IDA approves pilot, tax exemptions for Cooper Properties’ 76 Warren Street conversion

Glens Falls — The Glens Falls Industrial Development Agency voted Nov. 13 to approve a pilot and related tax exemptions for Cooper Properties New York LP’s proposal to convert the former Post-Star building at 76 Warren Street into apartments and a small commercial space.

Tyler, the developer’s representative, told the board the company acquired the property about a year ago and initially sought to keep it as office/flex space but saw little leasing interest. "We proposed today is 22 apartments, with a 500 square foot commercial space," he said, and described a unit mix of two studios, 10 one-bedroom units and 10 two-bedroom units on one floor with interior parking on a large parcel.

IDA staff and developer representatives said the project lacks confirmed Restore New York or historic tax-credit funding and carries an additional 10-year loan on the property; they recommended a 10-year pilot to make the project financially viable. Staff also confirmed the pilot would be limited to the building’s current footprint and that remaining acreage on the parcel would continue to be taxed on assessed value unless brought into a future application.

The board moved, seconded and approved the resolution that includes the pilot plus sales- and mortgage-tax exemptions. Staff said the executed documents would be returned to the developer later in the week.

The board emphasized the project’s potential to catalyze more East End redevelopment, pointing to other recent projects (including work on South Street) that staff said have generated developer interest in nearby parcels. The board has scheduled its next meeting for Dec. 11 at 8 a.m.