In Albany Demand Grows for Infill Townhouses

Four months ago I mentioned these five infill townhouses in Albany, and recently the developer announced that they sold out.  Coincidence?  Absolutely.  From Albany Business Journal writer Michael DeMasi: "The developer of five upscale townhouses in Albany, New York’s Center Square neighborhood said the last of the units was just sold.  Michael Crisafulli took on the urban in-fill project because it saw an opportunity to build on a vacant lot in the popular, densely-packed neighborhood near the Capitol.  Demand had not been as strong as expected during the initial phases, in part due to the property taxes.  But Crisafulli said interest spiked as construction progressed."  From Albany Times Union writer Chris Churchill: "Crisafulli Associates began construction on the project late last year, after years of planning (and negotiating with neighbors).  The rowhouses, which include about 2,000 square feet of space above parking, are a rare — for the Capital Region — urban infill project. 'It’s huge to have the garages,' Crisafulli said. 'People like Center Square, but they’re afraid of the (lack of) parking.'  The project’s apparent popularity with buyers, despite the down real estate market, would suggest there’s demand for more such housing."