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14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
Mike McGovernOffice 518 465 1400 ext. 219Mobile 518 772 [email protected]
Daniel O’BrienOffice 518 465 1400 ext. 224Mobile 518 527 [email protected]
FOR SALE$10,700,000
www.DowntownAlbanyRedevelopment.com
Downtown Albany Investment Portfolio ALBANY, NEW YORK
Owner Financing Available!
The information contained herein this publication has been given to us by the owner of the property and by other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.
An opportunity to redevelop a five-building portfolio in downtown Albany, New York—a market that is on the rise and booming in business and residential conversions—all located just a block from I-787.
This is an opportunity for an Albany, New York City, or Boston developer to own and develop historic properties in a vibrant downtown that is undergoing a dramatic transformation in both residential and commercial redevelopment. This has been complimented by an influx of world class, cutting edge business connected to Nanotechnology, with the presence of companies such as IBM, Semetech, Tokyo Electron, and Global Foundries. Full architectural drawings are in place for 163 units.
Albany has been a center of higher education for over a century, with much of the remainder of its economy dependent on state government and health care services. More than 25 percent of the city’s population works in government-related positions. A growing fourth sector of the area’s economic base is the emerging high-tech industry in and around Albany. The city is at the center of a 19-county region in eastern New York branded as “Tech Valley.” Albany is increasingly seen as a leader in nanotechnology, with the College of Nanoscale Science and Engineering being respected as a national leader in the field.
In 2009, chip-maker GlobalFoundries broke ground on a $4.6 billion chip manufacturing complex in nearby Malta and has grown to a $10 billion investment. In 2010, Forbes ranked Albany fifteenth on its “Most Innovative Metros” list. In late 2010, the Capital District was noted for being “one of the fastest growing areas in the country for technology jobs.”
Also in 2009, Albany and its environs were listed number 30 in the nation on Forbes Magazine’s “Best Bang-For-The-Buck” list, a study that looked at the stability of the housing and job markets, cost of living, and commute times. In 2012, the Albany-Schenectady area was listed 4th on Forbes Magazine’s annual “Best Cities for Jobs” list.
Downtown Albany has realized 230 residential units—more in the last year than in the last 10 years—as well as a 5-star hotel, The Renaissance, featuring an upscale restaurant called Wellington’s, and the conversion of Wellington Row.
In 2014 construction began on The Albany Capital Center; a new convention center located within walking distance to several hotels, restaurants, shops, and nightlife. Construction on the convention center is scheduled to be complete in early 2017.
Be a part of the redevelopment. Be a part of Albany history.
Executive Summary
Contents
LocationA Guide to the Capital District
Demographic AnalysisAn overview of the Area’s Demographics
Property 1The Kenmore Hotel - 76 North Pearl Street
Property 21 Steuben Street
Property 316 Sheridan Avenue
Property 493 North Pearl Street
Property 543 Columbia Street
Meet the BrokersMichael McGovern & Daniel O’Brien
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LocationA Guide to the Capital District
1
1 14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
Albany, the capital of New York State, is situated on the west bank of the Hudson River and has a population of approximately 98,424. It is located at the junction between Buffalo to the west, Boston to the east, Montreal to the north and New York City to the south. Buffalo can be reached in approximately 4½ hours by car while Montreal, Boston and New York City can be reached in about 3 hours.
Albany’s neighboring cities of Troy, Schenectady, and Saratoga Springs, make up the Capital District region. The population of Albany and the Capital District directly mirrors the characteristics of the United States consumer population as a whole better than any other major municipality in the country and has been a top-ranked standard test market for new business and retail products.
