I
thaca's Real Estate Landscape Shifts as Local Landlord Sells Off Properties

    A significant player in Ithaca's real estate market is downsizing, with local landlord Pam Johnston putting nearly 30 properties up for sale. This move comes after decades of owning dozens of student-oriented properties in Collegetown and surrounding areas.

    The portfolio includes 27 properties, comprising 99 apartments with a total of 349 bedrooms and 82 parking spaces. All units are fully leased through the 2025-26 academic year, offering a buyer a stable income stream. The sales listing highlights the "upside potential" for increasing rents at these student-oriented properties, given Cornell's growing enrollment and Collegetown's proximity to the university.

    While Johnston declined to discuss her plans in detail, she stated that she aims to reduce the size of her portfolio and focus on design and development projects. She has no intention of leaving the Ithaca area, where she will continue to maintain business interests.

    The sales listing also includes two vacant building lots and six large lots with potential for development. These properties offer opportunities for new construction or subdivision, including a vacant lot at 204 Williams Street that was previously slated for a 12-bedroom house.

    Johnston's properties are located within the East Hill Historic District, which means any exterior renovations or new developments would require approval from the Ithaca Landmarks Preservation Commission. This adds an extra layer of complexity to future projects.

    The sales price for the entire portfolio is not being disclosed, but based on assessed values, it's likely to be in the tens of millions of dollars. The properties are being managed by Global Real Estate Advisors (GREA), which will handle the sale process.