An old mill in Victory, New York is one step closer to receiving new life thanks to the additional support Riverview Realty LLC received from the Saratoga County Industrial Development Agency.
One of The Harmony Group’s apartments in Cohoes
Uri Kaufman, a partner with Riverview Realty and president of The Harmony Group, bought the mill nearly seven years ago for $50,000. Kaufman is known in the area for transforming former factories and warehouses into residential properties.
This past Monday, the IDA approved a $25 million mortgage that will help Riverview Realty finance the $26 million dollar mill project. Mortgage, sales and property tax breaks on the project were also rewarded to Riverview.
The 22,000 square-foot mill, only 10 miles away from Saratoga Springs, will now house 98 loft-style apartments and a pre-school. Denise Williams, Harmony Group’s CFO told Albany Business Review that construction will start within six month after financing has been set.
We can’t wait to see the finished product!
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