New 427 Washington Avenue Apartments To Support Midtown Neighborhoods

November 21, 2019

View the announcement’s press release here.

Complementing new investment surrounding the University at Albany’s downtown campus and plans for the new home of UAlbany’s College of Engineering and Applied Sciences, this $2.6 million investment will remove neighborhood blight through construction of a new 3.5-story building with 16 apartment units. The project will create 85 construction jobs — during construction the project is estimated to generate a county-wide economic impact of $3.8 million. Made possible with support from the City of Albany Industrial Development Agency, over the next 20 years, the property is estimated to generate $706,983 to the local taxing jurisdictions, more than four times what is projected under the site’s current use.

On Thursday the City of Albany IDA board approved an application to provide assistance to 427 Washington Avenue, LLC in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 20 years, the property is estimated to generate more than four times what is projected under the site’s current use, upon completion of the project’s PILOT period it’s estimated to generate more than $106,000 annually.

The project involves the construction of a 16,900 sq. ft., 3.5-story residential apartment building containing 16 units.  The project will include four one-bedroom, 12 two-bedroom units and seven off-street parking spots. The structure will be built on two combined lots replacing a vacant two family house and three garages.