Albany BID and Norstar opens presentation ctr. of Capital Grand

Mayor Gerald Jennings and Pamela Tobin, executive director of the Downtown Albany Business Improvement District (BID), joined Norstar Development USA resident Richard Higgins to open the presentation center and decorator-designed model suite for The Capital Grand, one of the downtown area's premier condominium buildings. The Capital Grand is a 125-suite, condominium project planned for 733 Broadway in the downtown area. The nine-story building, designed by a renowned firm of award-winning architects, complements downtown the city's existing architecture and features an art deco theme. Dubbed "Skysuites" owing to their Hudson River and city views, the condominium units vary in size from 600 to 2,000 s/f. "Skysuites will boast extraordinary workmanship and state-of-the-art technology, and they offer a wide variety of amenities and options including gourmet kitchens, luxury baths, upgraded flooring and more," said Richard Higgins, president of Norstar Development USA. The offering plan for the Capital Grand project was approved in late 2007 by the NYS Attorney General's office and the sale of the condominiums began in January of this year. Several VIP preview presentations have resulted in 28 Skysuite sales, equating to $10 million in gross revenue. Construction of the project is planned to begin in the summer, following demolition of the building currently occupying the site. "As indicated in 2002 and reaffirmed in 2006, there is a definite demand for both the purchase and rental of downtown residential units. The numbers speak for themselves, and early sales for The Capital Grand's condominiums have been strong," said Pamela Tobin, executive director of the Downtown Albany BID. The development of the project fits well with Jennings' vision of a vibrant 24/7 Capital City.