December 13, 2016
Nipper Apartments LLC, which acquired Albany, NY’s “Nipper” building at 991 Broadway, wants to convert it into 75 apartments, at a cost of $13 million. Bill Barber, head of Nipper Apartments LLC, is seeking tax incentives worth approximately $600,000, on top of the $500,000 state grant already received. The Albany Industrial Development Agency will vote on whether to approve sales, use and mortgage recording tax exemptions, that would total $623,750.
If approved, funds would come through the state’s 485a program, in which owners of commercial buildings throughout New York can qualify for a partial property tax exemption over 12 years, so long as the building is converted into residential or mixed use.
The site in question is best-known for the 28-foot-high dog – Nipper, the RCA logo – perched atop the building. The building began life in the 1950s as home for an RCA distribution company. RCA is gone, but Nipper remains.
For comments, questions or concerns, please contact Amy Sorter