Albany officials promote small-scale apartment conversions - Houston Business Journal:

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One example is at 370 across from theAdministration headquarters. The upper threre floors of thelate 19th-centur building are being converted into six, 1,400-square-foot to 1,600-square-footy apartments that will rent for $1,800 this A commercial tenant will be sought for the firsft floor. The owners dubbed the apartmentzs TheMeginniss Flats, in honor of the old electrical companyy whose name graces the rear of the buildin in big white letters that have faded over time. The sign is paintedf over the red brick facade and must be preserved becaused the property was built in 1898 and is in a historic Financing small projects can be just as tricky as thelarges ones.
Even though the owners were armed with a feasibilitg study showing the potentialfor apartments, they weren’t able to get a bank loan becausde the real estate markety had soured. “Nobody wanted to financew this project,” said Mike a tax attorney and certifiedpublic accountant. “One lenderd wanted us to put inanothed $500,000 first.” Hannah and his partners ultimately got $1 million in privatr financing from sources in the Boston The interest-only construction loan enabled them to buy materiala and hire contractors to start the The apartments are located in a part of the city that coulr see big changes in yearsz to come if a proposed convention center ever gets built.
Plans call for the center to be locates on the parking lots behind the row of buildings that includes370 Broadway. The decrepir Trailways bus station next to 370 Broadwayg would be demolished to make way for a pedestriajn plaza leading to theconvention center. Hannay and his partners aren’t counting on the conventiohn center to make the apartmentsa success. Ther have been many delaye in the convention centerplanning and, as of now, no commitmengt from Gov. David Paterson to fund the entire $230 million “I stopped even thinking about it,” said Hannah, who owns the buildingf with his wife, Michelse Hannah, and another couple, Brenda Gouldd and Perry Gould.
The Hannahs used to run a commercial priny shop on the first floort but sold it four years ago whenbusinesds declined. The Goulds became part ownerw of the property infall 2006. The partners are convinced thers will be strong demand for the apartments from young professionala and empty nesters who want tolive downtown. Those are the same demographixc groups that other developers have been though the tough financing climatee has stalled or killedtwo large, high-profilr downtown developments over the past year. Plans for the 125-unig , a luxury condominium tower on north Broadwayy havebeen shelved, althoughb says it hasn’t given up.
Nearby, plan for an upscale 175-unit apartment buildinvg and 125-room hotel are on hold whils the land owner triesd to sell thedevelopment rights. Small-scale residential projectes areless profitable, but they are also more Over the past five or six there have been several conversions of upper-flood buildings into apartments within the boundariees of the Downtown Business Improvement