SCHENECTADY, N.Y. – The Capital Region Land Bank Board met last evening and approved a $70,000 grant to improve a now vacant storefront on Crane Street in Schenectady. The property at 902 Crane Street is being purchased from the City of Schenectady for $17,000 putting the commercial building back on the tax rolls. The new owner, Mr. Benedicto Fabian, will invest $140,000 plus the purchase price to renovate the vacant structure including asbestos abatement, a new roof, and major renovations to the interior and exterior. Mr. Fabian will operate a restaurant on the ground floor.
This is the seventh commercial building on the Crane Street corridor that will be renovated due to a partnership between the Land Bank, Metroplex and Better Community Neighborhoods, Inc. (BCNI). The $70,000 being invested in 902 Crane Street is funded by a grant awarded to the Land Bank by NYS Homes and Community Renewal.
“This renovation on Crane Street is just steps away from the $27 million Mosaic development where work is underway to prep the site for construction,” said Richard Ruzzo, Land Bank Chair and a member of the Schenectady County Legislature. “We are working hard to build development momentum in this key commercial corridor and we are seeing results.”
Mayor Gary McCarthy said, “We are pleased to see this continued progress in our neighborhoods. We are moving forward with focused, sustainable development efforts city-wide that will continue to build tax base and jobs.”