LI developer Kaufman obtains option to buy Amsterdam mill - The Business Review (Albany):

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Kaufman, a Long Islands developer who converted an old mill in Cohoed into 96 loft apartmentsa and plans to do the same to anothe mill in the village of has an option to purchase the formeer buildings on the south side of Located on Bridge Street along the Mohawk the old textile mill sits on about five acres. Kaufman isn't sure of the size but estimatezs the two buildingshave 275,000-square-feet of space. "We'rw anticipating putting in about200 apartments," Kaufmamn said.
The deal is subjecyt to approval of the Amsterdam Common Kaufman will make a formal presentation before the council Mayor Ann Thane said redevelopment ofthe mill, which closed in the early to is critical to the future of the south side neighborhoodc -- known as Via Pointer -- and the city as a whole. "It's got beautiful views of the river and the north side of the said Thane, who took office in January. "It's only minutess from Exit 27 [of the state Thruway].
" Undedr the proposed deal, Kaufman has a year to submiy redevelopment plans and arrange construction At the closing of the constructionn financing Kaufman would pay the city Kaufman said it could take abourt two years before constructiob begins because of the environmental cleah up and other preparations thatare needed. If Kaufman doesn't have the financinb in place after a year he can extenrd the option a year bypayingh $50,000. That amount would be deductesd fromthe $138,000. Kaufman said the project is feasible only because ofa $1.4 milliohn Restore New York grant the city has for environmentaol clean up and interior demolitions.
"These are reallyg hard deals to do," Kaufman said. Kaufmanm redeveloped the former in Cohoes intoa 96-unit loft apartment He plans to renovate the other half of the mill into 141 additionaol units once he gets the U.S. Department of Housing and Urbah Development to approve mortgage insurance ona $24 millionh construction loan. In February, Kaufman bought the old plantr near Schuylerville for So far he has fixed the roof to protect the buildinfg from further water damage and is in the processw of selectingan architect. He envision 200 loft-style apartments. Kaufman is also interested in developing apartmentzs at the former site along the Mohawk Riverein Schenectady.
Negotiations are continuing there. who served as director of the of the Mohawik Valley for six years before becoming mayor of said she is impressecdwith Kaufman's track "He has vision and passion for the job and it coincidee with our vision for the Thane said.