“Nipper” Developer Seeking Tax Breaks
Nipper Apartments LLC, which acquired Albany, NY’s “Nipper” building at 991 Broadway, wants to convert it into 75 apartments, at a cost of $13 million. Bill Barber, head of Nipper Apartments LLC, is seeking tax incentives worth approximately $600,000, on top of the $500,000 state grant already received. The Albany Industrial Development Agency will vote on whether to approve sales, use and mortgage recording tax exemptions, that would total $623,750.
If approved, funds would come through the state’s 485a program, in which owners of commercial buildings throughout New York can qualify for a partial property tax exemption over 12 years, so long as the building is converted into residential or mixed use.
The site in question is best-known for the 28-foot-high dog – Nipper, the RCA logo – perched atop the building. The building began life in the 1950s as home for an RCA distribution company. RCA is gone, but Nipper remains.
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