CPC and Jay Street 118 LLC Announce Completion of $650,000 Project to Transform Vacant Seneca Block Building into New Mixed-Use Development in Downtown Schenectady
Schenectady, NY, October 26, 2017 – The Community Preservation Corporation (CPC) and Jay Street 118 LLC, a development team comprised of principals Theodore Haber and Noah Smith, today announced the completion of renovation work at the five-story Seneca Block building at 118 Jay Street in Schenectady, NY.
Located across from City Hall, the Seneca Block building now features 16 rental apartments along with 2,400 square feet of commercial space on the ground floor. Through the adaptive reuse of this former hotel building, CPC and 118 Jay Street LLC are bringing new housing and retail opportunities to the heart of Schenectady. The project will act as a community anchor and help to attract public and private investment to the surrounding area.
Michael Skrebutenas, CPC’s Senior Vice President and Regional Director said, “At CPC we believe that you have to understand a community to help support its unique development needs. Investing in the rehabilitation of 118 Jay Street will help transform a long-vacant building into a resource of housing and new economic opportunity that will serve the needs of the Schenectady community for years to come. My sincere thanks to our partners Noah Smith and Theodore Haber, Schenectady County Metroplex, and our funding partners at the New York State Common Retirement Fund.”
Noah Smith said, “We are pleased to work with CPC to bring this building back to life. So far the response to our project has been tremendous. Every day we are getting compliments on the new façade and we have already leased one-half of the new apartments.”
Ray Gillen, Chair of the Schenectady County Metroplex Development Authority said, “The Seneca Block building has been transformed and we are excited to see the project lease-up and continue the revitalization of downtown Schenectady. We thank Mr. Smith and his partner and CPC for investing in our community.” Metroplex provided a $24,000 façade grant for the project.
To finance the rehabilitation of 118 Jay Street, CPC provided a $450,000 construction loan and a SONYMA-insured permanent mortgage through their funding partnership with the New York State Common Retirement Fund. The development team has partnered with CPC on several previous projects, with both principals having extensive experience renovating and developing small to medium-sized multi-family buildings.
CPC has financed 385 multifamily and mixed-use development projects in the Capital Region, bringing more than $730 million of private and public investment to cities like Schenectady, Troy and Albany. CPC is helping to finance a similar project in Troy – a multi-million project to transform the vacant manufacturing building at 444 River Street into a mixed-use development.
As a nonprofit housing finance company with a long history of serving communities throughout New York State, CPC understands the history of a community and the importance of investing in a project that will breathe new life into downtown Schenectady. Historic buildings, including former hotels and factories which were once hubs of activity throughout New York can be put back into use as new housing and retail space – again serving as anchors of activity and economic opportunity for neighborhoods large and small.
The development team at 118 Jay Street took great pains to preserve as much original detail as possible while adding modern amenities and safety features that people have come to expect in a new development. 118 Jay Street has eight small and eight large one-bedroom units offering residents ample sunlight, views of City Hall, and the Mohawk Valley. Each apartment features original details including pine flooring, solid porcelain tubs and original sandblasted cast iron radiators. Amenities include laundry room, basement bike storage, ring to cell phone intercom and much more. The website www.118J.me has more information and photos for those who are interested.
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About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.