Albany, NY Chris Maddalone and Seth Meltzer of Maddalone & Associates are prepared to renovate 99 Pine St.’s upper floors, bringing 35 new market-rate residential units to the downtown area. The renovation and partial conversion will take place on the property’s third, fourth and fifth floors transforming old office space into residential units totaling 34,000 s/f. The building will maintain its current commercial tenants. In total the five-story property on the corner of streets North Pearl and Pine consists of three buildings which have been combined internally over the years, totaling 101,700 s/f composed of retail and office space.
99 Pine Street - Albany, NYOn June 16 the city’s Industrial Development Agency (IDA) Board approved an application to provide New York State sales and mortgage recording tax exemptions to assist with the $6.7 million renovation and partial conversion of the property. The project team is not seeking a PILOT agreement through the city’s IDA.
“The growth of downtown’s residential population is essential to supporting retailers and services to create a downtown environment that can attract and retain talent and commercial growth throughout the Capital Region,” said Capitalize Albany Corp. president and city of Albany IDA CEO, Sarah Reginelli. “99 Pine is yet another critical project advancing downtown’s momentum and keeping us on pace to exceed 100 new residential units annually in order to catalyze that desired growth. In the past 12 months alone 20 new retailers or retail-related services have been welcomed to downtown.”
At its May board meeting, the Capitalize Albany Corp. board approved a $400,000 loan administered through the corporation’s Real Estate Loan Program to assist the project. The Capitalize Albany Real Estate Loan Program was established in June 2010 to provide gap financing to qualifying real estate development projects to support revitalization.
This is the third downtown residential conversion project Maddalone & Associates has taken on in recent years. Last year the development team began its project at 40-48 South Pearl St. across from the Times Union Center, currently under construction.
The team is transforming the 24,000 s/f property, mostly vacant since 2011, into 16 luxury market-rate apartments combined with street level retail and commercial space. In 2013 Maddalone & Associates was also involved with the conversion of two historic, five-story buildings at 522-524 Broadway. The buildings were converted into 14 one- and two-bedroom apartments and 2,800 s/f of commercial space. Maddalone & Associates is one of more than a dozen developers working on projects in downtown
Over the past three years, the Capitalize Albany Corp. Real Estate Loan Program has facilitated seven projects resulting in 140 new market rate units. In total these projects represent more than $26.8 million of investment. In recent years Capitalize Albany’s Impact Downtown Albany strategic plan and other initiatives have supported development of 300 market-rate units in downtown holding strongly an occupancy rate of 97%. Currently there are more than 400 downtown apartment units either under construction or in the pipeline.
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