705 Broadway, Albany, NY 12207-2301

This exceptional ±1.24-acre commercial land parcel in Albany, NY, presents a unique investment opportunity. Located at 705 Broadway, Albany, NY 12207, this property boasts full approvals for a substantial development project encompassing approximately 180,000 square feet. The approved plans include a six-story building featuring 134 residential units ranging from studios to two-bedroom apartments. In addition to the residential component, the project incorporates approximately 14,000 square feet of ground-floor commercial space, ideal for retail or office tenants. The development also includes plans for approximately 64 parking spaces, ensuring ample parking for residents and commercial tenants. The site benefits from its strategic location, offering excellent proximity to I-787 and the Albany Skyway, providing convenient access to major transportation arteries and a wide array of commercial establishments and amenities. Furthermore, the property is directly adjacent to the newly constructed Hyatt Place Albany, further enhancing its desirability and potential for success. A significant advantage is the availability of potential Brownfield tax credits, which may be transferable to the purchaser for additional consideration. The potential for tangible property credits is estimated at $9.6 million, offering a substantial financial incentive. This prime location, coupled with the approved plans and potential tax benefits, makes this a compelling investment opportunity for developers seeking a high-impact project in a thriving urban setting. Detailed plans and offering packages are available upon request.