A Journey from Fire Hazard to Multifamily

Four buildings at 800-804 Broadway in Albany, NY, considered too dangerous for even firefighters to enter, will be converted into 15 apartments. Investor Patrick Chiou is planning a $2 million renovation of the buildings which had, for years, been ignored by developers.

What changed? An investment increase in the city’s nearby warehouse district, as well as on a stretch of Broadway. “It’s a main connector piece between downtown and the warehouse district,” Chiou told Albany Business Review. “It’s’ a very blighted street that people kind of forgot about.”

Chiou, with help from a $1.5-million construction loan from Community Preservation Corp., plans to take on the challenge of renovation. The remainder of the financing will be from Chiou’s pocket, and those of other investors.

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