The Galesi Group will renovate the upper floor of a building in downtown Schenectady, New York, to create seven loft-style apartments.
The Galesi Group, one of the largest commercial real estate developers in the area, is working with Bonacio Construction of Saratoga Springs and Re4orm Architecture in Schenectady on the project.
Bonacio Construction owner Sonny Bonacio has built more than 240 condominiums in Saratoga, and is in the midst of finishing a $39 million luxury apartment/retail complex, Market Center at Railroad Place, in Saratoga with The Galesi Group.
Bonacio is also building the $5 million headquarters for Transfinder, a bus management software company, in downtown Schenectady. Re4orm is also the architect on that project.
At 409 State St., a state agency, the Commission on Quality of Care and Advocacy for Persons with Disabilities, is on the first floor. The second floor has high ceilings that would be suitable for apartments.
The Galesi Group bought and renovated the property in 2006 to house the state agency. The upper floor has been vacant.
The one- and two-bedroom apartments would range from 900 square feet to 1,300 square feet, and rent for about $1.10 per square foot, or roughly $990 to $1,430 monthly, said Galesi Group Chief Operating Officer David Buicko.
“From our standpoint, it’s a logical use,” Buicko said.
Interior renovations are expected to begin soon and be finished by fall.
The building is on the 400 block of State Street downtown, also known as the Proctors block. Tens of millions of dollars in public and private investment have transformed the block over the past decade, with new office buildings, restaurants, and other improvements.
City officials and the Schenectady Metroplex Development Authority want to see more residential development downtown to complement the new businesses.
DeMasi, Michael. "Galesi Converting Upper Floor of Downtown Schenectady Building into Seven Apartments." The Business Review. 2 Mar. 2012. Web.