The run-down, mostly vacant Broadway Arcade building at 488 Broadway in Albany is having its upper floors converted into 60 residential apartments, expected to open in the next few months.
The Broadway Arcade has a prime location across from the Hudson River Way pedestrian walking bridge, connecting Broadway with the Corning Preserve. These apartments will also have close proximity to the federal courthouse and state office buildings, making it especially convenient for state workers.
Two brothers are behind the venture, Harris Sarraf, 32, and David Sarraf, 31 who own Fairbank Properties and H. Davis Development in Albany. Their vision for the 75,000-square-foot building was to retain the commercial storefronts on the first floor, adding a new entrance on Maiden Lane with elevator access to the upper floor apartments.
The $10M renovation project began last year, and many of the units are already nearing completion, boasting oversized windows, quartz countertops, maple hardwood floors and other high-end touches.
The conversion design was drawn up by 3tarchitects in Troy, whose website beckons, “Bring us your cause and Old buildings; Within us lies New life and beauty.”
Soon these 60 new units will be available for lease, with various sizes and prices to fit the growing needs of area residents from all walks.
“The layouts vary, with sizes ranging from a 650-square-foot studio to 1,350-square-foot two bedroom, two bath. Rents will be $850 to $2,000, including heat, cable, Internet, fitness center, bike storage and parking in a garage across the street.”
–Albany Business Review
Once finished, the Broadway Arcade will be a nice addition to the Sarraf brothers’ growing real estate portfolio, which also includes about five dozen apartments in Albany’s Pine Hills neighborhood and about 30 units on Western Ave at a former high school annex.
Source: http://www.bizjournals.com/albany/news/2015/06/29/brothers-pursue-10-million-conversion-of-albanys.html
