A South Troy Eyesore Getting a $38 Million Apartment Complex
South Troy will be getting a much-needed makeover in the way of a $38 million apartment complex. It lays on a piece of land in an industrial lot adjacent to the Hudson River.
Where in South Troy Will it Be Built?
There are approvals from the city that will allow an eighty-one unit, four-story building to begin construction at the end of this year or the beginning of next year according to the Albany Business Review. The new apartment complex would be built at 244-246 First Street and be named Poestenkill Place.
What Kind of Apartment Complex will be Built?
There is an enormous need for affordable housing in South Troy and that's what this new complex will provide. Officials from The Community Builders who will be building the property say:
Some studies show over 25% of Troy residents live in poverty. That's the highest rate among [local cities]. Even beyond that, some of our market studies show over half of renters are cost-burdened, meaning over 30% of their income goes toward housing costs.
What Will the Apartment Rents Be?
A studio apartment inside Poestenkill Place will be $725 up to around $1300 for a three-bedroom unit for lower-income families. For moderate-income families, rent would range from $1200 for a one-bedroom to about $1675 for a three-bedroom apartment.
Why the Name Poestenkill Place?
The name comes from the nearby stream that empties into the Hudson River. The area that the apartment complex is being built on is about one acre and was used as an industrial park more than one hundred years ago. They will have to remove soil contaminants including petroleum under New York State's Brownfield Cleanup Program
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