How the New Hartford mall changed in 2022
While a December zoning decision and ongoing financial woes stalled future plans for Sangertown Square in New Hartford, the mall added a few small stores to its slate in 2022.
Ashcroft & Oak Jewelers is the latest store to be added, officially opening its doors on Saturday, December 3rd.
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 expanding lineup of shopping, dining and entertainment venues,” said Sarah Milligan, General Manager of Sangertown Square. “We know our guests will be pleased with the brand’s knowledgeable staff, unique merchandise and signature guest services – not to mention the widest selection of beautiful diamonds, jewelry and timepieces around.”
These stores opened at Sangertown in 2022
These stores also moved into spaces at the shopping center in 2022:
- Beyond reality: Opened April 9, a locally owned business offering a virtual reality gaming and entertainment experience.
- Stella Salon: Opened Sept. 13
- Ghost Halloween: Opened September 7 for the Halloween season.
- Strong Spas: Opened in December in the former JCPenney space.
- Reczko’s Crafts: Opened in early December, a small, family-owned business selling handmade and custom wood crafts.
- Royal Jewelers, 420 Glass, and Reimagined (sneakers): Opened at Sangertown for the holiday season, Sangertown officials are hopeful they will extend their stay.
Financial woes go back several years
In the summer of 2021, New Hartford officials provided Sangertown with an annual assessment that would see it at a lower assessed value to save money on taxes.
The town revisited the provision earlier this year and extended it to three years.
In 2015, Sangertown’s assessed value was about $85 million, according to OD reports. The mall’s assessed value is now not even half of that.
In 2021, New Hartford Town Supervisor Paul Miscione said the town settled a suit with the mall over property assessment, lowering the assessed value from $47 million to $35 million.
Miscione said the town expanded the assessment earlier this past summer and will bring the assessed value to about $20 million.
The extension remains valid only if the shopping center’s finances remain the same or decrease.
According to a March 30 release, Fitch Ratings affirmed seven classes of JP Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, which again included the Sangertown loan.
The Sangertown loan was modified in October 2020, extending their loan terms by 36 months to January/February 2024 and converting the remaining payments to interest only. The loan was upgraded from negative to stable, Fitch said in the statement.
Sangertown’s Housing Proposal: A Preliminary Plan
Sangertown floated the idea of building a housing complex on mall property with New Hartford this past summer, but in early December the City Council denied a zoning change that would have allowed the proposal to move forward.
The housing proposal was for 186 units, located in the parking lot near the former JCPenney store. Sangertown can come back to town and ask for the zone change again if they choose to move forward.
Mall officials declined to comment on the proposal at this stage.
