Minnow Associates, a Brooklyn-based construction company, has purchased the site of the former Irish Mist bar, a factory building next to the Poestenkill in Troy, for $125,000, a representative confirmed to The Alt on Tuesday.
“We definitely want to fix it up, bring something nice into that space,” Pawel Paliwoda, the representative, said. A restaurant on the ground floor with “artist lofts” on the upper floors may be considered.
This is Minnow Associates’ second prominent purchase in Collar City. Last summer, the firm acquired the historic, five-story Cannon Building for $2.5 million.
Jim Conroy of Berkshire Hathaway HomeServices, who represented Pennsylvania-based seller Apex Mortgage Corp., said the project could be a “game-changer” for the neighborhood. Daniel Slote of NAI Platform, who represented the buyer, declined to comment.
Paliwoda did not have information available regarding a potential project timeline.
The sale comes as the city prepares to adopt a new comprehensive plan that calls for “major reinvestment” along Troy’s waterfront. Among the potential changes within the Irish Mist building’s vicinity:
¶ The construction of an enhanced “neighborhood entrance” at the Second St. canal crossing.
¶ The relocation of the road salt pile.
¶ The sale of the remediated former Scolite site “for flex-office…but with the creation of a park buffer along the canal.”
¶ The construction of a regional commuter rail station, sited at the intersection of Canal Ave. and a long-planned truck route, which would “use the existing rail infrastructure to link to the Rensselaer Amtrak station, to the City of Albany and other significant destinations.”
¶ The creation of “a linear greenway” along the canal, “providing bike and pedestrian access from the waterfront through the neighborhood to Prospect Park and the Poestenkill Greenway.”
There is, of course, no guarantee that all or any of the city’s plans will come to fruition. Notably, when Irish Mist closed in 2013, its owner, Don Russell, lamented the city’s unfulfilled promises of “a pocket park, a Hudson River estuary research center, and a greenway along the Poestenkill,” according to the Troy Record.
There’s also the potential issue of the canal itself, which Conroy, the seller’s representative, referred to as both the building’s greatest amenity and greatest threat. “They’re not intimidated by the environmental conditions,” he said of the buyer.
Several blocks north of the Irish Mist site, the conversion of the former Old Brick Furniture building to 80 market-rate apartments is currently underway.