Conifer Station 25 Ribbon Cutting Marks New Era of Affordable Housing in Albany

ALBANY, NY, September 17, 2024 –– Conifer Realty, LLC, a nationally ranked leader in high-quality, affordable housing, today announced the grand opening for Station 25, a brand-new affordable living community in the historic city of Albany, NY. This new development, in the vibrant Park South neighborhood, marks a significant step forward in providing high-quality, affordable housing for families.   

Station 25, at 10 Morris Street, is a development comprised of a newly constructed five-story building and the rehabilitation of a historic structure that initially served as the original Fire Signal Equipment Building for the Albany Fire Department from 1917 to its closing in 1967.  

The building now serves as a historic entry to Station 25, the 51-home affordable housing complex, and as the apartment building’s community and amenity space. The historic building contains most of Station 25’s amenity spacing, including a community room with a kitchenette, bicycle storage, and a fitness center, allowing residents to get involved with social and health-based activities.

Station 25’s thoughtfully designed apartment homes include 40 one-bedroom and 11 two-bedroom units, for families earning between 30% and 60% of the Area Median Income (AMI). The community's swift lease-up, reaching full occupancy just two months after completion, is a clear testament to the dramatic need for affordable housing in Albany.

"We are thrilled to see the tremendous response from the community to Station 25," said Muammar Hermanstyne, Vice President of Development for Conifer Realty, LLC. "The fact that all units were leased within two months of completion underscores the significant demand for affordable housing in this area. This community will provide a safe, high-quality, and sustainable living option for families for many years to come."

Project managed by Conifer LeChase Construction, Station 25, a five-story, US Green LEED-certified community, features a range of amenities designed to enhance the quality of life for residents. The apartments boast spacious floor plans, oversized bathrooms, luxury plank flooring, and modern finishes, all complemented by energy-efficient appliances and fixtures. This includes fully equipped kitchens with Energy Star-rated appliances, energy-efficient doors and windows, and a smart card laundry center. Additionally, the community offers a beautiful great room for gatherings, a fully equipped fitness center, bicycle storage, a playground, a patio, and controlled building access.

"Projects like Station 25 are the cornerstone of community stability, offering residents an affordable place to call home, as well as a foundation upon which they can build secure and fulfilling lives,” said Jaime Tuozzolo, Senior Vice President, The Community Preservation Corporation. “At a time when cities across New York are working to address issues of affordability and supply, CPC is proud to join with Conifer Realty to help finance this new resource of quality affordable housing that will serve the Albany community for decades to come. My thanks to the team at Conifer, to our partners at NYS HCR, the City of Albany, and all of the stakeholders who have helped make this project possible.”

Conveniently located within walking distance of stores, restaurants, banks, and local schools, Station 25 provides easy access to neighborhood services and public transportation, with a bus stop directly in front of the community. The development also includes a semi-subsurface parking structure with 30 spaces and ample on-site parking.

The building’s design is in line with the Park South Urban Renewal Plan, transforming an underutilized and blighted property while preserving the historic fire signal building for resident use. By integrating adaptive reuse with sustainable building practices, Station 25 reactivates a historic community asset and contributes to the revitalization of the Park South neighborhood.

“By combining new construction with historic rehabilitation, Station 25 showcases Conifer’s commitment to meeting community needs and priorities,” said Michael Birkby, Director of Development Operations for Conifer Realty. “This project is the result of years of thoughtful planning and collaboration with local residents, reflecting our dedication to building vibrant communities, supporting the local workforce, and providing high-quality housing that enhances the lives of our residents.”

Total cost for the development was approximately $22.6 million with financial assistance in the form of a SONYMA-insured permanent loan provided by The Community Preservation Corporation, financing from KeyBank, federal low-income housing tax credits, and support from New York State and the City of Albany.       

Conifer currently owns and manages more than 7,000 apartment homes in New York state, with an additional 1,000 under construction.

About Conifer

Conifer Realty, LLC is a nationally ranked, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities. The company maintains offices in Rochester, NY, Boston, MA, Mount Laurel, NJ, and Columbia, MD, while expanding into new markets across the Northeast and Southeast to fulfill the pressing need for high-quality, affordable housing. The company has developed more than 21,000 affordable housing apartments across more than 300 residential communities.

Visit www.coniferllc.com or find us on LinkedIn for more information.