The new apartments at 1040 are nearly full and one of the partners behind the project is getting ready to start its next project downtown. James Swiezy of Greenleaf & Company and Paul Kolkmeyer of Priam Enterprises converted the former Lutheran Nursing Home on Delaware and converted it to 49 rental units and office space. The $5.5 million project officially opened last month.
“We are over 90 percent leased at 1040 Delaware,” says Carrie Carney, head of marketing and leasing at Greenleaf. “We are now leasing our Garden Level apartments on the first floor. They are exactly like the other units except on the Garden Level. They turned out exceptionally well and have all the amenities the others do.”
“The hallways, parking lot and laundry facilities are now complete,” adds Carney. “The building has a completely different feel.”
Rents at 1040 Delaware range from $850 up to $1,295/month for the one and two-bedroom units.
The circa-1883 building has been home to a string of restaurants and bars beginning with Spaghetti Warehouse in 1988, Your Father’s Mustache, Sweetwater’s, and finally SensationZ which closed in 2004. The 43,500 square foot structure was formerly a lumber mill operated by E.M. Hager & Sons and will be named Hager Lofts.
Swiezy says they will incorporate the building’s architectural features into the residences and anticipates the project cost being in the $7.4 million range. The project will be using historic tax credits facilitated by Preservation Studios.
Work on the project is expected to begin this spring.
Get Connected: Greenleaf & Company, 716.885.8538