A quick look at the 733 Broadway residential conversion
Some quick follow-up on 733 Broadway, the latest residential project in downtown Albany.
The loft-style conversion, the roots of which stretch back to 2005, is aiming for occupancy on December 1, according to Norstar Development.
Here are a few more bits, along with some pics...
733 Broadway details
+ The building, which was formerly a plumbing supply warehouse and offices, has been converted to 29 one- and two-bedroom apartments on three floors.
+ Units range from 880-1,325 square feet.
+ They price range is $1,275-$1,900 per month -- with washer and dryer, cable, internet, one parking spot, and access to fitness room.
+ Also: "We're very pet friendly," Northstar's Lorris Harris said today at a ribbon cutting. Dogs of all sizes will be allowed. And to emphasize the pet-friendly angle, Norstar will be donating $50 for every lease signed between now and the end of December.
+ There's a public open house for the building Saturday, November 14 from 11 am-2 pm.
+ The project cost was more than $5 million. And it has a PILOT arrangement that could be worth more than $2 million over 20 years. [Biz Review]
Photos
A few photos from a display unit are above in large format -- click or scroll all the way up.
The ongoing transformation of downtown and the Warehouse District
The conversion of 733 Broadway is notable not just in that it's a project that's been in the works for a long time, but it's also a part of the ongoing transformation of downtown Albany into a residential neighborhood. And its location is a link between downtown and the Warehouse District, which is undergoing its own transformation from light industrial to include mixed uses.
"Everybody now wants to be in this connection point between downtown and the Warehouse District," Capitalize Albany president Sarah Reginelli said today.
Evidence of that: Just a bit farther up on the other side of Broadway, there's a proposal for a residential project with 100 units on the site of what's now a parking lot. The company behind the project is Fairbank Properties, which did the residential conversion at 27 Western Ave near Washington Park and is currently finishing up a residential conversion of the Arcade Building (488 Broadway) at Broadway and Maiden Lane downtown with 60 units. Albany Downtown BID executive director Georgette Steffens said today that a few tenants have already moved into there.
Approximately 1,000 new residential units have been added to downtown Albany during the last few years. And the trend doesn't seem to be slowing. Another 110 units have opened during the last two months, according to the BID. The Steuben Place apartments on Pearl Street are the latest example. And the BID says another 115 are under construction.
There appears to be strong demand right now for these sorts of units. Whether it's millenials, or empty nesters, or whatever buzzy demographic, the units are renting quickly. Downtown Albany's residential market has a 97 percent occupancy rate, according to the BID. And we've heard repeatedly from developers that they're often leasing units before they're even finished.
So, it'll be interesting to see where things go from here. As downtown adds residents, will services and retail follow? Will that prompt other sorts of development?
The Downtown Albany BID's Georgette Steffens mentioned to us today one small sign of the shift in the neighborhood: people are out walking dogs in the morning and evening. And she said there's been some talk about creating a dog park in Wallenburg Park, the space bordered by Pearl, Clinton, and Broadway.
Earlier
+ Another residential conversion in downtown Albany, this time at 733 Broadway
+ Reading through the Impact Downtown Albany playbook
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Residential conversion at 733 Broadway
733 Broadway
Albany, NY 12207
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Comments
For some reason I though these were going to be condos... no intention to ever sell any of the units?
I know the rates are going to sound steep to some. To reiterate what was said in the previous post... do the math. A parking space is worth $100 easy (closer to $200 downtown, most of the lots start around $8/day). Cable/Internet is another $100. A gym membership is $20+. Add the convenience of not driving to the gym or laundromat. This is easy and safe walking distance to everything downtown, offices, restaurants, bars, the Place, Capital Rep, TU center, and central to several bus lines. These sound ideal for young professionals.
I look forward to welcoming some new neighbors and hope these get filled quickly.
... said -B on Nov 5, 2015 at 12:28 PM | link
glad this is happening in this neighborhood, but why the hideous architecture? looks like something that belongs in the suburbs, not a city
... said a on Nov 5, 2015 at 12:36 PM | link
I live in Center Square, and would move into this building in a heartbeat if I wasn't locked into a year lease at the moment. I love the details of the polished concrete floors and open air ducts to really give it the "warehouse district vibe". I'm hoping there will be a website similar to that of the Stueben Place apartments so I can check out floor plans and additional unit photos for next year!
