New Industry Building in Albany
Albany’s new building called Industrie, located at 745 Broadway, between downtown and the Warehouse District, is seeking a restaurant tenant for ground-floor retail space with large windows overlooking Broadway. The 80 apartments on the top floor range in size from 516 to 1,515 square feet, with rents ranging from $1,450 to $3,225. Occupancy is expected to begin in February. A restaurant could open by next summer.
Courtesy Rosenblum Cos.
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the price: $18 per square foot, triple grid lease, or approximately $1,400 to $3,400 per month.
Narration: Industrie is the third building to feature rental apartments in the past five years from Guilderland-based Rosenblum Cos., a developer primarily focused on office space that made its first residential foray in 2011 with an apartment building at 17 Chapel Street in downtown Albany. . Its current rental apartments, both in downtown Troy, are The News, built out of the former Troy Record headquarters, and Vicina – Modern Urban Flats. Each has a restaurant in the ground floor retail space: Bard & Baker Board Game Cafe in The News and Tatu Tacos & Tequila in Vicina.
From energy recovery ventilation to smart thermostats and a rooftop photovoltaic array, said Jeff Merrill, company principal, the industry reinforces Rosenblum’s commitment to sustainability and efficiency. The street-level retail space, which Rosenblum prefers to be a restaurant of some sort, is 2,279 square feet, though it can be divided into 948- and 1,331-square-foot spaces. Merrill said the company isn’t interested in a restaurant style but hopes to find an operator that thinks about how to complement its offerings to existing hospitality businesses downtown, to the south of Industrie, and the warehouse district to the north.
It’s worth noting that all restaurant equipment must be electric, Merrill said, because gas ranges wouldn’t fit with Industrie’s energy and sustainability profile. He said expected construction after the lease is signed will take about four months but could be longer, depending on the tenant’s desired design, equipment, fixtures and finishes.
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Restaurants, coffee/tea shops and specialty food businesses are among the businesses in Industrie that will be eligible for funding to help defray outfitting expenses under Capitalize Albany’s Downtown Albany Retail Grant Program. The finished restaurant could seat 50 to 75 people indoors, with about 20 more at sidewalk tables, Merrill said.
the details: The new five-story building, constructed on what was long a parking lot, has 80 apartments in studio, one- and two-bedroom configurations, with projected rents from $1,450 to $3,225 per month. The first residential tenants are expected to start on February 1st. The only retail space is located along the front, facing Broadway.
information: Alex Kutikov of Redmark Realty has the listing. 518-952-7500 or akutikov@redmarkrealty.com.
(tags for translation) News
