Real-estate developer The Rosenblum Cos. has purchased the former KeyBank property at 130 Fourth St. in downtown Troy for $400,000, according to a deed filed with the county clerk’s office on Tuesday. The Alt first reported in December that the property was under contract. The sale agreement dates to Sept. 20 of last year, a document related to the transaction shows.
Rosenblum intends to demolish the still-standing bank and construct a five-story building with 80 apartments and 4,000 square feet of commercial space. The project site encompasses a municipal parking lot next to the former bank property, which the city will transfer to the developer through a city-controlled nonprofit. (As part of the multifaceted deal, the city will acquire, through a series of transactions, the parking lot currently owned by Capitaland Taxi near the corner of Ferry and Fourth streets.)
Rosenblum, through a spokesperson, did not immediately provide comment for this story. The developer’s $23 million, mixed-use apartment complex at 501 Broadway, “The News,” is now leasing for occupancy starting next month, according to its website.
At the KeyBank site on Thursday morning, there were flyers under windshield wipers of parked cars that said the property is “UNDER NEW MANAGEMENT” and warned of potential towing.
Rosenblum’s plans for the site were preliminarily discussed at the city’s February planning commission meeting. Two nearby businesses—Famous Lunch and No Name Graphics—raised concerns about the project’s impact, minutes show. The commission’s chairman requested more information related to the company’s plans for 163 Fourth St., which it intends to demolish and transfer, along with 86 Ferry St., to Capitaland Taxi as part of the deal.
According to a declaration of restrictions filed with the county clerk’s office, KeyBank’s sale of the property to Rosenblum is subject to a two-year ban on the property being used in “any manner (including the display of signage) which is reasonably offensive, disreputable, immoral or illegal, which prohibition shall include, but not be limited to, use or occupancy (i) as a brothel or for adult entertainment or the sale or renting of adult books, magazines, videos or other adult products, (ii) for the sale of paraphernalia related to the use of illegal drugs (the term ‘illegal drugs’ specifically being deemed to include marijuana or related products, even if the same presently are or subsequently do become legal), or (iii) for the sale or consumption of marijuana or related products, even if the same presently are or subsequently do become legal.”
KeyBank spokesperson Michael Conlin told us that the restrictions are standard for the bank’s property sales and “reflect our values and commitment to taking a responsible approach to banking, citizenship and operations.”
The marijuana-related provisions are influenced by regulatory concerns, as state “legalization of marijuana does not impact KeyBank, because we are a federally regulated institution,” Conlin said.