Maddalone & Associates forms Hudson Partners Development

Schenectady, NY Maddalone & Associates, one of the largest property management firms in the Capital District, has formed a separate company called Hudson Partners Development LLC (HPD) to manage the development side of their growing business. “We started as a property management firm, and have slowly been developing properties over the years,” said Christopher Maddalone, founder and CEO, “But as projects got larger and our investor base grew, it became clear to me that I had to separate the property management function from the development side of the business.” Maddalone brought in Seth Meltzer as his partner in HPD. Meltzer founded and sold Action Investor Network, the largest Real Estate investor association in upstate New York. He lecturers and teaches real estate and holds a BS from Rhode Island College. “I know construction. Seth knows finance. We make a good team,” said Maddalone. Some recent development projects include the $2.5 million 50 South at 50 South Pearl St. in Albany, the $3.2 million Lofts at Union Square project in downtown Schenectady, and the recently closed $6.7 million mixed-use conversion of the 100,000 s/f Albany Capital Center located in the heart of downtown Albany at 99 Pine Street. “We have a growing investor base, a track record and a series of projects in development. We will be announcing some of those very soon,” said Meltzer. HPD has a 4-person Board of Advisors which includes New York City real estate lawyer and lender Marc Bailin, a founder of the NYC-based real estate investment company The Winter Group Barbara Chell, CEO of a management consulting firm and former Ben and Jerry’s Board member Frederick A. Miller, and film producer and founder of Mountain View Group, Ltd. James Tusty.