Lake George Village’s first waterfront condominium complex, a conversion of King Neptune’s Pub, was unveiled July 12.
“We’re really excited to have you take a look at the new Anchor condo complex. It’s one of a kind,” Sean Quirk, the developer and co-owner of the former night spot told the realtors who had assembled at the bottom of Kurosaka Lane for a ribbon-cutting ceremony
The five residential units, ranging in price from $1.5 million to $2.3 million, depending upon size and location, were scheduled to enter the market this month, said realtor Dan Davies, whose firm, Davies-Davies Associates, is marketing the properties.
Owners may also lease dock space on a long-term basis, said Davies.
“There is a tremendous market for properties such as these,” said Davies. “I don’t know if the market was always there, but it is now. Units at the Antlers are commanding prices in excess of 3 million. Units at the Sagamore sell in the range of $2 million. Everything is changing, and The Anchor could be transformative for Lake George Village.”
The Anchor’s architect, Andrew Allison, owner and principal of AJA Architecture and Planning, commented, “These units won’t be on the market long. Everyone wants something on Lake George with lake access and without the difficulties and time associated with building, buying and renovating.”
According to Mayor Ray Perry, a 2023 vote by the Village’s Board of Trustees authorized the development of condominiums along the waterfront between Beach Road and Pine Point, presaging the redevelopment of legacy properties such as King Neptune’s. Short-term are a permitted use in the waterfront zone.
“We think this will add diversity to our lodging offerings and allow our tourism economy to keep pace with other resort destinations,” said Perry, who attended the ribbon-cutting ceremony.
Sean Quirk said he believed permitting condominiums in Lake George Village’s waterfront areas will bring new investment to Lake George.
“I’ve talked to developers who didn’t think they could get a reasonable return on their investment. Now, they can,” he said.
According to Davies, the likely buyer of a unit at The Anchor “is somebody who knows Lake George – perhaps a snowbird who wants a summer place or an investor, because Short-term rentals are an allowable use here.”
For the resident or vacationer who wants to be in the heart of the Village, there could be no better location, said Davies.
“It’s very similar in feeling to downtown Saratoga – you’re at ground zero and you can walk to every place you might want to go,” said Davies.
“These owners or visitors will be people who enjoy walking to restaurants, attractions and special events,” said Quirk. “Having these condos available for use or for rent year-round will help Lake George achieve its goal of becoming a four-season destination.”
According to Quirk, a decision was made early to gut and renovate King Neptune’s building rather than demolish it and replace it with a new building.
“Nothing is more environmentally-sustainable than using what is already there,” said architect Andrew Allison.
Building materials were chosen for their durability, said Allison.
“When building condominiums, you want maintenance-free materials. These people don’t want to buy something they have to maintain,” said Allison.
According to Melissa Quirk, the family’s next big project is likely to be the redevelopment of a legacy property opposite the Fort William Henry resort for townhouses.
