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Investment firm buys State Street office building

Investment firm buys State Street office building

A second towering downtown office building in Albany is coming into the hands of a real estate inves

A second towering downtown office building in Albany is coming into the hands of a real estate investment and management firm.

The Heights Real Estate Co. announced today its $3.5 million acquisition of 100 State St., a 10-story structure built in 1902 and expanded upon 25 years later.

The downstate firm headed by Tony and George Huang is buying the property from the Rotterdam-based Galesi Management Corp. It plans to put the building’s facade and deteriorating clock tower through a $1.3 million restoration, according to Heights property manager Dan Kemp.

The deal for 100 State St. comes about 10 months after Heights bought the nearby 11 North Pearl St. for $8.25 million. Heights recently completed a $150,000 renovation of that 20-story building that once housed the Home Savings Bank and was built in 1927.

At the ground floor of 100 State St. is a FedEx Kinko’s shop. There are some vacant retail spaces in the building’s rear on Howard Street that Heights plans to lease out. The 90,000-square-foot building is 75 percent occupied. The Daily Gazette’s Albany bureau is on the second floor of 100 State St.

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