Albany International building in Menands under contract to developer for residential conversion
The main building stretches along Broadway -- it straddles the Albany/Menands line. And there's a pond.
The Albany International Corp is under contract to sell its century-old facility in Menands. The company says it agreed to the contract in March and expects to close the deal this summer.
An Albany International spokesperson, Susan Siegel, said the sale is for the entire Menands property, which spans the Menands/Albany line. She could not confirm or deny the other party in the deal.
AOA talked with developer Uri Kaufman today and he confirmed that he is the buyer. Kaufman said his plan is to transform the Albany International complex into a residential development with "a couple hundred apartments." He said his company is currently doing due diligence on the deal. He said the purchase price was not yet public.
Kaufman has pursued a handful of mill/factory conversions in this region over the last few years -- most notably the Harmony Mills apartment conversion in Cohoes, which completed a second phase last year. He's also currently involved with the Victory Mill in Saratoga and the Marshall Ray Building in Troy. [Biz Review]
All of these projects rely on a series of tax credits and grants. Kaufman says he expects they'll be able to line up the necessary credits for the Menands property after closing. "Absolutely," he said today, "tax credits are everything." [Daily Gazette 2009]
Albany International's Siegel says the company currently has 80-100 people at the 347,000 square foot multi-building complex in Menands. After the deal is completed, she said it expects to keep 25-30 people from the finance and accounting department there for an undetermined amount of time. They'll eventually be moved to other space in the area. The last manufacturing at the site ended in 2011 when an operation that produced industrial fabrics for machines that make corrugated cardboard was consolidated with a plant in Mexico.
At the beginning of 2011 Albany International moved its corporate headquarters to New Hampshire. It also sold its former plant in East Greenbush to FedEx, the site for which the shipping company is using as a distribution hub. [Biz Review]
Albany International has been shifting its focus away from industrial machine fabrics to composite materials for industries such as aerospace. It also recently sold off its PrimaLoft division, which makes a lightweight down insulation material. [TU]
The company has been at its facility on Broadway in Menands since 1902. It was founded in 1895 as the Albany Felt Company to create felts for paper machines.
A few more bits from Kaufman about other projects in the area...
Marshall Ray Building
Kaufman's company bought the Troy building in March 2011 from the city of Troy. He said today they're remediating asbestos in the building and looking at turning it into self-storage space. [Biz Review]
Victory Mill
Kaufman said today his company is in the process of trying to secure a tax freeze on the building from the town of Saratoga. The plan is to turn the old mill in the village of Victory into a apartments. Photosets of the building as it stood last year. [Post-Star]
Find It
Albany International building
1373 Broadway
Menands, NY 12204
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Comments
I wonder if Uri would ever take on the Wellington Hotel Annex. It would be an interesting project and folks in that location would have access to lots of great restaurants, bars, and entertainment (they could even walk to work). I thought I read in the TU at some point that some environmental clean-up had to occur in the area before any new development could begin.
http://en.wikipedia.org/wiki/Wellington_Row#History
Wellington Hotel Annex, built on Howard Street facing the back of the Wellington
... said Rob on May 18, 2012 at 4:20 PM | link
This will be great for that area! That really is an excellent location for being to get many places easily.
... said Jessica R on May 18, 2012 at 5:29 PM | link
so glad somebody is doing this....
... said Scott Maltzman on May 18, 2012 at 5:35 PM | link
The Wellington Hotel Annex is one of the ugliest buildings in the city and even when it was new it had no architectural value. Surely the money needed to rehabilitate it would be better spent razing it (and the adjacent underground garage) and building something new. If the nearby Dewitt Clinton Hotel is going to reopen a parking garage would be great.
... said Eric Scheirer Stott on May 18, 2012 at 7:04 PM | link
I'd like to know if any of these multiple units will be affordable housing, or just more expensive units that regular folks can't afford?
... said keri13 on May 18, 2012 at 11:55 PM | link
Got the guts to tackle central warehouse? That's a project that deserves incentives and benefits!
... said Daleyplanit on May 19, 2012 at 1:10 PM | link
@Daleyplanit
I absolutely agree, what can we do about Central Warehouse?
... said Terrence on May 20, 2012 at 6:39 PM | link
@Eric Scheirer Stott
You are right about the Wellington Hotel Annex. It's one old ugly building. I'd love to see someone take interest in it and turn it into something more pleasing to the eye.
... said Dan Bryant on Jul 28, 2012 at 9:02 AM | link
My Dad worked at this building for twenty-nine years and then was transferred over to East Greenbush for two years prior to a disability retirement. He hated East Greenbush ~ he originally took his job at Albany Felt, leaving PA back in 1957. He loved the ponds, the ducks and the building on Broadway. The building is beautiful, and I truly hope the new owner does not destroy the novalty and beauty of the structure. This building represents so much to Menands, it's long time residents and those that worked at the plant. As a child of someone that worked there, the memories are endless. From first entering the parking lot and the "gatekeeper", to entering the building, to my Dad's office, to the mill. Christmas parties, retirement parties, various family functions, the plastic that came from the mill that was part of our skating rink, to padding leftovers that pillows were made from, to fabric, twine, fabric stuffing and reminents that made many gifts. Albany Felt/International was such a family oriented company. Not just in the income it provided our family, but the "old school" ways it provided for the entire family all year round. Albany Felt truly represented itself from manufacturering to family.
... said Barb on Aug 10, 2014 at 10:47 AM | link
I worked for Albany International as Secretary to the VP of Finance and left the job to move to Florida in March 1974. It was a great company and I had a great boss. It was my first real job starting in the steno pool and ending up as secretary to a young man from New York City they had hired. He was a great family man and he helped build the company. My move to Florida worked out well and ended up working for the oil industry, but I have many fond memories of that old building with the beautiful swans. The white swans were in one pond and the black swans were in a separate pond. The grounds were beautiful.
... said marilyn bibbee on Dec 26, 2014 at 4:56 PM | link