Boutique Hotel Conversion in Albany, NY

[Wesley Sherow]

Investment Info:

Other buy & hold investment.

Purchase price: $635,000
Cash invested: $200,000

Built in 1880 as a single-family address, this rare three-story grand brownstone designed by Ogden and Wright was purchased by myself and investors for conversion to a boutique hotel. This project is still ongoing, so more to come.

What made you interested in investing in this type of deal?

I have been in the short term rental space for quite some time now. This is one of the last remaining buildings in Capital Square that has legal Bed and Breakfast usage rights. In addition to that the price was amazing, so I couldn't pass it by.

How did you find this deal and how did you negotiate it?

I had been watching this property listed overpriced for many years. The moment the price was reduced I jumped on it.

How did you finance this deal?

Through a construction and purchase loan with a hard money lender.

How did you add value to the deal?

We are fully renovating the property from top to bottom.

What was the outcome?

Still in progress!