Completion Of $15 Million 60-Unit Gallery On Holland Apartments To Strengthen Neighborhood Connectivity

May 14, 2024

Local officials and community members today joined Richbell Capital in cutting the ribbon on the latest completed multifamily residential project in the City of Albany. The Gallery on Holland is a $15 million, more than 60,000 sq. ft. 60-unit new construction market-rate multi-family apartment development located at 25 Holland Ave. near the intersection of Delaware and Holland avenues.


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The project has transformed the formerly vacant 1.2-acre site. This investment will generate more than five times additional revenue to local taxing jurisdictions than anticipated under the site’s previous state without the investment. The project was projected to create at least 115 construction and two permanent jobs.

The Gallery on Holland improves connectivity between Delaware Avenue, University Heights, and the Park South neighborhoods. It’s a four-story 67,132 square-foot market rate apartment complex containing 60 multi-family apartment units, and 59 on-site parking spaces. It also features a 3,800 sq. ft. clubhouse/fitness center. This investment complements the recently completed more than $15 million 39-unit apartment complex at 42-47 Besch, Ave.

Photo of gym at The Gallery On Holland, 25 Holland Ave.

Creating a walkable commute the new 25 Holland Ave. apartment complex, it sits at one of the city’s major crossroads. Delaware Avenue is the center of one of Albany’s most vibrant neighborhoods, and Holland Avenue leads to some of Albany’s largest institutions and employers in University Heights including Albany Medical Center, Albany Law School and Albany College of Pharmacy and Health Sciences.

Photo,The Gallery On Holland, Bedroom

Made possible with City of Albany Industrial Development Agency (IDA) support, in 2021 the City of Albany IDA board approved an application to provide assistance to Holland Ave OZ, 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 $3.2 million additional – or more than five times -what was projected under the site’s former vacant state, and upon completion of the project’s PILOT period it is estimated to generate $504,629 annually.