GLOVERSVILLE - A group of investors known as Getz Holdings purchased the Yale Street apartment complex on Aug. 31 and has been working since then to improve the apartments.
The Northville-based holding company purchased the complex at 49 Yale St. for $270,750 from Edward G. Ashcroft, according to Fulton County real property records.
Christian Klueg, one of the investors, said Getz Holdings has spent more than $100,000 already to dramatically improve the building inside and out, including new individual heating units for each of the 19 apartments, new roofs and a fresh coat of paint.
The apartment buildings at 49 Yale St. in Gloversville are seen Thursday. (The Leader-Herald/Bill Trojan)
"The boiler that was in there was pretty much done," Klueg said.
He said the group is attempting to make sure the investment remains in the city with local businesses and residents taking care of much the work including the installation of the new heating system and painting.
Klueg said the group is still working to finalize a name that will be prominently displayed on a sign at the complex. They are considering "Glove City Commons," although they are not sure if that name is not already in use elsewhere in the area.
Klueg said as the apartments become vacant, each unit will be renovated with fresh paint and new carpets.
"I can only do them as they become vacant," he said.
The group is looking to do some landscaping to improve the outside appearance, Klueg said.
"I've owned, bought and sold real estate in the city of Gloversville over the last 10 years and have been looking for a larger project, and this was available," Klueg said. "I think there is a lack of affordable housing that is maintained well in the city, so we are trying to make an apartment complex that is affordable, well maintained and a place tenants are proud to live at."
He said currently there is only one vacancy in the 19 apartments, and rent ranges from $425 to $500 per month. He said 17 of the units are one- bedroom and the other two are two-bedroom units.
There is an onsite laundromat available to the residents, Klueg said.
He said a lot of investors a skittish about putting their money into Gloversville projects, but he and the other investors feel encouraged about the direction the city is heading.
Klueg said Mayor Dayton King has been working closely with the group throughout the process, which has given them confidence that the city is working with them.
"What [Klueg] is doing is a good investment of an existing building by updating and fixing the interior and exterior, and it is good for the whole neighborhood," King said. "I appreciate him and other investors that want to spend money here in Gloversville and really rehabbing those buildings that are still structurally sound but just need a little TLC."
Levi Pascher can be reached by email at email@example.com.