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Albany IDA Project Index

54 State Property LLC

Project Number: TBD

Project Address: 52-56 State Street, Albany, NY 12207

Applicant Name: 54 State Property LLC

Owner(s): 54 State Property LLC

Developer: Jankow Companies

Project Description:

The project involves the renovation of an existing +/-180,000 SF ten-story commercial office building into 120 market rate residential units with ground floor commercial space totaling +/- 2500 SF consisting of a coffee shop and bank branch.

Approval Date: 4/16/2026

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): The decrease in revenue to the taxing jurisdictions is offset by the following benefits: the expected retention of commercial tenants downtown, the addition of over 100+ residents to the CBD, and the reuse of an existing commercial structure. Given the high rate of commercial vacancies in the CBD, the highest and best use of the subject property in the current environment is as a mixed-use market rate residential tower.

Estimated Employment Impact: The project is anticipated to create 2 jobs, retain 6 existing jobs, and create 80 construction jobs.

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