Let's Thank the Naysayers
Could such a project succeed in the Capital Region? Would people here embrace living in formerly industrial space? Would anyone pay top dollar to live in a section of Cohoes that offers few residential comforts?
With Harmony Mills near full occupancy since its opening, the answer to all three questions has been a resounding yes — allowing Kaufman to launch the $24 million second phase of construction.
Those rents are top of the line in the Capital Region, where the average monthly rent in 2009 was $833, according to the Census Bureau. They are especially high for Cohoes, where the median single-family house price last year was just $168,000.
Nevertheless, more than one-third of the 135 Fallsview units were pre-leased at the time of the opening.
“We’re finding the market to be quite strong,” Kaufman said. “Never in our wildest dreams did we think we’d have this many units occupied so quickly.”
Thank you pundits and demolitionists. You guys are the best.