In June 2023, the Albany County Land Bank received 260 Bradford Street from Albany County as the result of a tax foreclosure. The property had been vacant for a number of years and fell behind on its taxes starting in 2012. This building was originally intended to be part of an affordable housing development on Ontario Street, but the cost to renovate and restore the building was not feasible in that larger project. Instead, the Land Bank worked to find a developer willing and able to give this building a new purpose.
The exterior of 260 Bradford Street was marked by boards and graffiti, despite the two trees in front that hid much of this from public view. During the rehab, the trees were removed due to their proximity to the building and a new exterior was added to this building that now includes 10 apartments.
Vacant buildings often have stories behind them that document how they came to the Land Bank. This building, along with an adjacent and nearby buildings on Ontario Street in the City of Albany, had once been used by a local nonprofit organization that worked in the community. It housed Project Strive, an organization that provided preventive services to at-risk families and children. When the organization encountered financial difficulties that started around 2010 with an IRS tax lien, it never fully recovered and one of the outcomes was this eventual tax foreclosure. Vacancy over the years led to deterioration and the building required significant rehabilitation to be reused for apartments.
“Vacant buildings provide opportunity for those that see it and can put the pieces together to create an active reuse for the property,” said Land Bank Executive Director Sean Maguire. “This building, and the adjacent one on Ontario Street, needed someone with the vision and resources to transform it from one that has a negative impact on a neighborhood into one that will introduce new neighbors into this corner of Albany.”
Before it was sold, the property still showed signs of its use by the former nonprofit owner, including vandalism during its period of vacancy. After being fully restored, the building now includes one, two, and three bedroom apartments in the space where offices and dormitories once stood.
After separating the property from the affordable housing development at 130 Ontario Street, the Land Bank made the property available for sale. Local developer and real estate investor Patrick Chiou presented an application and offer for both 260 Bradford Street and 135 Ontario Street. After negotiating, the Land Bank and Chiou came to an agreement and both properties were sold to him. In his application, Chiou committed to a gut rehab and interior demolition in order to build out ten new apartment units. The work included new electrical service, plumbing, framing, and interior finishes like paint, flooring, trim, and appliances.
“When I visited the property this month, I was impressed by the transformation that Pat and his team made here. He replaced a building that was the subject of constant maintenance and monitoring with one that has a fresh look and feel with one, two, and three bedroom apartments,” said Maguire. “And its central location in Albany makes it easy to find your way around.”