The Capital Grand Opens Presentation Center & Model Suite

New luxury condominium project first of its kind in downtown Albany

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Skysuite Model - Living Room

ALBANY, NY (02/07/2008)(readMedia)-- Mayor Gerald D. Jennings and Pamela Tobin, Executive Director of the Downtown Albany Business Improvement District (BID), joined Norstar Development USA President Richard Higgins today to officially open the presentation center and decorator-designed model suite for The Capital Grand, downtown Albany’s premier luxury condominium building.

The Capital Grand is a 125-suite, luxury condominium project planned for 733 Broadway in historic downtown Albany. The nine-story building, designed by an internationally renowned firm of award-winning architects, complements downtown Albany’s existing architecture and features an art deco theme. Dubbed “Skysuites” owing to their Hudson River and city views, the condominium units vary in size from just under 600 to more than 2,000 square feet. Introductory prices range from $179,900 to more than $500,000.

“Skysuites will boast extraordinary workmanship and state-of-the-art technology, and they offer a wide variety of amenities and options including gourmet kitchens, luxury baths, upgraded flooring and more,” said Richard Higgins, President of Norstar Development USA. “All units also include balconies, many showcasing views of the Hudson River and the Albany and Rensselaer skylines.”

Capital Grand residents and their guests will also enjoy The Embassy Club, the building’s recreational facility, which includes a fully equipped fitness center, spa with steam room, showers and a dressing area. A library-themed multi-purpose meeting space/party room, complete with fireplace and fully equipped kitchen, finishes the space. A landscaped rooftop terrace will provide additional gathering space and breathtaking panoramic views.

Three levels of indoor parking for residents and guests are also part of the project. “Our research in Albany suggested that access to indoor parking would be a key differentiator and an important amenity for our residents,” said Mitch Markowitz, Director of Sales & Marketing for Norstar Development. “During the Capital Grand’s initial marketing campaign, new owners will be treated to a number of extras and upgrades at no additional charge, including indoor parking and storage lockers, stainless steel appliances, granite countertops and hardwood flooring.”

The offering plan for the Capital Grand project was approved in late 2007 by the New York State Attorney General’s office and the sale of the condominiums began in January of this year. Several VIP preview presentations have resulted in 28 Skysuite sales, equating to approximately $10,000,000 in gross revenue. Construction of the project is planned to begin in the summer of 2008, following demolition of the building currently occupying the site.

Skysuite owners will be taking advantage of the 485-e Empire Zone benefit, which provides a 10-year real property tax abatement on the increased tax assessment from investment over and above the current assessment resulting from new construction. The first seven years of the abatement is for 100% of the increased value, decreasing by 25% each year until year 10. As a result, Capital Grand homeowners will pay no more than $350 per year in property taxes for the first seven years of ownership.

“Those who purchased at our preview presentations seemed to share common interests that set downtown Albany apart,” Markowitz reported. “They all cited a desire for the maintenance-free living an urban setting provides. It was also important to have easy access to fine dining, arts and entertainment, the State Capitol, the Hudson Riverfront and transportation hubs.”

In 2006, the Downtown Albany Business Improvement District (BID) commissioned an update of a study originally conducted by the organization in 2002 to assess demand for new, market-rate housing within the district. The study, conducted by Zimmerman/Volk Associates, Inc., indicated greater than 20% growth in the annual market potential for downtown living compared to the earlier results.

“As indicated in 2002 and reaffirmed in 2006, there is a definite demand for both the purchase and rental of downtown residential units. The numbers speak for themselves, and early sales for The Capital Grand’s condominiums have been strong,” said Pamela Tobin, Executive Director of the Downtown Albany BID. “This project demonstrates true recognition of the outstanding quality of life that downtown has to offer, and we anticipate great success for Norstar and the other residential projects in development within the district.“

The development of the project fits well with Mayor Gerald Jennings’ vision of a vibrant 24/7 Capital City at the heart of New York’s Tech Valley. “Projects like The Capital Grand are fundamental to the continued transformation of downtown,” said Jennings. “Residential, retail and riverfront revitalization are vital components of our efforts to capitalize on the growth and vitality of downtown Albany, and the Capital Grand is an important symbol of our progress in these areas.”

The Capital Grand presentation center and model suite are located at 733 Broadway, Albany, NY 12207. Presentation center hours are Monday through Thursday from 12:00-6:00pm and Saturday and Sunday from 12:00-4:00pm. Call 518-431-1113 or visit www.thecapitalgrand.com for more information and to schedule an appointment.

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Norstar Development USA The Norstar Group is a multi-faceted real estate company with 60 full-time employees who are engaged in real estate development, property management and construction. Norstar specializes in the development, construction and management of all forms of housing, as well as the implementation of retail, industrial and commercial projects. Norstar property management companies oversee over 3,000,000 square feet of commercial/industrial space and have built and delivered thousands of new homes. For more information about Norstar Development, visit www.norstarcompanies.com.

Downtown Albany Business Improvement District The Downtown Albany BID, incorporated in 1996, is a private, not-for profit 501 ( c )(3) organization that works to restore, promote and maintain the character and viability of downtown Albany and to improve the quality of life and overall image of downtown for all those who work in, live in and visit the Capital City. Ample public parking is available at downtown’s public garages, lots and on-street metered spaces. Metered parking is free after 6 p.m. on weekdays and all weekends. For information about the Downtown Albany BID, call (518) 465-2143 or visit www.downtownalbany.org.

Grand opening photo caption: Cutting the ribbon for The Capital Grand model “Skysuite” at 733 Broadway in downtown Albany are Rick Higgins, president of Norstar Development USA; Pamela Tobin, executive director of the Downtown Albany Business Improvement District; Mayor Gerald D. Jennings; Kathleen Sullivan, sales representative; and Sean Sezlik, sales representative.