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Albany IDA Project Index

The Arcade Building

Project Number: 01011407

Project Address: 482-488 Broadway

Applicant Name: 488 Broadway Arcade LLC

Owner(s): David Sarraf, Harris Sarraf, Yahya Saraf

Developer: Fairbanks Properties

Project Description:

The project consists of the conversion of an approximately 75,000 SF mixed-use retail and commercial office building into mixed-use retail and residential. The Applicant is proposing 68 residential rental units (floors 2 - 5), of which 28 will be studios and 40 will be one bedroom apartments. The first floor will include 12,000 SF of rentable commercial space that could accommodate up three to ten potential retail tenants.

Approval Date: 12/19/2013

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $403,797

Estimated Employment Impact: 55 construction jobs and 20 full-time equivalent jobs created, 0 full-time equivalent retained

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