$2 Million Investment Brings 13 New Market-Rate Apartments To North Albany
April 3, 2026
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Capitalize Albany, local officials and community members joined Guido Development Group to celebrate the ribbon cutting of its recently completed multifamily project in the City of Albany. Located at 33 Center Street, the newly constructed three-story building is home to 13 market-rate apartments and was built on two formerly tax-exempt land parcels purchased from the Albany County Land Bank. The $2 million project, made possible with City of Albany Industrial Development Agency (IDA) support, created more than 100 construction jobs and is now generating revenue for local taxing jurisdictions.
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With construction management provided by Platt Construction Services and financing secured from Pioneer Bank, 33 Center Street Apartments is a three-story, 10,200 square-foot, all-electric apartment building featuring six one-bedroom and seven two-bedroom market-rate apartments.
Each residence includes in-unit laundry, energy-efficient appliances, and mini-split, ductless HVAC systems for year-round climate control. Tenants also have access to bike storage and additional storage lockers. As part of the project, the existing sidewalk on Center Street was replaced to match the adjacent Broadway streetscape. The development helps meet growing demand for modern, energy-efficient housing in Albany’s warehouse district.
In October 2024 the City of Albany IDA board approved an application to provide assistance to Centre Square, LLC, in connection with the project, in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 20 years, the project is expected to generate more than $477,000 in additional tax revenue compared to the site’s prior tax-exempt status. Upon completion of its PILOT period, the project is anticipated to generate $86,866 annually to taxing jurisdictions.
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