News
August 6, 201517 Chapel Celebrates Sale of Final New Unit
A celebration was held on Wednesday, August 5 to mark the sale of the last available new condominium unit at 17 Chapel Boutique Condominiums, downtown Albany’s first sizeable residential conversion. Albany Mayor Kathy Sheehan, The Rosenblum Companies CEO Seth Rosenblum, Downtown Albany Business Improvement District (BID) executive director Georgette Steffens, and Capitalize Albany Corporation president Sarah Reginelli were joined by residents and colleagues to recognize the culmination of the $9 million project which began construction in 2009. The event also served as a preamble for the Downtown Albany BID’s self-guided residential open house tour, taking place at eight locations throughout Downtown this Friday, August 7 from 4 to 7 p.m.
The original four-story, cast-in-place concrete building at 17 Chapel Street was built circa 1928 to house the Livermore-Traendly auto dealership and repair shop. It remained a car dealership through 1965. Albany Center Gallery later occupied the first floor and Park Playhouse the upper floors. In 2002, Capital Repertory Theater purchased 17 Chapel Street, using it for offices, set and prop storage, set construction, and rehearsal. The Rosenblum Companies acquired the property in 2008 and construction began in 2010. The redeveloped building stands seven stories tall with a new three-story steel vertical addition atop the original four-story structure. The first and second floors house a fitness center, 38 reserved parking spaces and storage units inside a heated garage. 24 condominium units are located on floors three through seven, with a roof deck at the eighth floor level. Each of the 24 condominiums was custom designed and built to owner specification.
“Six years ago, The Rosenblum Companies took a financial risk in a troubled time, and we thank them for believing in the potential of Albany,” said Mayor Kathy Sheehan. “The City of Albany welcomes the new residents who have made 17 Chapel their home and for being the first in a wave of people coming back to our great Capital City. The transformation of 17 Chapel builds greater momentum for even more investment in residential living in Albany’s newest neighborhood.”
“As the first developer to undertake a large scale residential housing project in Downtown, The Rosenblum Companies helped set in motion a renaissance for the area known for banking and business,” said Steffens. “This month, 110 units will come online within our District or directly adjacent. Over the past 12 months alone we’ve experienced $20 million invested in residential conversions. By contrast, in the 10 years previous there was a total of $30 million in similar investment. The numbers speak for themselves; Downtown is Albany’s fastest growing neighborhood.”
“The Rosenblum Companies were visionary in their undertaking of these beautiful homes at 17 Chapel,” said Reginelli. “Thanks to strong national trends, a powerful regional economy and local development leaders like the Rosenblums who built momentum and a foundation for growth, Downtown is primed to capture unprecedented market potential. With another 300-plus units in the proposal phase, we are on pace to bring at least 100 units online annually for the next decade to meet the ever growing demand for this vibrant, walkable neighborhood.”
“We always believed in the potential of our downtowns so we went forward with 17 Chapel despite the challenging housing market conditions we faced early on. In no small part due to support from The City of Albany, Capitalize Albany Corporation, and the Downtown BID, we have realized our original vision of providing high quality metropolitan living in this dynamic, growing neighborhood,” said Rosenblum. “17 Chapel is about much more than one developer and one building. Now there are hundreds of new downtown residential units and hundreds more in the pipeline. This demonstrates that the market is robust for a sustainable, walkable urban lifestyle in Albany. We are very proud to have been there at the start of this housing renaissance.”
17 Chapel is among the eight residential properties that Residential Open House participants will have the chance to view. Other properties are: 23 North Pearl Street, Beaver Lofts (83 Beaver Street), Meginniss Flats (370 Broadway), The Arcade Apartments (488 Broadway), The Argus Apartments (412 Broadway), Park Place at 60 State (60 State Street), and Steuben Place Apartments (40 Steuben Place).
The self-guided tour will take place on Friday, August 7 from 4 p.m. to 7 p.m. Information can be found online at downtownalbany.org; maps and information will be available the night of the event at Fork in the Road in Tricentennial Park (Broadway and Columbia Street).
About the Downtown Albany BID:
From international corporations, regional giants and locally owned proprietors, downtown Albany is more than business as usual. Accented by the powerful currents of the Hudson River to the motivating forces in the State Capitol, downtown Albany stands in good company with some of the greatest names in business today. Over 250 companies call downtown Albany home and signs like IBM, Microsoft and Windstream are seen throughout our historic streets. Since 1996, the Downtown Albany Business Improvement District (BID) has worked to restore, promote and maintain the character and vitality of improve the quality of life and overall image of downtown for those who work in, live in and visit the Capital City of the most famous state in the world. The Downtown Albany BID is a private, not-for-profit 501(c)(3) organization. For more information about the Downtown Albany BID please visit downtownalbany.org | @AlbanyBID or call 518.465.2143.
About The Rosenblum Companies:
The Rosenblum Companies is a developer and full service owner-operator of premier properties in the Capital Region totaling over a half million square feet. For more than 35 years, Rosenblum has focused on providing better spaces and real estate services to Fortune 500 corporations, regional businesses, medical practices, government agencies, nonprofit institutions, and individual residents alike. Rosenblum’s Great Oaks Office Park in Guilderland is one of the most desirable office locations in the Albany area and the company’s inaugural residential project, called “17 Chapel,” is downtown Albany’s first and only luxury condominium building. A catalyst for the City’s urban housing renaissance, the Albany Business Review recognized 17 Chapel as one of “50 Projects That Are Reshaping Life and Business in the Capital Region.” The Rosenblum Companies also provides high-touch, 24×7 property management and related services to investors and end-users. For more information about The Rosenblum Companies: www.rosenblumcompanies.com
