Schenectady, N.Y. –  The Schenectady County Metroplex Development Authority today announced that 12 apartments on Lafayette Street in downtown Schenectady have been renovated by developer Chris Maddalone, while works continues on another Maddalone project the construction of eight new town home apartments being built around the corner on lower Union Street.

“We continue to see growing interest in residential development in downtown,” said Ray Gillen Metroplex Chair. “We appreciate Chris Maddalone’s commitment and investment in Schenectady.”

The developer acquired 27 Lafayette Street in early 2011.  Extensive renovations and remodeling of the building occurred during 2011 and 2012.  The 6,000 square foot building with 12 apartments is now 100% leased.  All 12 apartments were renovated along with substantial exterior upgrades to the building. Improvements included granite counters, hardwood floors and other amenities. The building is located very close to Union College, Union Graduate College, Proctors, the new downtown YMCA and many downtown dining spots.

While work at 27 Lafayette Street is now complete, construction continues on schedule at Union Square, a new town home apartment project being developed by Chris Maddalone and Charles Rosenstein, an Albany attorney, at the corner of Union and Barrett Street.  The Town Homes at Union Square feature 3-story upscale residential units featuring 1,300 square feet of living space.  A July 2012 opening is planned.

“The response to both projects has been very gratifying,” Maddalone said.  “We have 27 Lafayette leasing up very nicely and we have had many inquiries on the Town Homes at Union Square.”

A second phase of the Union Square – the Lofts at Union Square will feature 14 additional units with ground floor retail facing Union Street.

There is increasing interest in residential development in downtown Schenectady. The Downtown Schenectady Improvement Corporation (DSIC) used NYS Main Street funding to renovate 15 apartments.  The Galesi Group is creating seven loft units at 409 State Street.  Over 260 units of student housing are under construction by United Development across from Schenectady County Community College.  Additional residential units are planned for the former Alco site.

For more information, see www.27lafayette.com and www.unionsquareofschenectady.com.