The developer is also seeking tax breaks from the city's industrial development authority.
The long-expected sale moves the planned 80-unit, mixed-use apartment building closer to realization.
The council approved the previously tabled sale of 86 Ferry St. to the Rosenblum Cos., though the developer will transfer it to Capitaland Taxi.
The Troy city council tabled a sale of a small parcel slated for parking as a KeyBank site acquisition looms.
The real-estate developer disclosed plans for a potential project on Fourth St. in proposals for two city-owned parcels.