Subscribe for 33¢ / day
The Mill

The Mill apartment complex at the corner of Hudson Avenue and Elm Street has been sold and the new owners plan to renovate unfinished space on the second floor.

GLENS FALLS — The Mill apartment complex at the corner of Hudson Avenue and Elm Street has been sold and the new owners plan to renovate unfinished space on the second floor for additional apartments.

The Glens Falls Planning Board on Tuesday will review plans to renovate space on the second floor, which is the first floor completely above ground level, for 18 one-bedroom apartments and one efficiency apartment, bringing the total number of apartments in the six-story complex to 65.

The only exterior structural change is the addition of 10 heating and ventilation units, according to Planning Board documents.

Sale of the complex was completed on Friday to a real estate group that includes “a local investor,” said Keith Flores of Sunrise Management & Consulting, an Albany-based real estate company that manages the property.

Flores said he did not have permission to identify the new owners.

“The property has recently sold, and that is the only official information,” he said.

Glens Falls Mayor Jack Diamond would not identify the new owners, either.

A limited liability company affiliated with Amalgamated Bank has owned the complex since 2010.

The bank financed the $26 million project, completed in 2009, and took ownership from developer Bruce Levinsky under a settlement agreement to avoid foreclosure.

Levinsky headed an investment group that added three stories to a historic former glove factory building on the opposite side of Hudson Avenue from Glens Falls Hospital.

The project was originally intended to be condominiums, but no condominiums were sold once the national recession caused the market for condominiums to drop off.

Amalgamated Bank has rented housing units instead of selling them as condominiums.

The space on the second floor was originally designed, but never finished, for nine units that could be used either for offices or combined office and living quarters.

Space on the first floor, which also is vacant, was designed for retail or restaurant use.

The Planning Board meeting is at 4:45 p.m. Tuesday in the Common Council chambers on the third floor of City Hall.

The Planning Board also is scheduled to continue review of a controversial plan for Queensbury Taxi to use a building at 107 Bay St. for an office and dispatch center.

A neighborhood group is opposed to the plan.

Follow staff writer Maury Thompson at All Politics is Local blog, at PS_Politics on Twitter and at Maury Thompson Post-Star on Facebook.

0
0
0
0
0

Load comments