$8.1 Million Investment To Convert and Expand Vacant Downtown Office Building Into Mixed-Use Multifamily Residential

August 1, 2023

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Jankow Companies will soon begin construction on its first downtown Albany multifamily residential project. Two additional floors will be added to the vacant 21,000 sq. ft. three-story office building located at 48 North Pearl St. transforming the property into five stories featuring 20 apartment units and 14,000 sq. ft. of retail space.

This $8.1 million investment is projecting the creation of 80 construction and 18 full-time equivalent jobs, once completed the project is anticipated to have an annual countywide economic impact of more than $2 million.

On Thursday the City of Albany Industrial Development Agency board approved an application to provide assistance to 48 North Pearl Street, 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 $550,000 in additional revenue to the local taxing jurisdictions than what would be projected under the building’s current state without this investment. Upon completion of the project’s PILOT-period it is estimated to generate $177,630 annually for local taxing jurisdictions. The IDA’s support will be provided pending necessary approvals from the City of Albany Historic Resource Commission.