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NEWS RELEASE                      For Immediate Release

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Contact: Ray Gillen, Metroplex
(518) 377-1109
(518) 461-7137 (cell)

New Residential Project Will Start Construction on Union Street

in Downtown Schenectady

December 13, 2011, Schenectady, N.Y., — The Schenectady County Metroplex Development Authority today announced that work will begin this month on a new $3.1 million upscale residential development in downtown Schenectady.

Judy Dagostino, Chair of the Schenectady County Legislature said, “This project continues the redevelopment of Downtown and provides additional housing options for new residents being hired by GE and other growing businesses in Schenectady County.”

Mayor Gary McCarthy said, “The City strongly supports this project as it supports our efforts to attract tech workers and their families to Schenectady.  New and renovated housing units help us achieve this goal and we appreciate this new investment in the City of Schenectady.”

Chris Maddalone and his partner, Charles Rosenstein, are developing the new project at the corner of Union and Barrett Streets in downtown Schenectady. A vacant boarded up building and a vacant lot will be replaced by eight new upscale townhome apartments each with their own garage. Each townhome will have approximately 1,350 square feet of space.

The total investment for the first phase of the project is over $1.5 million and financing will be provided by Kinderhook Bank.  The developers have hired J. Luk Construction Company of Rotterdam to build the new complex.

The two developers have recently built seven new homes in Schenectady. They also recently completed renovations to a nine unit apartment building in Albany’s Park South Neighborhood and a 12 unit building on Lafayette Street in downtown Schenectady.  Chris Maddalone owns a company that builds, renovates and manages residential and commercial real estate in the Capital Region.  Charles Rosenstein is an attorney based in Albany.

Chris Maddalone said, “Having lived in Schenectady all of my life, I am very excited to play a role in the City’s renaissance.  We’ve been very pleased with the feedback from the community about this project and have already begun receiving inquiries about a waiting list.”

Charles Rosenstein said, “We are proud to be a part of a successful revitalization of this great City and we look forward to providing the City and its residents with a brand new residential living option that we believe will benefit Schenectady for years to come.”

The two partners plan a second phase of the project which includes construction of a new building facing Union Street that will contain 14 apartments on three floors and ground floor retail space. They hope to break ground on this second project next year. The second project represents an additional $1.6 million investment in downtown Schenectady for a total new investment of $3.1 million.

Metroplex is providing a $150,000 grant toward the cost of site preparation. Metroplex is also providing a $200,000 loan toward construction costs at 5% interest.

Lower Union Street is just a short walk from Proctors, Union College and the Stockade neighborhood.

Ray Gillen, Metroplex Chair and Commissioner of Economic Development and Planning for Schenectady County said, “As downtown develops, we are seeing more interest in renovating and building upscale residential units. We thank Chris Maddalone and Charles Rosenstein for their commitment and new investment in Schenectady County.”

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