WELCOME TO THE CAPITAL DISTRICT
MONTREAL
BOSTON
NEW YORK
BUFFALO
93 North Pearl Street
Capital Repertory Theater & Parking Garage
76 North Pearl Street
1 Steuben Street
Commercial / Office Space
43 Columbia Street
Parking Garage
EMPIRE STATE PLAZA
NYS CAPITOL
ALBANY MEDICAL CENTER
THE EGG
TIMES UNIONCENTER
16 Sheridan Avenue
Commercial / Office Space
Commercial / Office Space
Aerial of Downtown Albany Portfolio
Demographic AnalysisAn Overview of Albany’s Demographics
2
2 14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
2015 Population 386,192
2015 Average Household Income $76,946
2015 Average Household Size 2.27
2015 Households by Disposable Income
Total 161,487
<$15,000 22,198
$15,000 - $24,999 18,137
$25,000 - $34,999 20,822
$35,000 - $49,999 26,234
$50,000 - $74,999 33,797
$75,000 - $99,999 17,653
$100,000 - $149,999 16,154
$150,000 - $199,999 3,728
$200,000+ 2,765
Median Disposable Income $45,192
Average Disposable Income $57,910
2015 Business Summary
Total Number of Businesses 18,294
Construction 1,243
Retail 2,510
Professional, Scientific & Tech Services 1,801
Health Care & Social Assistance 1,576
Accommodation 109
Food Services & Drinking Places 2,409
Demographics10 Mile Radius of Downtown Albany Investment Portfolio
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
The Kenmore Hotel76 North Pearl Street
3
376 North Pearl StreetAlbany, New York
PROPERTY FEATURES
• Beautifully restored historic office building with great character
• Gorgeous lobby with an atrium that provides lots of natural light
• Best use: conversion to residential lots, apartments, or condos
• Eligible for significant historical tax credits
• Full architectural drawings in place for residential conversion
The Kenmore Hotel
BUILDING INFORMATION
Total SF: 105,000 SF
Zoning: Commercial-Office
Parcel: 2.40 Acres
Parking: Columbia St. & N. Pearl Garages
Ceiling Height: 9 ft.
Stories: 6
Elevators: (2) Glass-enclosed Passenger
Water & Sewer: Municipal
Heat: Gas Hot Air
A/C: Central
Construction: Brick
HISTORY HAPPENED HERE
The Kenmore Hotel was built between 1876 and 1878, and was one of the finest hotels in Albany. The hotel nightclub, The Rain-Bo Room, hosted Frank Sinatra, Benny Goodman, the Dorsey Brothers, Cab Calloway, and was a favorite spot of Babe Ruth, and Legs Diamond. The Kenmore was rehabilitated and converted to offices in the 1980’s.
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
North Pearl St.
The Steuben Athletic Club1 Steuben Street
4
41 Steuben StreetAlbany, New York
PROPERTY FEATURES
• Beautifully restored historic office building with great character
• Continued use as an office building or conversion to residential lofts, apartments, or condos
• Located in central business district surrounded by shopping and restaurants
• Steuben Athletic Club can be a tenant or used as a resident amenity
• Eligible for significant historical tax credits
• Fully equipped restaurant
The Steuben Athletic Club
BUILDING INFORMATION
Total SF: 76,000 SF
Zoning: Commercial-Office
Parcel: 0.32 Acres
Parking: Columbia St. & N. Pearl Garages
Stories: 6 + Basement
Elevators: (2) Passenger
Water & Sewer: Municipal
Heat: Gas Hot Air
A/C: Central
Construction: Masonry
Roof: Mixed
DOWNTOWN ALBANY’S FITNESS CLUB
Spanning 6 floors, the Steuben Athletic Club offers a full service fitness club to the downtown residential and business communities. Amenities include a basketball court, squash and racquetball courts, swimming pool, locker rooms, showers, steam rooms and sauna, free weights and machines, aerobic equipment and more. The Steuben Athletic Club also offers spinning, yoga and aquatic courses.
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
North Pearl St.
Ste
uben
St.
Sheridan Office Building16 Sheridan Avenue
5
516 Sheridan AvenueAlbany, New York
PROPERTY FEATURES
• Strong apartment demand makes for logical conversion
• Solid structural integrity
• Located in central business district surrounded by shopping and restaurants
• 175 garage spaces in the Capital Repertory garage are controlled by the building
• Eligible for significant historic tax credits
• Potential to add a 6th floor and penthouse units
• Full architectural drawings in place for residential conversion
Sheridan Office Building
BUILDING INFORMATION
Total SF: 107,000 SF
Zoning: Commercial-Office
Parcel: 1.00 Acres
Parking: 175 Private/Public/Covered
Ceiling Height: 10 ft.
Stories: 5
Elevators: (2) Passenger
Water & Sewer: Municipal
Heat: GHA
A/C: Central
Construction: Masonry
Roof: EPDM
IDEAL FOR RESIDENTIAL CONVERSION
The former home of the Times Union Newspaper was renovated in the 1980’s and is perfectly solid for residential redevelopment. The property has dedicated covered parking at 93 North Pearl Street.
