$3.25 Million New Construction Multifamily Residential Project Completed at 191 North Pearl Street
October 19, 2022
Investment Transforms Vacant Lot, Boosts Revenue to Local Taxing Jurisdictions, Strengthens Neighborhood Connectivity, and Creates 18 New Apartments
View Announcement Press Release Here
Local officials and community members today joined developers Ron Stein and Pete Tryon and their development team comprised of BSNB, Franco Construction and C2 Design, in cutting the ribbon on the latest completed downtown multifamily residential project – a $3.25 million new construction apartment building at 191 N. Pearl St. in the heart of downtown. The project further bolsters an ongoing effort to bring in-demand quality housing to the urban center that contributes to its vibrancy and vitality.
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This project features 26,000 square feet of new construction with 18 apartments and 15 ground-floor parking spaces at the corner of North Pearl and Wilson streets near the Palace Theatre and the new home of Capital Repertory Theatre. It has transformed a .21-acre vacant lot and strengthens connectivity between downtown and surrounding neighborhoods: the warehouse district, Arbor Hill, and Clinton Square.
“We see enormous opportunity and potential in the City of Albany, and are committed to its long-term growth and success,” said Stein. “We could not be more pleased or proud of how 191 North Pearl turned out, it’s downtown’s next big breakthrough.”
“Demand for market rate apartments remains extremely high and we have 20% pre-leased already and a 30 plus person waiting list for showings,” said owner of BlueHouse Companies Peter Tryon.
The nine one-bedroom units at 191 N. Pearl St. are renting for between $1,450 and $1,700, and the nine two-bedroom units are renting for between $1,850 and $2,200.
The City of Albany IDA Board in August 2021 approved state sales and mortgage recording tax exemptions and real property tax abatements for 191 N. Pearl St. Over the next 20 years, the property is projected to generate more than a dozen times additional in tax revenue for local taxing jurisdictions than it would have in its vacant state. Upon completion of its PILOT period, it is expected to generate $137,957 annually.
Completion of 191 N. Pearl St. follows two similar projects successfully undertaken by Stein in Albany – The Reserve at Park South I; 85 Dana Ave. and The Reserve at Park South II; 86 Dana Ave. It also comes as the Reserve team is expanding its investments elsewhere in the City, including the Delaware Area neighborhood and University Heights with the $6.7 million Reserve on Hackett underway. Stein is undertaking new construction market-rate workforce housing bringing 40 new apartments to 353 Lark Street and he has also purchased the former Ralph’s Tavern, at 560 Madison Ave. (the corner of Madison and New Scotland avenues) and is working to transform and reopen the latest iteration of a well-known Albany watering hole.
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