The New York Tri-State Investment Sales group for Avison Young has been named the exclusive agent for the sale of Kenwood Commons, a 75-acre development site located in an Opportunity Zone in Albany, NY.
Avison Young’s Tri-State Investment Sales group led by Principal James Nelson along with Principals Charles Kingsley and Neil Helman and Associate Toku Saito are seeking offers on behalf of the owner.
The development site has shovel-ready plans for a 4.2 million-square-foot luxury urban living complex that includes residential, hospitality and associated amenities.
“This is a once-in-a-lifetime chance for a savvy investor to secure a best-in-class development centered around art, culture and wellness, and the ability to achieve significant returns through a diverse portfolio of income-producing units,” notes Nelson. “Additionally, because the site is located in an Opportunity Zone, Kenwood Commons provides its buyer with significant and immediate tax savings. We’re thrilled to market this property and expect to see numerous bids from a wide range of investors.”
The project gives investors the opportunity to transform a well-located land parcel based at 100 Kenwood Road into a modern development with condominiums, townhouses, workforce housing, a new luxury hotel/convention center, public facilities and green space. The Abbey, an estate constructed in 1852 that was later expanded into a 250,000-square-foot facility used by a convent, is the largest existing structure on the property.
The development is conveniently located less than a mile from Downtown Albany and Route 87.
It is also within five miles of seven major universities, close to five major hospitals, and the New York State House and convention center.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,700 real estate professionals in 85 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
