Five Building Portfolio

Five Building Portfolio

This $12.9 million portfolio of previously renovated office space is now available for conversion. Situated in an ideal downtown Albany location, the properties are located in the central business district surrounded by shopping, restaurants, and in close proximity to I-787. Eligible for $5 million in historic tax credits, this entire city block would be an invaluable asset to any portfolio.

Available properties:

74 N Pearl Street | The Kenmore Hotel | The Kenmore Hotel, a gorgeous Victorian Gothic building on North Pearl Street, with all of its grandeur and elegance, was built in 1878 by architects Ogden & Wright. The building still stands and is now used as office and mixed commercial space. The famous Rainbow room hosted such acts as The Benny Goodman Orchestra, Frank Sinatra, Duke Ellington, Cab Calloway, Tommy and Jimmy Dorsey and Guy Lombardo among many other national acts, was the scene of live NBC broadcasts and a favorite spot of Babe Ruth’s. In 1985 there was a 12 million dollar restoration project to construct office and retail space. Among the honors the Kenmore restoration received are the New York State Historic Preservation Certificate of Achievement, Buildings Magazine Award for Modernization Excellence; Historic Albany Foundation Preservation Merit Award and The Reconstruction Award from Building Design and Construction Magazine.

1 Steuben Street | The Steuben was built in 1886 in the Romanesque style as a grand mansion and home to the YMCA providing a library, reception hall, gym, squash, handball, indoor spa and beauty salon. In 1980 it underwent a 5 million dollar restoration.
Today it houses 37,000 sq ft of office space and the 40,000 sq ft Steuben Athletic Club. It has received numerous awards including New York State Parks and Recreation, Division for Historic Preservation Award; Historic Albany Foundation Preservation Merit Award, Buildings Magazine Modernization Award; Building Design and Construction Magazine Reconstruction Award and a listing on the National Register of Historic Places.

93 N Pearl Street | Capital Repertory Theatre | This property consists of a 53,000 square foot structure with 167 parking spaces. It houses the Capital Repertory Theatre which has been is a professional regional theatre and currently operates under the Actors’ Equity Association.

16 Sheridan Avenue | A five story, 107,000 square feet building serviced by 2 elevators. Formerly the home of the Times Union Newspaper and The Office of Real Property Services. Abundant natural light and uniform floors offer a perfect opportunity for residential conversion.

43 Columbia Street | Large, four story parking structure that provides 172 parking spaces over 62,000 square feet. Just steps away from the Kenmore Hotel and the Steuben buildings.

FOR: Sale


Michael McGovern
NAI Platform