Underutilized Space at 420 Broadway to Take Shape as Seven New Apartments
April 19, 2018
In recent years, new investment has strengthened downtown Albany’s Broadway, today a walkable retail destination in the downtown core. The fabric of the downtown neighborhood continues to evolve as new retail and downtown living opportunities come online. Retaining Coulson’s News and Deli on its first floor, the renovation of 420 Broadway will transform the building’s currently underutilized upper floors into seven one-bedroom market-rate apartments.
A project made possible with support from the City of Albany Industrial Development Agency, on Thursday the board approved an application to provide financial assistance to 420 Broadway Albany, LLC, in the form of New York State sales and mortgage recording tax exemptions. The project also qualifies for the City of Albany’s 485a tax abatement program — with the program’s completion, the property will generate more than four times the revenue to local taxing jurisdictions.
A $1.3 million investment made by Hudson Partners Development will renew the property, while also retaining the building’s historic integrity. Its upper floors hold 19th Century graffiti along its walls that will be celebrated and displayed to recognize the building’s long history.
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