Norstar Development Unveils First Market-rate Units in Albany, The Lofts at 733 Broadway
ALBANY, NY … The City of Albany, Norstar Development USA, L.P. (Norstar), Capitalize Albany Corporation, the City of Albany Industrial Development Agency, and Downtown Albany Business Improvement District (BID) held a grand opening of The Lofts at 733 Broadway, located at 733 Broadway on November 5, 2015. Albany Mayor Kathy M. Sheehan, and Lori Harris, vice president of Norstar were joined by City of Albany Treasurer Darius Shahinfar, Georgette Steffens, executive director of the Downtown Albany BID, and Sarah Reginelli, president of Capitalize Albany Corporation and CEO of the City of Albany Industrial Development Agency (IDA) in celebrating the residential conversion space that will host an open house on Saturday, November 14, 2015 from 11:00 AM to 2:00 PM.
Norstar invested over $5 million into the previously vacant building with the assistance of the City of Albany IDA. The renovation transformed the 45,000-square-foot, three-story building into a mixed-use space comprised of 29 one- and two-bedroom units and approximately 2,500-square-feet of ground floor retail space; one of the two spaces is home to Norstar’s local office which employs 6 people.
“Re-imagined buildings are becoming the hallmark of Downtown’s transformation,” said Mayor Sheehan. “By breathing new life into this vacant office space, we have one more magnet drawing additional residents and retail to Albany’s newest neighborhood.”
While Norstar owns 1,300 market-rate units in Texas and Florida, The Lofts at 733 Broadway are a shift away from the affordable housing they typically offer in this area.
Richard Higgins, president of Norstar, shared “We develop and own market-rate housing across the US and the time is right in downtown Albany. We appreciate Mayor Sheehan and the Albany IDA for having the vision to help bring recent progress to fruition.”
“Projects like The Lofts at 733 Broadway add to the growing vibrancy of our District,” said Steffens. “The future of this City is being reinterpreted one building at a time, and all of these projects are directly and indirectly raising property values and the City’s tax base. Converted buildings, on average, are experiencing over 300% increase in value. In 2015 the reuse of vacant Class C commercial space significantly contributed to the 2% decrease in vacancy rate in the central business district. All this is further proof that Downtown is Albany’s fastest growing neighborhood.”
Showings are ongoing, with leasing currently underway. To schedule an appointment, call 518.431.1051. Ranging in size from 880 to 1,325 square feet, units are priced $1,275 to $1,900 with washer and dryer, cable, internet, one parking spot per unit, and access to a fitness room included. Rent at the pet-friendly property includes one on-site, off-street parking space per unit, with the option to rent additional spaces.
