New Loch & Quay Opens with Completion of Mixed-Use Redevelopment at 414 Broadway

June 22, 2018

Click Here: Announcement’s Press Release

Photos: Visit Capitalize Albany’s Facebook Page Here

The $1.4 million completed redevelopment of 414 Broadway in downtown Albany has yielded a full renovation of the building. The once underutilized second, third and fourth floors are now three apartments, with the ground floor now home to a full-service bar and restaurant, named Loch & Quay (pronounced “Lock & Key”). An event was held Friday to celebrate the project’s completion and the grand opening of Loch & Quay.

A component of Governor Cuomo’s Regional Economic Development Council Initiative, the project was made possible in part by a grant from New York State Homes and Community Renewal’s (HCR) New York Main Street program, with support from National Grid’s Main Street Revitalization Program and the Downtown Albany Retail Grant Program — a program made possible by the City of Albany Capital Resource Corporation and Capitalize Albany Corporation. The building at 414 Broadway is one of four properties receiving support for building rehabilitation through HCR’s New York Main Street grant program, which is being administered by the Downtown Albany Business Improvement District (BID) and will result in the creation of 17 new apartments. The $390,000 HCR New York Main Street grant is leveraging approximately $2.5 million in new investment. Other properties benefitting from HCR’s New York Main Street program include the structures located at 402 and 420 Broadway as well as 46 State Street.

Utilizing 1,500 square feet of ground floor space, Loch & Quay is now open as a full-service bar and restaurant. Once home to the Plaza Grill and later Franklin Tower, Loch & Quay focuses on diverse lunch menus with items including grass fed beef burgers, chopped salads, soups, sandwiches and other light fare, craft beers, wines, specialty cocktails and coffee.

Loch & Quay is currently hiring for two fulltime and 10 part-time positions. The restaurant’s plans in terms of business hours are the following: Monday – Thursday 8 a.m. to 10 p.m., 8 a.m. to midnight on Fridays, and noon to midnight on Saturdays.

Above Loch & Quay on the historic building’s second, third and fourth floors is approximately 4,096 square feet of apartment living space. The three apartments; two one-bedroom and one two-bedroom unit, each boast modern amenities, including a video/intercom security system, full-sized washer and dryer, hardwood floors, and more. Tenants of 414 Broadway also have the option of purchasing reserved garage parking in the Albany Parking Authority’s Green-Hudson parking garage.

In recent years, new investment has strengthened downtown Albany’s Broadway, which is today a walkable retail destination in the downtown core. The fabric of the neighborhood continues to evolve as new retail and downtown living opportunities come online.

The apartments add to the more than 800 total units completed or currently under construction within the Central Business and Warehouse Districts. The increased density in these areas enhances the commercial stretch along Broadway between the foot of State Street and Hudson Avenue, which includes businesses such as Coulson’s News and Deli, C-Suite Fitness, Broadway Plaza Liquor, the Fort Orange General Store, and now —Loch & Quay. Fort Orange General Store opened in the summer of 2017, supported in part by the Downtown Albany Retail Grant Program. At the other end of Broadway to the north is Stacks Espresso Bar, which opened in 2016 and received Retail Grant support. Since its inception, the Retail Grant program has leveraged more than $1.7 million in new investment throughout Downtown and the Warehouse District. 

A $1.4 million investment by owners Frank O’Connor, Tom and Lauren Kennedy renewed the property while preserving the building’s historic integrity. The bar portion of Loch & Quay was built in 1937 by George Spalt & Sons cabinet makers, which company was located in the building that is now home to Graney’s Stout on northern Broadway. Shortly after the repeal of prohibition, there was a high demand for bars to be built. A metal plaque recognizing its completion is located on the art deco back bar. The wainscoting along the back wall as well as the restaurant’s table tops were built using wood that was reclaimed from the old booths that used to be in the space. The restored tin ceilings and ceiling lights are also original to the building. The side entry door and Dutch-style kitchen doors were procured from Historic Albany Foundation, while the shelf in the rear of the space (and other miscellaneous pieces of mahogany), were salvaged from the Albany-produced Boardman & Gray piano that was on the building’s second floor.