Former Freihofer Baking Co. Building Transformed Into New Market-Rate Apartments
October 27, 2023
$6.5 million rehabilitation project Revitalized 242 Spruce St. Into 38 Market-Rate Apartments
The transformation of the vacant and blighted former Freihofer Baking Co. building at 242 Spruce St. was celebrated today in Albany’s Sheridan Hollow neighborhood.
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Until 1988, the building at 242 Spruce St. was part of the Charles Freihofer Baking Co. Developer Patrick Chiou and investors recently completed a gut-renovation which converted and expanded the building into 38 market-rate apartments and more than 10,000 sq. ft. of ground-floor commercial space. A portion of the commercial space is currently occupied with additional space available for new commercial tenants.
An open house event was held following a ribbon cutting ceremony for potential tenants interested in tours of the building’s apartment units.
An additional story was added to the building. The $6.5 million rehabilitation project was made possible with a grant award from National Grid. Construction financing was provided by Rhinebeck Bank.
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