(Schenectady County, NY) The Schenectady County IDA today closed on the sale of 487 Nott Street. The Galesi Group purchased the building for $200,000. The Rotterdam-based developer will renovate the historic building which dates back to the 1870’s into new apartments investing more than $2 million.
Gary Hughes, Chairman of the Schenectady County IDA said, “The former Nott School is a landmark and we are so pleased to this this historic renovation move forward. Filling this vacant building will also add to the development momentum on Nott Street where we announced Union College’s plans to renovate a vacant bank just a week ago.”
Richard Ruzzo, Chairman of the Capital Region Land Bank and a member of the County Legislature said, “This project takes a vacant building in need of major renovations and turns it into an asset for our community with high quality affordable housing in a commercial corridor that is undergoing significant transformation and investment. This type of project is core to the mission and work of the Land Bank and we look forward to its completion.”
The Capital Region Land Bank has committed $300,000 in funding for building renovations. The funding was made available to the Land Bank by NYS Attorney General Eric Schneiderman. The Land Bank’s mission is to help revitalize vacant and distressed properties.
David Buicko, CEO of the Galesi Group said, “The renovation of the former Nott School will result in new apartments close to Union College, Ellis Hospital, Price Chopper Headquarters and Mohawk Harbor. These units will create live-work opportunities for the thousands of employees that work within blocks of this formerly vacant building.”
Built in 1877, the building at 487 Nott Street served as the Nott Street School until 1942. The building was used to support the war effort during World War II and most recently, the County’s Department of Social Services occupied the facility until 2009.
Renovation work is underway with a completion date of early 2018.
The IDA is administered by Metroplex under Schenectady County’s unified development team. Metroplex is currently working to preserve more than 20 historic buildings in Schenectady County including four former schools.