For sale: 991 Broadway in Albany, AKA the Nipper building. List price: $3.975 million. Here's the listing brochure from Carrow Real Estate Services.
A tip of the hat to the Biz Review's Mike DeMasi, who was the first person we saw to point this out -- he reports that Arnoff Moving and Storage, the current owner, is looking to move to a more efficient facility. [Biz Review]
The Nipper building -- well, to be more specific, the large dog sitting atop it -- is the most prominent landmark in Albany's Warehouse District, a neighborhood that's heading in more of a restaurant/residential direction. And, at least on the surface, the 125,070-square-foot main building at 991 Broadway looks very much like it could be a candidate for redevelopment -- century-old warehouse spaces tend to make good residential conversions, the building has a courtyard cutout in the middle, and there would be ample space for parking.
The listing is very much pushing this idea: "Landmark Warehouse District Residential Redevelopment Opportunity," "Walk to Dining, Entertainment & Exciting Nightlife."
The property includes three buildings -- the two others are also warehouse buildings -- over 3.53 acres of land.
As you know, there's been a lot of restaurant development in the neighborhood over the last handful of years, especially along the Sciortino's/Wolff's/Stout/Nine Pin strip a few blocks south. The not-yet-open Druthers brewery site is just up the block from the Nipper building. There's also residential is motion, as well -- 960 Broadway, a former liquor warehouse just down the street from Nipper, is slated for a residential conversion.
It's easy to see the potential of the Warehouse District. And city leaders pretty clearly have that potential in mind. But the transition raises some issues -- about zoning, about light industrial getting along with residential -- that the city will have to address. And it will be interesting to see how that plays out.
The Nipper building
Albany, NY 12204
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