The seven-story Hendrick Hudson Hotel building was constructed in 1932 at the intersection of Second Street and Broadway in Downtown Troy’s Monument Square. Although it ceased operating as a hotel more than four decades ago, the Hendrick Hudson had a notable history, even playing host to a speech by then-Vice President Richard Nixon in September 1960. Today, the building is owned by Pioneer Bank, but it is about to change hands and be transformed by a local developer.
Multiple sources have reported that Saratoga Springs-based real estate developer Sonny Bonacio will be purchasing the Hendrick Hudson Hotel building for $2.4 million, and plans to convert the space into residential apartments, while still retaining its existing tenants.
Pioneer Bank, which currently occupies approximately one third of the building, is relocating its headquarters to a new building in Colonie, a move that opened the door for Bonacio to take over. According to the Albany Business Review, Bonacio is friendly with Pioneer Bank, and the latter looked to the former for “guidance on the relocation of [its] corporate headquarters.”
This will not be Bonacio’s first conversion project in Troy, and the Business Review reports that the four previous ventures have been extremely well-received by the community.
Pioneer Bank will stay in its current location until its new facility is completed in 2016. When it moves, the bank will also be vacating two other buildings on Second Street, which have reportedly drawn significant interest.