$260,000
Historic Downtown Redevelopment Opportunity | Secured $750,000 Grant | Opportunity Zone An exceptional opportunity to acquire one of downtown Gloversville's most distinctive redevelopment properties. This rare multi-building offering includes a secured $750,000 renovation grant that transfers with the project, dramatically reducing redevelopment costs from day one. Positioned within a federally designated Opportunity Zone, the property also offers the potential for valuable tax incentives, creating a compelling investment opportunity with multiple layers of financial upside. Formerly operating as a bank, the property consists of three interconnected buildings filled with architectural character that cannot easily be replicated. Original bank vaults, safety deposit boxes, soaring ceilings, expansive open spaces, a mezzanine overlooking the main banking hall, and a large skylight create an impressive canvas for redevelopment while preserving the building's historic identity. A portion of the property has already been renovated into professional office space on both the first and second floors, providing immediate functionality and potential income while the remaining space is transformed. The balance of the complex offers tremendous flexibility for adaptive reuse, including apartments, mixed-use development, boutique hotel, brewery, restaurant, entertainment venue, event space, medical offices, coworking space, educational facilities, or other commercial concepts, subject to municipal approvals. Beyond the secured $750,000 grant, buyers may qualify for additional redevelopment incentives through local and state programs. Gloversville was awarded $10 million through New York's Downtown Revitalization Initiative (DRI), and additional funding opportunities may be available through the Gloversville Revitalization Improvement Program (GRIP), creating the potential to significantly offset renovation expenses. The property also offers exciting residential conversion possibilities. Apartment or mixed-use redevelopment may be feasible with municipal approvals, and the acquisition of a nearby parking lot could further support residential density while increasing long-term income potential. Some exterior improvements, including portions of the façade and flat roof, remain to be completed, allowing the next owner to customize the project while leveraging substantial financial assistance already in place. Located in the heart of downtown Gloversville, this property sits within an area experiencing continued public and private investment, just minutes from the Adirondack region and within easy reach of the Capital Region. The combination of historic architecture, existing improvements, transferable grant funding, Opportunity Zone tax benefits, and additional incentive programs creates a redevelopment opportunity rarely available in today's market. Projects offering this level of built-in financial support are exceptionally uncommon. With a secured $750,000 grant already in place, significant redevelopment incentives, and limitless adaptive reuse potential, this is an opportunity to accelerate redevelopment, reduce capital costs, and create a landmark project in one of Upstate New York's emerging downtown markets. Property brochure, grant information, and redevelopment materials are available upon request.
7.5
Baths
⋅
11914233
MLS
12-24 North Main St, Gloversville
