In September 2019, the Albany County Land Bank became the owner of 202 Kent Street in the City of Albany. This, like many properties that were once owned by the Land Bank, came to us as the result of a tax foreclosure. The rowhouse needed significant rehabilitation to become a home once again. The Land Bank’s initial attempts to market and sell the property in 2019 did not result in an approved buyer despite receiving interest from five applicants.
The exterior of 202 Kent Street once had a front porch that was in falling down. The porch was removed by the Land Bank to mitigate the hazard and since replaced by the new owner who is restoring the home.
“One of the most frustrating things we experience is seeing potential in a property but limited interest,” said Land Bank Executive Director Sean Maguire. “At the Land Bank, we would restore every property we take possession of but that’s well beyond our capacity so we rely on others with the experience to take on these projects.”
In 2024, changes at the Land Bank made this property available again in its monthly sales cycle. As a result, three potential buyers submitted applications in 2025 to buy the property. After multiple attempts to find a buyer to invest the time and effort needed to bring this property back to life the Land Bank matched with Pavel Karakalchu, a local real estate developer who proposed to restore the property and rent it to tenants.
The property held signs of past occupants and graffiti from trespassers. As part of the full rehabilitation of the building, most walls have been taken down to the studs and will receive new drywall, taping, and paint. Flooring is also being replaced.
In his application, Mr. Karakalchu stated his intention to restore the property by “gutting it” and bringing it up to code. His renovations plans include new framing, new windows, a new roof, a new HVAC system, new flooring, a new kitchen, and update plumbing and electrical throughout the house. When we visited the house in May 2026, Mr. Karakalchu has demonstrated significant progress and anticipates being done around August 2026.
"In late 2025, the Board of directors approved Pavel's application to purchase this property,” said Land Bank Operations Coordinator Lillian Futch. “Land Bank staff felt comfortable recommending his work based on previous successful rehabilitations - we were impressed with his commitment to restoration while maintaining clear communication with us about project milestones, which is crucial during this type of work. The project's completion is steadily approaching, which is a testament to Pavel's ability to mobilize efficiently. This benefits all involved, especially given the urgency for suitable housing in Albany County."