The Rosenblum Companies to complete 24-unit condominium project at 17 Chapel Street in Albany

A new luxury condominium project at 17 Chapel Street in downtown Albany is breathing new life into the historic district while meeting a demand for more residential development in the heart of the city. The original four-story building, constructed circa 1928 as an auto dealership, has been gutted, refinished, and topped with three additional levels plus a roof deck in order to house 24 condominiums. Project features include: * Resort-style amenities through partnerships with local businesses, such as concierge service and grocery delivery * Well-furnished lobby and lounge area, a secure, heated parking garage, keyless building entry, and fitness center * Fully customizable interiors including interior design services * Convenient location that is walking distance from theatre, restaurants and nightlife * Savings from the City of Albany 485(a) tax abatement plan. "This is an unprecedented project in the area that has the potential to revitalize the downtown district. Luxury homes are no longer limited to the suburbs," said Seth Rosenblum, vice president of The Rosenblum Companies, which is building the project. Owners get a tremendous savings under the City of Albany's 485(a) tax abatement program. Structures such as 17 Chapel that are converted from commercial to residential use have the assessed value of the property held in place for the first eight years. Beginning in the ninth year, 20% of the assessment value increase phases in each year until the thirteenth year, when the property taxes based on assessment are paid in full. This translates to a 12-year tax break and tremendous savings for residents that can surpass $100,000. The new condominiums are located adjacent to Albany's downtown business district and walking distance to the Empire State Plaza government offices. The building is just two blocks from I-787, and 15 minutes from Albany International Airport, making it centrally located for work or travel. "Many of our buyers could quickly see how living downtown can take away a lot of the daily hassles in life that stem from commuting," Rosenblum said. The value of each of the condominiums is boosted by fully customizable interiors chosen from an array of luxury finishes and high-end features, chosen with Rosenblum's signature eye for detail. Residents also benefit from an in-house fitness center, rooftop deck, and services from local stores, restaurants, and amenities at the Hampton Inn next door. The building was purchased from Capital Repertory Theater in 2008, when it was being used for offices, storage and rehearsal space. Redevelopment of the building began in 2010 with the removal of three cast-in-place concrete drive ramps, held over from the building's automotive days. Additionally, the entire inside of the building was gutted and structural reinforcement was added. The 17 Chapel project includes the vertical addition of a new three-story steel structure atop the original four-story concrete building. The exterior is being re-faced with new materials, including thin brick, to blend with the historic neighborhood. "This is a very challenging development because it's like building an urban high-rise building, and doing a renovation, and building 24 custom homes," Rosenblum said. The base building is scheduled to be completed in July, and the first group of residents is due to move in by the end of the summer. Rosenblum will fit out additional units as they are sold.