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Albany IDA Project Index

4 Central Avenue

Project Number: 01011808

Project Address: 4 Central Avenue

Applicant Name: 4 Central Avenue

Owner(s): David Shemano

Developer: West Mall Office Center LLC

Project Description:

The project consists of the conversion of the Mayfair (currently vacant) into a mixed-use property, with 3,000 SF of retail to be located as a Central Avenue storefront and the remainder of the building to be converted into a total of 36 one-bedroom apartments. Based on a letter from the City of Albany Assessor (dated 03/20/2018), it is anticipated the assessed value of this property will increase from $300,000 to $3,098,000.

Approval Date: 7/19/2018

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): No PILOT

Estimated Employment Impact: 0 construction jobs and 5 full-time jobs created, 0 full-time retained

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