Only on 6: First look at 15 luxury town homes for sale on Schenectady casino site
SCHENECTADY, NY (WRGB) On Friday, we've learned the next phase of development at the Rivers Casino site is near completion, it's the only piece the public can take stake in.
15 luxury townhouses are going up for sale right next to the casino, and CBS 6 got the first look.
“We’re at the 8th inning, this will be done in another 2 weeks.”
David Buicko is CEO of the Galesi Group, the company that had a major part in developing the casino and the buildings around it. He gave us the tour of the town homes today
“The customers we’re going for are people who want a lifestyle, who want to be near the casino, to be near the amphitheater, near Druthers that opened today,” Buicko said.
In the next couple of weeks 15 luxury townhouses on the Schenectady project site are expected to be finished with construction.
Friday, CBS 6’s Anne McCloy got the first look inside one of the 4-story homes the developer says are one-of-a-kind in Schenectady.
“These are going to be upper-end townhouses overlooking to the river,” Buicko said.
The units have views of the Mohawk River on every floor. The unit Buicko showed us has a 4th floor wine cellar, a 2nd floor kitchen and a water front workout room attached to the 2-car garage.
How much you ask?
“The price ranges are in the $500,000-$700,000’s, ” Buicko said.
The town houses are the only part of the $500 million project that's yet to be finished, which includes the casino and buildings at Mohawk Harbor next door.
Buicko says the town homes have lower taxes than a home would in Schenectady, because they are taxed as condos.
The town homes aren't on the market just yet, but are expected to be listed in the coming weeks.
“We’re in the process of finalizing the association with the attorney general, so once the attorney general approves it we'll be ready to sell,” Buicko said.
Buicko says his company went into the project having no clue how successful they would be, because before, the area was a brown field.
“You can’t do a market study because there is no market,” Buicko said.
He has high hopes for selling the town homes after success with renting the luxury apartments next door at The River House.
There are 206 units, and as of Friday Buicko says 87% are rented.
“We own 11,000 apartments across the country. This is the most successful apartment I’ve ever done,” Buicko said.
After the town homes are finished, Buicko says the company will take a break from construction, but the next potential project on the casino property is already in the works.
Buicko says his company already has approval from the city to build 50 more condos on the casino site.
When or if those will go up will be decided in the near future.