Albany IDA Project Index

30 S Pearl Property LLC

Project Number: TBD

Project Address: 30 South Pearl Street, Albany, NY

Applicant Name: 30 S Pearl Property LLC

Owner(s): Ryan Jankow (100%)

Developer: Jankow Companies

Project Description:

The project involves the renovation of an existing +/-195,181 RSF 14-story commercial office building to bring the building back to Class A office standards. Over 50% of the net rentable space in this property is vacant. The project will rely on attracting tenants from 52-54 State St in addition to attracting new tenants to downtown. The property also includes a courtyard, 25 parking spaces and a 4,000 SF vacant restaurant space.

Approval Date: Under Review

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): The estimated decrease in revenue to the taxing jurisdictions is offset by the following benefits: the expected retention of commercial tenants downtown, the retention and creation of +/- 329 jobs, and the refurbishment of an existing commercial structure. It should be noted that, but for this project, there is a high likelihood this property would see increasing vacancy rates, decrease in value and ultimately struggle to operate and pay taxes while servicing debt.

Estimated Employment Impact: The project is anticipated to create approximately 80 Construction jobs, retain 249 existing jobs, and create 105 permanent new jobs.

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