Schenectady, N.Y. — The Schenectady County Metroplex Development Authority today announced that $2 million in private investment will transform a long vacant former window factory in the Stockade into 16 loft style apartments with on-site parking.
“This $2 million private investment will create new housing options in the popular Stockade Neighborhood for new employees at GE and other tech firms in the Capital Region,” said Judy Dagostino, Chairwoman of the Schenectady County Legislature. “We thank Mr. Sciocchetti and his partners and welcome this investment in Schenectady County.”
Mayor Gary McCarthy said, “This is great news for the Stockade. We are turning a vacant building into an asset for Schenectady and this helps us continue to rebuild and revive our neighborhoods.”
The former factory building is located at 301 Green Street in the Stockade Neighborhood, the first historic district in New York State. The building has been vacant for more than a decade. It was formally used to produce commercial windows. The new use takes advantage of a center high-bay section of the building, natural lighting, the structure’s brick façade and a large parking area. The conversion of the building to loft style apartments represents a $2 million investment by a three person ownership team that will oversee the project.
“This project is an excellent use for the Green Street building. It adds more housing and more residents downtown which helps Metroplex continue to market downtown to additional investors,” said Ray Gillen, Chair of the Schenectady County Metroplex Development Authority.
The renovation project will be carried out by 301 Green Street Associates, LLC. The principals in the project include local attorney Paul Sciocchetti who helped to successfully develop a number of commercial properties in the Capital Region including the four building complex in downtown Schenectady that includes Aperitivo, loft apartments and office space.
The other partners include Zelindo Viscusi and Pat Petraccione. Mr. Viscusi owns Viscusi Builders, a home builder and developer based in Altamont. The company is currently developing Delmar Pointe in Delmar and the Village at Shaker Bay in Latham. Mr. Petraccione owns and operates a local HVAC and plumbing company that serves major builders in the Capital Region.
301 Green Street is located at the corner of Green Street and North College Street.
The new loft apartments will contain a mix of one and two bedroom units and one three bedroom unit. The new apartments will feature granite counters, energy star rated appliances, on-site storage and on-site parking. The project will also include radiant heat and will utilize solar energy.
The City of Schenectady IDA, which is administered by the Schenectady County Metroplex Development Authority as part of Schenectady County’s unified economic development team, will provide an exemption from sales tax for building materials used in the renovation project. A payment in lieu of tax (PILOT) agreement is also planned that will result in new tax revenues resulting from the project.