$6.5 Million Investment To Redevelop Vacant Center Square Building Into Multifamily Residential

September 21, 2023

Converting 40,000 sq. ft. former College of Saint Rose building into market-rate apartments

View Announcement Press Release

Jankow Companies will soon begin construction on its newest multifamily residential apartments project in Albany, it will be converting 324 State Street into 29 market-rate apartments. This $6.5 million investment will bring the property back on to tax rolls. The project is projected to create 20 construction, and two permanent jobs.

The three-story 40,000 sq. ft. building located in Albany’s Center Square Neighborhood was formerly known as Picotte Hall where the College of Saint Rose previously had its Center for Art and Design. It has been vacant for the past year.

On Thursday the City of Albany IDA board approved an application to provide assistance to 324 State 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 $1.1 million 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 approx. $140,059 annually for local taxing jurisdictions.