Property Description

Exceptional 3-building redevelopment and investment opportunity in the heart of Downtown Gloversville with a $750,000 grant already secured toward redevelopment. Approximately half of the property has been renovated and is ready to rent now as commercial/office space, creating potential for income while the new owner completes redevelopment of the remaining portions. Located within an Opportunity Zone and surrounded by ongoing downtown investment and revitalization, this property offers existing improvements, substantial secured funding, flexible space and long-term value-add potential. Formerly a bank, the property features striking architecture and one-of-a-kind character, with the original bank vault and safe deposit boxes still in place. The impressive main bank area offers soaring ceilings, a skylight, mezzanine level, large windows and an expansive open interior that could become a truly unique destination. Potential uses include a brewery, restaurant, event venue, market hall, entertainment destination, co-working facility, professional offices, retail, boutique hotel or mixed-use redevelopment, subject to approvals. In addition to the $750,000 grant already secured, buyers may have opportunities to pursue additional local and state economic-development funding, including programs connected with Gloversville's Downtown Revitalization Initiative (DRI) and other redevelopment and revitalization programs, subject to availability and eligibility. Multiple entrances and flexible floorplans allow the three buildings to support multiple tenants, businesses or uses. Residential conversion potential may also exist for apartments, lofts or live/work spaces with acquisition of nearby parking and required approvals. Exterior improvements are needed, including portions of the façade and flat roof. With three buildings, $750,000 in secured grant funding, approximately half the property rent-ready, Opportunity Zone location, incredible architectural character and numerous redevelopment possibilities, this is a rare opportunity to create a landmark destination in Downtown Gloversville.

Property Features

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