From blight to bright: Investor perks up Port Henry cornerstone building

By Tim Rowland

Yaron Badichi found his new property, as one does these days, by scrolling through Facebook while on vacation. He couldn’t believe an impressive piece of historic architecture on Main Street in Port Henry with an expansive view of Lake Champlain could be had for so little.

“I asked, What’s the catch?’” said Badichi, a New York City real estate investor. He took his idea to refurbish the building into downtown commercial space and market-rate housing to Moriah Supervisor Matt Brassard, who had a question of his own: “Do you know what you’re getting into?”

Less than a year later the supervisor had his answer. “What was blight is now a shining light,” said Brassard on April 3 as he helped cut the ribbon on the spiffy complex of five apartments and two commercial spaces.

Efforts to reboot Port Henry — once itself a shining light on Lake Champlain’s Adirondack Coast — have come and gone. The once-bustling downtown fueled with iron-industry dollars has never been able to find a second act following the closure of the mills and mines in 1971. The clothiers, car dealers and movie theaters are gone, and much of the time the closest lunchtime sandwich is over in Vermont.

But the lavish architecture loved by the Witherbee, Sherman mining executives of more than a century ago still exists, and that’s what caught Badichi’s eye, along with the grand views of Lake Champlain. “I think the potential is incredible,” said Badichi, who already has his eye on another property in town.

Where others see derelict empty storefronts, Badichi sees handsome brick facades and a lake view that most communities would kill for. Local officials hope he’s right, and are ready to join in.

“This is the first step in our revitalization,” predicted Ric Lewis, president of the Moriah Chamber of Commerce.

Badichi’s other great asset is an irrepressible enthusiasm that saw him through when the classic Adirondack problems associated with a lack of services kicked in. No local lenders were willing to loan on a project in a hamlet where prospects have been considered dim.

So with the help of a $25,000 Main Street grant from National Grid, Badichi fronted the costs himself including the core building — the former Fashion Corner — which sold for $70,000 and the $200,000 in renovations.

Unaccustomed to doing business in the Adirondacks, Badichi was also bewildered that along with a lack of lenders, there was no general contractor to be found. “I finally had to take the gloves off and do it myself,” he said. That included hauling away 40 truckloads of debris and the mess left by past tenants, but Badichi figures that to turn a community around you have to start somewhere.

Badichi’s private financing provided another lesson in downtown rehab: He was able to complete the project in nine months, whereas projects that rely on public funding can take three to five years, housing advocates say. 

Another boost came in the form of expertise provided by local economic development, housing, Chamber of Commerce and government officials who were all eager to see the project succeed. “When I came here I didn’t have a network, I didn’t know anybody, Badichi said. “So today is not about the completion, it’s about the journey.”

One of the helpers, Matt Courtright, president of the Ticonderoga Chamber of Commerce believes the fruit of this relationship can succeed. “This will provide a new vibrancy and economic catalyst for the town of Moriah,” he said.

It is, everyone acknowledges, a beginning, not an end. A key component said Badichi, as he eyed Main Street’s largely empty second and third floors, is getting property in the hands of owners who want to put the buildings to use rather than letting them sit. “People need to renovate or sell,” he said.

And gradually, people and services may return. As he was showing off the new professional space, Badichi said he looked for legal services in Port Henry to handle the property’s paperwork and found there was none. “Maybe we can get a lawyer in here,” he said.

Photo at top: Yaron Badichi cuts the ribbon on a refurbished commercial and apartment space in Port Henry. Photo provided, by Caitlin Wargo