Another Building in Downtown Schenectady to be Renovated

Barrett Street to Feature Second Rehab Project Just Off Proctors Block

January 10, 2007

Schenectady, N.Y., January 10, 2007 — Metroplex today announced that Barrett Street Realty Inc. has purchased a 12,000 square foot office building located in downtown Schenectady with plans to upgrade the building adding to the rapid pace of redevelopment in Schenectady County.

Metroplex Chair Ray Gillen said, “This is a key office building that after renovations will be a magnificent addition to the Proctors Block area of downtown. We welcome this Kingston-based investor to our community and we appreciate their confidence in our new downtown.”

Ralph M. Kirk on behalf of Barrett Street Realty Inc. said, “We look forward to opening an office in downtown Schenectady and we are excited about our plans for this office building located just around the corner form Proctors, the new Hampton Inn and other downtown attractions.”

Located at 146-148 Barrett Street, the office building was originally constructed in 1919 as a medical office building. It features four floors of office space that will be upgraded as part of the renovation plan. In addition, the exterior of the building will be renovated with matching funds provided by Metroplex through the Downtown Schenectady Improvement Corporation (DSIC). The project is eligible for a façade matching grant of $30,000.   The company is also eligible for Empire Zone and Federal Renewal Community Credits.

Barrett Street Realty is owned by Ralph M. Kirk, an attorney with offices in Kingston. Mr. Kirk will open a law office for his expanding practice on the first floor of the building. He will work with Metroplex and Mark Peterson of Miranda Realty Group to market the remaining space to other businesses.

The City Planning Commission has approved the project and work is expected to begin shortly. An April opening is planned for the new law office. Mr. Kirk’s firm has thirty years experience in handling workers compensation and occupational injury claims.

An adjoining building on Barrett Street (154 Barrett) is also undergoing renovations utilizing a $24,000 matching grant from Metroplex and the DSIC façade program.

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