800-812 Broadway, Albany

February 3, 2017 Comments Off on A Journey from Fire Hazard to Multifamily Views: 373 National News, New York News, Northeast

A Journey from Fire Hazard to Multifamily

Four buildings at 800-804 Broadway in Albany, NY, considered too dangerous for even firefighters to enter, will be converted into 15 apartments. Investor Patrick Chiou is planning a $2 million renovation of the buildings which had, for years, been ignored by developers.

What changed? An investment increase in the city’s nearby warehouse district, as well as on a stretch of Broadway. “It’s a main connector piece between downtown and the warehouse district,” Chiou told Albany Business Review. “It’s’ a very blighted street that people kind of forgot about.”

Chiou, with help from a $1.5-million construction loan from Community Preservation Corp., plans to take on the challenge of renovation. The remainder of the financing will be from Chiou’s pocket, and those of other investors.

Read More at Albany Business Review

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