Pianoworks
250k sq. ft. retail & office site with historic significance, prime for mixed use redevelopment.
Marketing description
Pianoworks is a historically significant and strategically located ±250,000 square foot retail and office complex situated on 7.9 acres in the heart of East Rochester, New York. Originally built in 1905, the complex was home to the Foster-Armstrong Company, the largest piano manufacturer in the country at the time, and a major driver of the region’s early economic development.
Today, Pianoworks stands as a unique adaptive reuse project blending industrial character with modern functionality. The property is home to a diverse mix of retailers, service providers, and office tenants, benefitting from strong regional connectivity and proximity to affluent suburbs such as Pittsford and Fairport.
Key Investment Highlights:
±250,000 SF across interconnected buildings with flexible floorplans
7.9-acre site with significant parking, loading, and visibility
Unique architectural character with exposed brick, timber beams, and factory windows
Stable in-place income with lease-up potential
Surrounded by Rochester’s most affluent suburbs: Pittsford, Penfield, Fairport, Brighton
Prime location minutes from I-490 and Downtown Rochester
Zoned for flexible commercial uses with adaptive reuse or redevelopment potential
Historically designated structure with tax credit potential (consult local guidelines)
This is a rare opportunity to acquire a potential landmark asset with both intrinsic historic value and attractive upside potential, suitable for investors seeking value-add, core-plus, or creative repositioning strategies.
Investment highlights
1. Rare Historic Asset with Modern Infrastructure
Originally built in 1905 as the nation’s largest piano factory, Pianoworks has been thoughtfully transformed into a thriving commercial campus with a blend of office, retail, and creative space. The property’s historic character—exposed brick, timber beams, and industrial windows—offers a unique value proposition in the Rochester market.
2. Significant Income with Stabilization Upside
2023 Rental Income: $1,996,422
2023 Net Operating Income: $606,391
Projected 2024 NOI: $853,074 (includes partial REGUS lease-up)
Current Asking Price: $12,650,000
2024 Projected Cap Rate: 6.7%
3. Major Capital Improvements Completed
Over $3M in capital investments have been made in recent years, including:
$1M in common area renovations (lobby, awnings, etc.)
$1.5M in tenant buildouts
$500K renovation for REGUS’ ±9,120 SF office
New boilers, cooling tower, energy-efficient thermostats, and mass roof coating
High-speed Wi-Fi throughout the entire property
4. Strong Anchor Tenant & New Corporate Lease
REGUS signed a new multi-year lease in 2024 for nearly 10,000 SF
Lease commenced mid-2024 with significant rental increases in future years
Additional 8,210 SF office currently underutilized and month-to-month at below-market rates—prime for repositioning
5. Embedded Upside in Leasing & Development
Multiple suites available for lease with strong interest from medical, office, and creative tenants
Existing MTM tenants can be repositioned at market rates
Opportunity to develop a new outparcel along W Commercial Street—ideal for QSR, bank, or service retail
6. Tax & Efficiency Wins
Property tax assessment successfully reduced by 25% in 2024, saving approx. $90K annually
Energy improvements (LEDs, new systems) are forecasted to reduce utilities by $70K+ per year
7. Strategic Location
Centrally located between East Rochester, Pittsford, and Penfield
Minutes from I-490 and less than 15 minutes to Downtown Rochester
Highly visible corner lot with ample parking and signage opportunities
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
