2.21.21 - Tax exemptions approved for $52 million conversion of historic Troy building
'A developer in Westchester County was awarded tax exemptions to help finance the conversion of a historic textile mill in Troy's Lansingburgh neighborhood into apartments and commercial space.'
'The Troy Industrial Development Authority voted unanimously Friday to approve exemptions requested by Regan Development of Ardsley for the $52 million conversion of the Standard Manufacturing Building at 750 Second Ave., originally known as the Lion Factory.'
'The six-story, 246,000-square-foot building fills a city block between 120th and 121st streets.'
'Built in the 1880s, it housed the United Shirt & Collar Co. until the 1940s, one of the largest shirt and collar factories in the world. The building is eligible for inclusion in the National Register of Historic Places.'
'Regan Development will convert the upper floors into 151 market-rate and affordable apartments and renovate 30,000 square feet on the first floor for commercial tenants.'
'A uniform and apparel business owned for decades by the Arakelian family will remain on the second floor.'
'"This project will be a great facilitator for economic revitalization of that Second Avenue corridor in Lansingburgh," said Larry Regan, president of Regan Development. "It's going to bring people up to that section but also a lot of new commercial businesses will go in."'