GreyHill Group acquires 55,000 s/f Cannon Building for $4.05 million

Troy, NY GreyHill Group has acquired the five-story, 55,000 s/f Cannon Building in downtown for $4.05 million.

The five-story, 55,000 s/f Cannon Building was built in 1835 and is located on the Broadway side of the city’s triangular Monument Sq. in the Central Troy Historic District. The district is listed on the National Register of Historic Places.

The property, which is 85% leased, consists of 35 residential units, along with office and retail space.

The Cannon Building’s retail tenants include the Truly Rhe clothing store and a restaurant, Mex Cocina.

In addition, HBO is presently leasing a corner unit that had previously been home to the Ilium Café. The site is being used for the current HBO series titled “The Gilded Age,” a period drama developed by Julian Fellowes, creator of “Downton Abbey.” For the production, several city blocks of the historic district have been restored to resemble a Victorian-era streetscape. HBO has plans on returning for a second season and has signed a year-to-year lease.

“We’re confident in Troy’s future,” said Mo Bloorian, GreyHill’s managing partner and founder. “With the active involvement of city officials, many ambitious development projects are underway in and around the downtown area. These initiatives will play a key role in Troy’s revitalization. GreyHill is excited to be among the many investors in this great city.”

Both buyer and seller were represented by Jim Conroy of the commercial division at Berkshire Hathaway HomeServices Blake, Realtors of Albany. The listed price was $4.25 million when the property had first been listed earlier this year.

Bloorian had begun making investments in Albany and Troy in 2017.The company’s portfolio includes several assets in Troy, including a 15-unit, mixed-use property on 4^th St. acquired in 2020 for $1.2 million. The company now owns more than 200 apartments in the region. It also owns properties in New York, New Jersey, Connecticut and Texas.

Bloorian and his business partner, Jacob Herskowitz, said they were also encouraged by plans now underway to redevelop the city’s One Monument Square, a nearby, long-vacant waterfront property.

GreyHill Group purchased the property from Cannon Building LLC, which is affiliated with Minnow Associates of Brooklyn. The prior owner had acquired the Cannon Building for $2.5 million in 2017.