Contact: Ray Gillen, Metroplex

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More Loft Apartments Planned for Downtown Schenectady

$2 Million Project will Renovate Former Window Factory in Stockade

Schenectady, N.Y., January 15, 2013 - The Schenectady County Metroplex
Development Authority today announced that $2 million in private investment
will transform a long vacant former window factory in the Stockade into 16
loft style apartments with on-site parking.

“This $2 million private investment will create new housing options in the
popular Stockade Neighborhood for new employees at GE and other tech firms
in the Capital Region," said Judy Dagostino, Chairwoman of the Schenectady
County Legislature. “We thank Mr. Sciocchetti and his partners and welcome
this investment in Schenectady County.”

Mayor Gary McCarthy said, “This is great news for the Stockade. We are
turning a vacant building into an asset for Schenectady and this helps us
continue to rebuild and revive our neighborhoods.”

The former factory building is located at 303 Green Street in the Stockade
Neighborhood, the first historic district in New York State.  The building
has been vacant for more than a decade.  It was formally used to produce
commercial windows. The new use takes advantage of a center high-bay
section of the building, natural lighting, the structure’s brick façade and
a large parking area. The conversion of the building to loft style
apartments represents a $2 million investment by a three person ownership
team that will oversee the project.

“This project is an excellent use for the Green Street building. It adds
more housing and more residents downtown which helps Metroplex continue to
market downtown to additional investors,” said Ray Gillen, Chair of the
Schenectady County Metroplex Development Authority.  

The renovation project will be carried out by 301 Green Street Associates,
LLC.  The principals in the project include local attorney Paul Sciocchetti
who helped to successfully develop a number of commercial properties in the
Capital Region including the four building complex in downtown Schenectady
that includes Aperitivo, loft apartments and office space.

The other partners include Zelindo Viscusi and Pat Petraccione.  Mr.
Viscusi owns Viscusi Builders, a home builder and developer based in
Altamont.  The company is currently developing Delmar Pointe in Delmar and
the Village at Shaker Bay in Latham.  Mr. Petraccione owns and operates a
local HVAC and plumbing company that serves major builders in the Capital
Region.

301 Green Street is located at the corner of Green Street and North
College Street.

The new loft apartments will contain a mix of one and two bedroom units
and one three bedroom unit. The new apartments will feature granite
counters, energy star rated appliances, on-site storage and on-site
parking.  The project will also include radiant heat and will utilize solar
energy.

The City of Schenectady IDA, which is administered by the Schenectady
County Metroplex Development Authority as part of Schenectady County’s
unified economic development team, will provide an exemption from sales tax
for building materials used in the renovation project. A payment in lieu
of tax (PILOT) agreement is also planned that will result in new tax
revenues resulting from the project.  




Now Metroplex is handing out PILOTS for LANDLORDS!!!! Jump on the bandwagon folks...looks like the Plex has gone NUTS!!! What the h*ll will rental units do which warrants a PILOT agreement?!?!?!?

PATHETIC Gillen!!!! Totally pathetic!

Quoted Text

“... will create new housing options in the popular Stockade Neighborhood for new employees at GE and other tech firms
in the Capital Region," said Judy Dagostino, Chairwoman of the Schenectady County Legislature. ....”

Popular?   Really?   Then explain why there are so many EXISTING vacancies in that neighborhood?   How come King Philip can't find anyone to rent in his place in the Stockade?   What's the occupancy rate at the rest of the downtown apartments?

Quoted Text

Mayor Gary McCarthy said, “This is great news for the Stockade. We are turning a vacant building into an asset for Schenectady and this helps us continue to rebuild and revive our neighborhoods.”

In over one year's time, McC has not been able to figure out how to turn all the EXISTING VACANT houses into occupied houses - NOT EVEN WITH TAXPAYER SUBSIDEY!!!!!!!!!!!!!

Here comes YET ANOTHER DRASTIC REDUCTION in the tax base!!!!!!!!    And I DEFY any cheerleader to provide evidence that this is not true - the EVIDENCE has proven that using tax money and exempting taxes is RUINING THE CITY

DV LOVES the Stockade, at least that is what he has stated.

Let's see if he puts his money where is mouth is and moves there!    ROFL   What money?

No one's dropping 2 million of their own money in Schenectady unless they're getting something substantial on the back end.

Quoted from Dirt2

No one's dropping 2 million of their own money in Schenectady unless they're getting something substantial on the back end.

And WHY are landlords ...people not even bringing in BUSINESS to our area getting Metroplex money???

This is so irresponsible, a total waste of millions of taxpayers money and ANOTHER slam to the taxbase!! Why does McCheesy applaud this? He's whining over his $5 million dollar debt, yet he allows more tax exemptions...for NO JOB CREATION!!

He's such a chump.

priceless....

Quoted from rachel72

And WHY are landlords ...people not even bringing in BUSINESS to our area getting Metroplex money???

This is so irresponsible, a total waste of millions of taxpayers money and ANOTHER slam to the taxbase!! Why does McCheesy applaud this? He's whining over his $5 million dollar debt, yet he allows more tax exemptions...for NO JOB CREATION!!

He's such a chump.

Absolutely, there goes the tax base down even more and the taxes on the homeowners up even higher.

What kind of record is McC trying to set?

A puny $20,000 payment they will pay.   They have the financial wherewithal to PAY THE FULL TAXES.  If they can get their hands on two million dollars and then make a profit afterwards, they can MORE THAN AFFORD to pay THE FULL TAXES which should be AT LEAST $100,000 per year.

You go an renovate your house, let's say a new kitchen, you spend $30,000 and the value of your house may increase by $40,000.   Spend $100,000 to build a house, it get's assessed perhaps for $150,000.   Spend two million dollars to build a building that will derive rent, the assessment should be absolutely no less than $2 million but more like $3 million.   And at a total tax rate of inching toward $45 (if not there already) on a $3 M assessment, the annual taxes would be about 135,000 per year.   Perhaps if the valuation is done based on income approach it could be higher; I believe that two methods can be done within one assessing district.

But $20,000!   Some of the ONE family residential homes are inching closer to that annual tax bill!

And, what was all that about Metroplex not getting involved in residential areas?   Correct me if I'm wrong, but wasn't there something very recently in the news that plex considers Crane street a residential area and thus they won't get involved, but the stockade is residential and they are getting involved?

Obviously more political cronyism and I DEFY anyone to provide EVIDENCE otherwise!