Thanks to The Albany Industrial Development Agency approving tax breaks for 118 more downtown Albany apartments, developers will be rolling up their sleeves and getting to work in Albany in the form of two current projects to kick the whole thing off:
A five story 100 unit apartment building at 760 Broadway and a 3 story 18 unit apartment building around the corner at 191 N. Pearl St.
“Each of these projects presents incredible opportunities. As a board, we balance the needs of our community with the opportunity for further investment. These projects meet the principles of our city’s strategic initiatives, which include the Albany 2030 comprehensive plan and the Impact Downtown Albany strategic plan,” said IDA Board Chair Tracy.
Converting older buildings has been a residential level investment that has become quite popular over the last decade or so in Albany.
Tax savings end up being a lot after all is said and done. Savings include an estimated $5.2 million in property taxes, plus $385,000 in sales and use tax and $150,000 in mortgage recording tax and an estimated $99,382 in sales and use tax, $26,500 in mortgage recording tax and $875,955 in real property taxes.
Will this upward swing in Albany, NY real estate mirror the real estate boom Buffalo is experiencing right now? Time will tell…