• A Comeback Nearly Complete: Historic Factory Building in Troy Destroyed by Fire Rises from the Ashes

    A Comeback Nearly Complete
    Historic Factory Building in Troy Destroyed by Fire Rises from the Ashes
      
    Redburn Development Partners and PAZ Management announced today that their historic rehabilitation of the Searle Gardner building, located at 701 River Street in Troy, is nearing completion. The Collar Factory Lofts have been saved by the development duo twice – first from years of boarded up vacancy, and more recently from a catastrophic fire.
     
    When fire struck on July 19, 2019, the developers were 80 percent complete with the $15 million restoration of the vacant factory building. The three-alarm fire forced the team to start the rehab almost from scratch, after the entire 98,000 square foot building was damaged by fire, smoke and water.
     
    “Thanks to the work of the Troy Fire Department, we were able to save the bones of the building,” said Jacob Reckess of PAZ Management. Once the building was stabilized, the partnership refocused its efforts on the rebuild. “We committed on the night of the fire to get the property rebuilt,” Reckess continued, “and we are proud to be delivering on that mission and bringing 701 River Street back to life.”
     
    The property is now home to 77 one- and two-bedroom apartments featuring refinished original hardwood floors, large windows, soaring ceilings combined with modern fixtures and finishes. Rents start at $985 per month. The property boasts a gym, roof top deck, dog wash and game room, with ample parking and direct access to the new Ingalls Avenue Boat Launch on the Hudson River. Apartments are now being leased for May 1 move-ins. The model apartment is complete, and the property is now open for pre-arranged tours. The building is powered using Redburn’s proprietary green energy system with an on-site power generation plant, saving tenants money on utilities and reducing the property's carbon footprint.
     
    Commercial leasing is also moving rapidly, a benefit for the North Central neighborhood. Commercial tenants in the building include Stonewall Defense, Michelle Lange Photography, Massive Mesh Internet and Redburn Property Services.
     
    “Of the five commercial spaces we planned for the first floor we only have one remaining,” said Tom Rossi, a principal with Redburn Development Partners. “Interest has been strong from small companies looking for dynamic office and retail space with historic details, plentiful on-site parking, and easy access to both Downtown and the highway. We are proud to be supporting job creation and vitality in this area of the City.”
     
    The remaining 4,000 sq. ft. space available for rent, can be subdivided into several smaller spaces.
     
    The Collar Factory Lofts project was supported in part by a Restore New York grant from Empire State Development and a grant from National Grid. Financing was provided Community Preservation Corp. and JP Morgan Chase.
     
    Empire State Development Acting Commissioner, and President and CEO-designate Eric Gertler said, "This building once housed a shirt collar manufacturer that was vital to Troy's early legacy. We're proud to support the adaptive reuse of this former factory, whose new residents will help write the next chapter of the Collar City's history."
     
    Originally the Searle Gardener Cuff and Collar factory, and more recently known as the Marshall Ray building, the property played an important role in the City’s collar manufacturing past. The structure was built in 1898 and was used in collar making and the garment industry through the 1960’s. The building is listed on the National Register of Historic Places.
     
    Additional information can be found at www.thecollarfactory.com or by calling 518-344-4543.
     
    About the Developers:
    PAZ Management, INC is a family-owned real estate development and healthcare management firm based in Poughkeepsie, NY. Since 1981, PAZ has developed, owned and managed healthcare, residential and commercial real estate with a focus on community development and social value projects. This is PAZ’s first project in Troy, NY.
    Redburn Development Partners is leading the next generation of real estate developers. Redburn strives to undertake projects that are socially responsible and win-win projects for the community and neighbors. Redburn’s most recent project in Troy, The School One Lofts, is a historic renovation adaptive re-use apartment conversion project in the North Central neighborhood. The roughly 35,000 square foot school, built over 100 years ago, was converted to 28 market rate apartments and 100% occupied. www.redburndev.com