$4.3 Million Investment Transforms Vacant Albany Office Building into Academy Place Apartments
March 14, 2025
28,000 Sq. Ft. Commercial Office Building Converted into 25 Market-Rate Multifamily Apartment Units Supporting More Than 40 Construction Jobs
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Local officials and community members today joined the Manfredi Property Group in cutting the ribbon on the latest completed multifamily residential project in the City of Albany. Located near some of the city’s largest employers this project expands the development team’s investment in the city and improves connectivity between Delaware Avenue, University Heights, and the Park South neighborhoods.
The former 28,000 sq. ft. commercial office building at 102 Hackett Boulevard between Marwill Street and St. James Place was converted into 25 market rate apartments. The building was most prominently known as the headquarters of the New York State Correctional Officers and Police Benevolent Association. A new chapter is just beginning for the property as Academy Place.
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In 2021, the building became partially vacant and was fully vacated in 2023 after attempts to attract new tenants. The underutilized space was acquired by Manfredi and the homegrown, Albany based development company. This was the developer’s seventh City of Albany project.
Made possible with support from the City of Albany Industrial Development Agency (CAIDA), Franco Construction Services, National Grid’s energy efficiency team and financing through Community Bank, the $4.3 million project was projected to create at least 40 construction jobs. Leasing began early this year and it’s already more than70 percent occupied.
The building features one and two-bedroom apartments, amenities include a shared workspace to support tenants engaged in remote or hybrid employment, a fitness center and bike storage. The building is designed to be fully-electric to support improvements in energy efficiency. The development also includes an outdoor parking lot, stormwater facilities, and offers the opportunity for multimodal transportation options allowing tenants to access nearby employment, shopping and recreation.
In 2023 the CAIDA board approved an application to provide assistance to Midtown Albany, 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 $220,000 in additional revenue to local taxing jurisdictions than what would be projected under the building’s former state without this investment. Upon completion of the project’s PILOT-period it is estimated to generate $102,891 annually for local taxing jurisdictions.
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