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
Sheridan Ave
Chapel S
t.
Capital Repertory Garage93 North Pearl Street
6
693 North Pearl StreetAlbany, New York
PROPERTY FEATURES
• Month-to-month tenants
• Located in central business district with parking shortage
• 167 garage spaces controlled by owners of Sheridan Avenue office building
• Eligible for significant historical tax credits
Capital Repertory Garage
BUILDING INFORMATION
Total SF: 53,000 SF
Zoning: Commercial
Parcel: 0.57 Acres
Parking: 175 Private, Covered
Stories: 4 (7 Parking Levels)
Water & Sewer: Municipal
Utilities: HVAC
Construction: Masonry
THE CAPITAL REPERTORY THEATRE & GARAGE
Home of the Capital Repertory Theatre and 175 parking spaces on 53,000 square feet. Located in the heart of the Arts District.
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
93 N. Pearl St.
43 Columbia St.
Columbia Street Garage43 Columbia Street
7
743 Columbia StreetAlbany, New York
PROPERTY FEATURES
• Mix of long-term and month-to-month tenants
• Located in central business district with parking shortage
• 172 garage spaces controlled by owners of Kenmore and Steuben office buildings
Columbia Street Garage
BUILDING INFORMATION
Total SF: 62,000 SF
Zoning: Commercial
Parcel: 0.39 Acres
Parking: 172 Private / Covered
Ceiling Height: 12 ft.
Stories: 4
Elevators: 2
Automation: Attended & Automated
Water & Sewer: Municipal
Construction: Masonry
THE COLUMBIA STREET GARAGE
172 covered spaces on 62,000 square feet dedicated to the Kenmore, Steuben, and Sheridan properties.
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
93 N. Pearl St.
43 Columbia St.
Meet theBrokers
We areNAI Platform8
8 Michael McGovernAssociate Broker
o 518 465 1400 ext 219
f 518 465 1441
c 518 772 7276
Scope of Responsibilities
McGovern is a Commercial Real Estate Broker licensed in NY and MA who specializes in leasing, sales, management and tenant presentation of office space to the Legal, High Tech and Medical industries and also handles Multi‐Unit Properties. He has done so for 25 years, in Boston, New York City and in Albany, NY.
Background & Experience
McGovern has been a real estate broker for over 25 years in Boston, MA., New York City and in Albany, NY. While in Boston he sold multi-million dollar properties in the downtown area, leased and managed residential and commercial space in Boston and on Martha’s Vineyard and leased, managed and sold property for the former Assistant District Attorney for over 15 years. He also handled all renovations. While in New York City, McGovern worked on Soho, Tribeca and Greenwich Village property, focusing on leasing office space and the leasing and sale of condominiums and residential apartments. In Albany, McGovern ran McGovern Real Estate, specializing in leasing office space to major Law Firms, High Tech and Medical organizations and acts as a New York Tenant Representative for US Bank.
Having worked as the Deputy Albany County Coordinator for Governor Cuomo and on the Mayor Sheehan campaign he works closely with the Start Up New York program. As the Vice President of Park South he has assisted Albany Medical Center with their billion dollar expansion.
Daniel O’BrienPresident
o 518 465 1400 ext 224
f 518 465 1441
c 518 527 5990
Scope of Responsibilities
O’Brien is a commercial real estate broker engaged in general brokerage as well as tenant/buyer representation. A partner in a combined portfolio of over $40 million in development and rehabilitation work, he demonstrates a clear understanding of all
facets of real estate from approval through Certificate of Occupancy.
Background & Experience
O’Brien is a leader in the commercial brokerage field who consistently seeks challenging projects, and has brokered over $250,000,000 in the past 18 years. Representing local, regional and national clients, Daniel has achieved Prudential’s prestigious “Chairman’s Circle” designation in 1999, 2000, 2001, 2002 as well as Prudential Real Estate Affiliates’ prestigious “Pinnacle Award” representing his status as their top producer in the nation for commercial real estate in 2001.
14 Corporate Woods Boulevard, Suite 100 | Albany, New York 12211 | +1 518 465 1400 | naiplatform.com
14 Corporate Woods Boulevard Suite 100Albany, New York USA 12211+1 518 465 1400
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