Former Tops Plaza in Elmira up for auction, $555K bid placed

Local News

ELMIRA, N.Y. (WETM) – The former Tops Plaza on Elmira’s southside is now up for auction.

The building at 299 South Main Street is listed for auction online on Real INSIGHT Marketplace with a high bid (as of 1:30 p.m. on July 20) of $555,555. The auction is scheduled to close on July 21.

The Tops building has been vacant since 2018 when the company closed the location, as well as several other underperforming stores.

The auction lists the building as being in an “Opportunity Zone” with high upside and other retail locations in the plaza.

The subject property is a 98,330-square-foot shopping center consisting of two buildings situated on approximately 8.32 acres. Built in 1997, it features ±765′ of frontage along Main Street, large pylon signage, and ample parking for ±472 vehicles (±4.80/1,000 SF ratio). As of 2021, the property has an available Pad Site for development and is approximately 16 percent occupied by three tenants: Dollar Tree (11,300 SF), H&R Block (2,500 SF), and AT&T (1,500 SF). Dollar Tree is a strong national tenant with approximately three years remaining on its lease term. The remaining ±77,000 SF former Tops Supermarkets space and ±6,000 SF of vacant space provides potential investors with an excellent opportunity to add value through lease-up.

According to the auction website, two tours were scheduled for potential buyers in July and tours are available with potential buyers.

18 News will have more information on the winning bid and plans for the plaza once it becomes available.

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