FOR IMMEDIATE RELEASE
Contact:
Heather Schechter, Director of Marketing and Business Development
Sunrise Management & Consulting
hschechter@sunrisemc.com; (518) 782-0200 ext. 103
75 New Luxury Apartments Opening in Albany Early 2019
at Renovated Historic Industrial Site
ALBANY, NY (Nov. 21, 2018) – Formerly the site of Long Energy and originally the Hinckel and Dobler breweries, this industrial property in the residential neighborhood bounded by Washington and Lincoln parks and the Empire State Plaza is being converted into 75 new luxury apartments offering a “live-work-play” lifestyle and the convenience of downtown Albany. Renovation by BBL Construction Services is progressing smoothly and the first units are expected to be ready for occupancy in March.
“Projects like the apartments at 160 Myrtle Avenue are precisely what we had in mind when drafting ReZone Albany,” said Albany Mayor Kathy Sheehan. “Transforming this property into residential units will be a great addition to the Hudson/Park Neighborhood, and I look forward to seeing the finished product and further revitalization in our City resulting from this initiative and the visionary developers who utilize it.”
The three-building complex at 160 Myrtle Avenue will maintain its historic character while housing fully modern apartments – a blend of old and new reflected in its name, @HusdonPark, according to Gilah Moses, a partner of Capital District Real Estate Investment Team (CDREIT), the developer. “Each apartment is unique, like a mini work of art, thanks to our incredible architects at 3t. There are amazing features like brick walls, towering ceilings, spiral staircases leading to a loft area, and original beams. Some apartments will include a murphy bed that converts to a sofa and others will have private entrances.”
@HudsonPark apartments have kitchens with luxury finishes including stainless steel appliances and quartz countertops, include window treatments, and feature a smart home automation solution. Some apartments will have an in-unit washer and dryer and all residents will have access to laundry facilities on each floor. Community amenities include a sunlit heated courtyard, resident co-working space, modern fitness center, secure bicycle storage, lounge, and pet grooming center.
“Restoring an historic building is incredibly important to the community – and making trendy comfortable housing available is a plus too,” Moses said. The community will offer studio and one-bedroom apartments ranging from 285-938 square feet and renting for approximately $900-$1,500 per month. The property will be marketed and managed by Sunrise Management & Consulting of Albany.
The Hudson/Park neighborhood is within walking distance to businesses around the New York State Capitol, restaurants and popular nightlife destinations on Lark Street and Delaware Avenue, and cultural destinations like the New York State Museum, Albany Institute of History & Art, and the Palace Theater.
Made possible with support from the City of Albany Industrial Development Agency in the form of New York State sales and mortgage recording tax exemptions, the $13 million investment will greatly strengthen the neighborhood through the industrial site’s reuse.
“This redevelopment will reinvigorate an underutilized industrial site, increase its value to the City’s taxing jurisdictions and further densify Hudson/Park,” said City of Albany Industrial Development Agency CEO and Capitalize Albany Corporation president Sarah Reginelli. “Strengthening this neighborhood has a great impact, and its growth will boost surrounding businesses on Lark Street and Delaware Avenue.”
For more information on @HudsonPark, located at 160 Myrtle Avenue, Albany, please visit www.athudsonpark.com or call (518) 801-0160.
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About CDREIT
The Capital District Real Estate Investment Team (CDREIT), LLC was created in 2010 by local real estate owners and developers and has since formed eight different partnerships that have purchased more than 300 rental units in the cities of Albany and Rensselaer.
About Sunrise Management & Consulting
Sunrise Management & Consulting of Albany, NY provides development consulting, marketing, leasing and property management services for multifamily investors across the New York Capital Region. The professionals at Sunrise Management & Consulting utilize innovative management and consulting programs to deliver consistent, dependable results that exceed industry performance standards. For more information, please visit www.sunrisemc.com.