... said K on Nov 5, 2015 at 1:24 PM | link
I wonder too why no condos? I think paying a mortgage instead of rent home ownership without yard etc.maintenance would be highly desirable to young (or older) professionals or retirees who want to be close to things.
... said Rebecca on Nov 5, 2015 at 2:35 PM | link
If I remember correctly, they were originally going for condos, but the 2008 meltdown made it prohibitively expensive for them to get the credit to do so and most banks were reluctant to commit money to projects centered around home-ownership, rather than rent, given the mass glut of foreclosed homes flooding the market. In my mind, I think the banks were following national trends that didn't quite translate to the Capital Region; no doubt, we felt some impact of the "Great Recession" but I think the national trends we are now seeing (more renting, more downsizing to small condos) were present in the region far earlier into the recovery.
I think that folks here are really clamoring for smaller homes with minimal maintenance, but are able to put some equity in, which is what condo's offer. I think the surge in multi-family permits (aka apartments) over homes is a pretty good indicator that more investors should tip toe into the condo market. Time will tell, but this is still a good story for downtown regardless.
... said Rich on Nov 5, 2015 at 3:08 PM | link
I love everything that's happening with these new residential buildings (this one, Stueben, Argus, etc), but like B said, I thought some were planned to be condos. Downtown condos like 17 Chapel are ridiculously priced... it would have been interesting to see this building as condos for your average 'young professional' without a trust fund.
... said Paul on Nov 5, 2015 at 3:09 PM | link
I (an unmarried "young professional") recently moved into recently renovated "luxury" building (though not on Broadway).I looked at many of these newly renovated buildings on Broadway, on State, as well as places in Center Square. It was hard to find an apartment with a private washer dryer and parking in this area -- at least until now. What frustrated me about many of the newly- renovated buildings that I saw, including the one I settled on, is that, for the high price tag, the luxuries offered fell a little short.
If you're charging me $1900/mo, why not include an actual backsplash rather than just the 3" granite border? Why not a bathroom with a double-sink (many one bedrooms will be for couples, which makes the rent manageable)? If you're building something from the ground up, why not put in a linen closet? Why not put in double-pane windows to muffle the street noise? I realize the answer is to maximize profits for the developers; however, these "luxury" units are generally priced beyond the price point of students; thus, shouldn't they be constructed with the aim to attract individuals who hope to stay put for at least a few years? I enjoy many features of my newly-renovated "luxury" building, but one of the things that makes me think I won't be a long term residence is the lack of these extra niceties for the cost which, if taken just a few steps further, would make these apartments feel more like a home.
... said N on Nov 5, 2015 at 4:33 PM | link
High-price tag aside, that is one ugly building.
... said Sean on Nov 6, 2015 at 8:30 AM | link
To the guys complaining about the ugly building- aside from a coat of paint the building has looked like that since it was built in the early 20th C. The front is brick with two classical cartouches slapped over the doorways, the side elevations have always been nothing- this was a warehouse on the edge of the city. Blame the builder, not the renovators.
... said Eric Scheirer Stott on Nov 6, 2015 at 11:29 AM | link
I've been told one of the primary reasons why there's not much condo biz in Albany is that it's a tough set-up legally because condos require an association that maintains the common spaces of the building (involves all sorts of legal wrangling and prices here in Albany just aren't high enough to support all the legal work to set these things up and maintain them).
This building was supported by conduit financing and tax incentives provided by the Albany Industrial Development Agency (IDA). IDAs are prohibited from funding residential development. Because this is an apartment building it counts as commercial - at least as far as state law that governs IDAs. Funny, eh? So If this was a condo building they would not have access to sales, mortgage, and real estate transfer tax incentives, (payments in lieu of taxes) PILOTs, or low cost financing - all parts of the cocktail that is stirred up to encourage development. If this building did go condo there may be clawbacks the IDA would use to get all or a prorated amount of tax breaks back and the PILOT would be terminated.
... said daleyplanit on Nov 6, 2015 at 3:02 PM | link
I'm glad to see the building not lying vacant anymore though the interior looks more like a hotel than luxury apartments. But what really made me sad was when they ripped out the original copper framed windows that were in excellent condition & the one attractive feature of this otherwise bland building. SUNY Research Foundation down the street still has it's originals. It takes a little more thought & skill to integrate the old with the new, but those are the details that people often admire.
... said JulieA on Nov 8, 2015 at 8:23 PM | link