Downtown Albany Residential Open House Scheduled

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Interior of Libery Lofts | 374 Broadway

• Copyright 2012 Randall Perry Photography

ALBANY, NY (10/17/2013)(readMedia)-- The Downtown Business Improvement District (BID), the City of Albany and Capitalize Albany Corporation announce the third annual Downtown Albany Residential Open House slated for Tuesday, October 22, 2013 from 4:00 PM to 7:00 PM. This free event will allow the public to walk through seven residential properties within the Downtown Albany Business Improvement District's boundaries. Open house attendees will be offered an event map and passport encouraging them to visit a minimum of three properties on the tour. Those who visit at least three properties and have their passport stamped at each venue will be entered into a drawing to win a $100 gift certificate to a business of their choice located in the Downtown Albany Business Improvement District's boundaries. Check-in for the Residential Open House will be held at the Downtown Albany BID Office located at 40 North Pearl Street in downtown Albany, New York beginning at 4:00 PM.

"Downtown Albany residential has seen nearly $35 million in new private investment, and the reuse of approximately 240,000 square feet of vacant space in downtown Albany," said Mayor Gerald D. Jennings, "Albany newest neighborhood is positioned well within our vibrant and engaging Downtown area and continues to boast a 97% occupancy rate."

To date, the residential units on the Open House include:

• 83-87 Beaver Street - *new Downtown property

• 17 Chapel (condominiums available for sale)

• Liberty Lofts | 374 Broadway - *new Downtown property

• Meginniss Flats | 370 Broadway

• 33 Maiden Lane

• 23 North Pearl Street

• The Monroe | 49 Sheridan Avenue

"Cookie cutter apartments don't exist in Downtown," explains Georgette Steffens, Executive Director, Downtown Albany BID, "Instead, expect reuse of materials, exposed brick, imported countertops and unique loft layouts - all housed in a piece of beautiful history and only available in the a true urban environment in the heart of our Capital City. The feedback we hear from our residents is that you will know your neighbors on the street, have a favorite local watering hole and be recognized by wagging tails."

Janet Alazar, a Medical Technician for the Department of Defense added, "I've lived here (Downtown Albany) now for three years. Living Downtown is easy; I can walk to work and I am in close proximity to many transit options. I travel to New York City quite often so it is nice to live near both the Rensselaer Train Station and the Downtown bus station. I also enjoy the many amenities of my apartment."

Rental prices for Downtown units range from $700 to $2,200 with the condos at 17 Chapel starting in the low $300,000's. A complete listing of all Downtown units, including those currently available and their respective pricing, is available at downtownalbany.org.

A study commissioned in 2002, and updated in 2006 and again in 2011 by Zimmerman Volk, a firm specializing in residential market analysis was crucial to understanding downtown Albany's residential potential. Since the first update that was conducted in 2006, there has been a significant increase in the size of the annual potential downtown market-from approximately 2,440 households in 2006 to 3,750 households in 2011-and considerable changes in the type of housing that best matches target household preferences. As a share of the market, multi-family for-rent has risen from 44.2 percent in 2006 to nearly 53 percent in 2011; multi-family for-sale (condominium) units now represent just under 31 percent of the market (down from 32.4 percent in 2006); and single-family attached for-sale (townhouses) comprise 16.3 percent of the market, down from 23.4 percent in 2006.

Properties included in the Residential Open House are also within walking distance of over 60+ eateries and fine-dining restaurants,banks, hair salons, clothing retailers, doctor's offices, the historic Hudson River waterfront and more.

"This year's residential event has been planned to coincide with the Downtown Albany Fall Restaurant Week running from October 19 – 25, 2013 as way to encourage visitors and resident to connect with downtown in a variety of ways," said Steffens, "Downtown Albany is the Capital Region's main hub for culture with world-class performance theaters and arts organizations including the Palace Theatre, Capital Repertory Theatre, Times Union Center, and the Albany Symphony. Natural attractions and recreation are also just a stone's throw away from Downtown's residential units, including seven urban parks and a short walk to the Corning Preserve – Albany Riverfront Park."

Information on services, retailers, restaurants, arts and entertainment venues will also be available at the BID office. For more information on the Downtown Residential Open House, contact Cheryl Stock, Business Development Manager, Downtown Albany BID, 518.465.2143 x14 | cstock@downtownalbany.org

Since 1996, the Downtown Albany Business Improvement District (BID) has worked to restore, promote and maintain the character and vitality of downtown Albany and improve the quality of life and overall image of downtown for those who work in, live in and visit New York's Capital City. The BID is a private, not-for-profit 501(c)(3) organization. For more information about Downtown Albany BID please visit downtownalbany.org | @AlbanyBID or call 518.465.2143.