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Saratoga Springs is the hometown of horses, history and health, and is the vacation place
for all seasons. The city is known for its thoroughbred horse racing, bed-and-breakfasts,
spas, springs, mineral water, arts and culture, performing arts, and much more. From
recreation in the Foothills of the Adirondacks, to the shopping and dining on Broadway,
we bring all of it to you in Saratoga Living, the quarterly magazine of Saratoga Springs
and Washington, Warren and Saratoga counties. |
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Israel bought the circa-1840 Hotel Russell (above) in
1982 for $25,000. “I wanted to demonstrate that almost
any historic building…could be saved,” he says. |
In 1982, Robert Israel bought the historic Hotel Russell at 6 Franklin Square in Saratoga Springs—just a block west of Broadway and Division, today the site of Borders Bookstore—for $25,000. It was no bargain. The Colonial Revival-style building had been vacant for more than 13 years. The foundation was crumbling, the roof was leaking and the windows were broken. In addition to being an eyesore, the three-story, wood-frame structure was a fire hazard and drew unsavory characters and activities to the neighborhood. It was continually vandalized.
“I didn’t think it would last another year unless I started rehabbing it right away,” says Israel, 61, an attorney. So he invested $500,000 in six months, rather than see the circa-1840 building deteriorate further. His instincts paid off. He estimates the building is today worth 100 times what he paid for it— though he’s not selling.
“I like owning buildings,” he says. “Self-interest and the best interests of the community are not mutually exclusive. I wanted to demonstrate that almost any historic building, even in marginal condition, could be saved and turned into an economically viable structure. This building certainly qualified. It was in a transitional neighborhood and in immediate danger of collapse. |
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I thought this project would demonstrate that the quality and character of an historic rehab could create such a desirable image that prospective residential and commercial tenants could not deny it, even if the property were not in the central business district.” Indeed, Israel— who still owns many Franklin Square buildings, as well as other properties in the city—is widely credited with having jump-started a rehabilitation renaissance of historically significant buildings that had been ignored by owners for decades.
When it was developed in the 1820s and 1830s, Franklin Square, named to honor Benjamin Franklin, was at the edge of town, a buffer against the woods. Its location near the railroad depot made it a social and commercial hub. (The depot site now is occupied by the downtown Price Chopper and soon will be converted into luxury condos by developer Sonny Bonacio, a city native.) The mini-district flourished in a local economy buoyed by a thriving tourist industry and served by luxury hotels. However, as the hotels were demolished in the early 20th century, incomes plummeted. Homes and businesses fell into grave disrepair. Until Israel’s campaign to restore the buildings surrounding it, Franklin Square in the 1960s and 1970s was an entrance to the dark side of town.
Second-generation city realtor Tom Roohan, whose family has been in Saratoga Springs since the mid-1800s, describes the broken-down neighborhood succinctly: “You wouldn’t have wanted your daughter to live there. Now, it’s absolutely beautiful. Bob was the right person at the right time, and he has done a good job fixing and maintaining it.” A man whose livelihood depends on the value of buildings, Roohan calls Israel’s influence “great.” |
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Israel at The Inn at Saratoga on Broadway,
an 1843 building he bought seven years ago.
When he’s not saving buildings, Israel tools
around town and countryside on his Harley.
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