Mohawk Harbor Townhouses close to being on the market

06-25-2018

SCHENECTADY – While the 15 townhouses on Mohawk Harbor are almost ready for sale, one last step remains before they can be put on the market.

Galesi Group CEO Dave Buicko said the exterior of the Waterfront Townhouses are complete and the insides are waiting to be customized by their owners. However, both the customization and purchase of the townhouses is on hold until the state Attorney Generals’ office approves the project, because it will belong to a homeowner’s association.

When asked if the approval was imminent, Buicko said it was a possibility.

“We hope so,” Buicko said. “The [state Attorney General] has been terrific in terms of processing things for the homeowners association.”

On Friday, Buicko took some members of the media through one of the almost-completed models. The model townhouse had four floors, and an outdoor balcony on three of them with a view that overlooks the Mohawk River. Each townhouse will come with a two-car garage, Buicko said.

The townhouses, which will range in price between $500,000 to $700,000, are customizable, Buicko said. You’ll be able to pick out things like what type of flooring you want, what type of appliances, what will go in the bathroom and other options. You can also choose whether you want an elevator installed or not.

Buicko also said the taxes on the town houses will be lower than a house in Schenectady would be because they will be taxed as condos, which he said have a lower rate.

In the townhouse Buicko showed on Friday, there was a quartzite waterfall island in the kitchen with a stove installed, a wine cellar, a wet bar and heaters above the balconies.

“So, we’re going to frame it all in, but everybody is going to have a menu of what they can do to upgrade their units,” Buicko said.

The town houses are one of the final pieces of the first phase of the $500 million Mohawk Harbor project, which was developed by Galesi Group.

Buicko said they do have approvals to build another 50 townhouses and another 206 apartment units that will essentially mirror the River House complex.

Buicko showed the townhouses the same day Druthers Brewing Company opened its doors to the public. He added that The Shaker and Vine, a self-serve wine bar, was under construction, and that he was in talks with two fast food restaurants. He declined to disclose which ones they were. He also said he was continuing to gauge what else residents want there, which could include a small grocery store.

“What we want to do is make sure we have the right mix,” Buicko said. “We don’t want to bring people to compete with people, we want them to compliment each other.”

With the River House apartment complex close to 90 percent occupied, according to Buicko, a parking garage, two office buildings, two hotels and Rivers Casino & Resort nearby, Buicko referred Mohawk Harbor as “one of the coolest places to live in the Capital Region.”

“It’s like living in a resort,” Buicko said. “It’s spectacular,” adding that the apartments in The River House complex are “the most successful” out of the 11,000 the Galesi Group owns nationwide.

Buicko said he’s been asked whether he performed a market study before deciding to build the townhouses. He had a simple answer: No.

“We can’t do a market study because there is no market,” Buicko said. “We’re creating the market.”

Mayor Gary McCarthy said he was pleased with the progress that has been made on Mohawk Harbor.

“We’re excited about it and want to be able to work with the Galesi Group and help start marketing them,” McCarthy said. “It’s the continuation of growth of that project. We’re glad that it’s moving ahead.”

Read the full article here.

Beam, Andrew. “Mohawk Harbor Townhouses Close to Being on the Market.” The Daily Gazette, 25 June 2018, dailygazette.com/article/2018/06/25/mohawk-harbor-townhouses-close-to-being-on-the-market.