Thursday, May 26, 2005

Albany - Hotspot?

When in doubt follow the money. Especially when its big money. A NYC investment firm just dropped $38 million for a 390 unit apartment complex in North Greenbush. Why? From the Business Review:

"We are bullish on the Albany marketplace," said Gregory Lyden, a principal in Abacus (they are the buyers)

"Abacus plans cosmetic improvements at the 390-unit apartment complex and is looking for other investments in the Albany, N.Y., area. The company's principals are encouraged by the region's ongoing technology initiatives. "

"What we are seeing in Albany is a quiet transformation from a city which relied primarily upon the public sector for jobs to one which is increasingly gaining high-quality, technology jobs," said Abacus president Benjamin Friedman, in a press release.

For our sake, let's hope they are right.