Leasing for vacant Skyline apartments to begin spring 2025 amid housing crisis

The Board of Assessment Review meeting held on February 10, 2025, in Syracuse, NY, focused on several key topics, primarily revolving around the status of vacant properties and their potential impact on the local housing market. The discussions highlighted the urgent need for quality housing units in the city, particularly as leasing for new developments is anticipated to begin in the spring of 2025.

One of the main properties discussed was the Skyline apartment building, a 12-story structure that has been vacant for some time. The building features 63 studios, 297 one-bedroom units, and 7 two-bedroom units. The sale price for the property was approximately $12 million, with an assessed value of around $15 million. Concerns were raised about the building's condition, which has reportedly suffered from neglect, but there is optimism that cosmetic renovations could soon be underway to prepare for leasing.

The meeting also addressed two other properties on Jamesville Avenue, both of which are currently in litigation regarding their assessed values. The first property has a tentative assessed value of nearly $2 million, while the second is assessed at over $5 million. Property owners have contested these values, suggesting they are significantly lower than the current assessments. The ongoing litigation reflects broader issues within the local real estate market, where property values and assessments are under scrutiny.

Another significant point of discussion was the potential for the Vincent Apartments, also located on Jamesville Avenue, to be converted into student housing. This property, which has been vacant and is also in litigation, consists of eight three-story buildings with a total of 267 units. The proximity to local universities makes it a prime candidate for student accommodation, which could help alleviate some of the housing pressures in the area.

Overall, the meeting underscored the critical housing crisis facing Syracuse, with officials expressing a strong desire to see these vacant properties revitalized. The discussions highlighted the importance of addressing both the physical conditions of these buildings and the legal challenges surrounding their assessments. As the city moves forward, the outcomes of these discussions will be pivotal in shaping the local housing landscape and addressing the pressing need for affordable and quality housing options.