A ribbon-cutting ceremony was recently held for The Conservatory, a new 19-unit apartment building in the downtown area. Jeff and Deane Pfeil of Pfeil & Co. are the developers of the renovation project, which is located at a former department store on 65 Third Ave. The property stood vacant until the Pfeils acquired it several years ago. The five-story building will feature 19 one and two-bedroom units, 8,700 s/f of retail space on the ground floor and underground parking for 22 vehicles. Past tenants of the property include the Troy Conservatory of Music and Stanly Dry Goods.