All Over Albany

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]

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