valuation, lowering the appraised value from $47 million to $35 million.

Miscione said the city extended the valuation rule early last summer, bringing the estimated value to about $20 million.

The extension remains valid only if the mall’s finances remain the same or decrease.

According to a March 30 filing, Fitch Ratings has approved seven grades of Commercial Mortgage Pass-Through Certificates issued by JP Morgan Chase Commercial Mortgage Securities Corp. confirmed, which in turn includes the Sangertown loan.

The Sangertown loan was amended in October 2020, extending the loan terms by 36 months to January/February 2024 and switching the remaining payments to interest-only payments. The loan was updated to stable from negative, Fitch said in the statement.

Sangertown’s Housing Proposal: A Preliminary Plan

Sangertown raised the idea of ​​building a condominium complex on top of a mall with New Hartford last summer, but in early December city officials rejected a zoning change that would have allowed the proposal to go ahead.

The housing proposal consisted of 186 units built in the parking lot near the former JCPenney store. Sangertown could come back to town and ask to switch zones again if they decide to move forward.

Mall officials declined to comment on the proposal at the time.