If the bricks of Troy could talk.
The city along the Hudson River, once an epicenter of the industrial revolution in the 1800s boasted an economy greater than New York City. Intersecting waterways were the main form of transportation fueling industrious Trojans who thrived along their banks. Shipping, textile and steel mills flourished and so did wealth. At one time, First Street became known as “Banker’s Row” with 22 financial institutions.
Many of these artfully adorned bank buildings, factories and department stores covering city blocks, interspersed with hotels, row houses and townhomes endure to this day. The city of Troy has seen economic ups and downs; and still, the architecture remains a testament to its past grandeur.
Today, entrepreneurs, fast-growth companies and forward thinking developers once again recognize the value of this river city and are dusting off the grit. Those with true insight who value the past are bringing dignity back to these stately buildings.
Factories
Repurposed
Local and out-of-state developers have brought Troy's monolithic historic factories into the 21st century.
How Troy's factories are seeing a new life (Video)
Once, these factories produced textiles, shirt collars and paint. Today, developers are converting the buildings into apartments, offices and retail space.
Albany Business Review — May 5, 2017
UNIQUE DEVELOPMENTS
MONUMENT SQUARE
Luizzi Cos. and Velan Studios have partnered on a $50 million development for Monument Square. It will consist of 30,000 SF for Velan's gaming studio offices, 20,000 of retail including a restaurant, 51 apartments, 100 parking spaces and a park that will eventually be turned over to the city and maintained by the developer.
BELLA VITA
Troy real estate developer R.J. Valente Cos. has designed a new 5-story, market-rate apartment complex of 193 units with 236 covered parking lots and resident amenities including a pickleball court on the site of the former Uncle Sam parking garage. Construction starts in Summer 2026 with completion expected by yearend 2027.
HVCC TRAINING CENTER
Hudson Valley Community College is creating a workforce training center on its Troy campus. The $64 million, 125,000-square-foot Applied Technology Education Center will support students pursuing a variety of careers in the trades and applied technology-related fields, including automotive repair, electrical construction, renewable energy and semiconductor manufacturing.
SOL
On the coattails of completing two apartment complexes: The News (a 101-unit redevelopment project at the site of the former Troy Record building) and Vincia (80-units at 130th St.), the Rosenblum Companies will be replacing a vacant, suburban-style former bank branch and surface parking lot at 1818 Fifth Avenue in the historic downtown of Troy, with the City’s first zero-emission multifamily building.
CENTRAL ROCK GYM
20,000 square feet of rock climbing terrain overlooks the Hudson River. The fitness facility includes 45 ft. walls, an extensive bouldering area, general fitness equipment and yoga classes.
KING'S LANDING PHASE II
The first phase of the BDC Group's Incite, a 5-story complex of 55 luxury student apartments, was completed in 2020. An adjacent building called King's Landing Phase II adds another 62 units and a covered garage of 68 parking spaces completed in 2026.
FRANKLIN ALLEY
City of Troy, Rensselaer County and The Arts Center of the Capital Region have banned together to dramatically improve downtown's most central alley. New drainage, curbing and murals by artist Joe Iruato have turned a drab and scary backstreet into a beautiful pedestrian walkway.
AI CENTER OF EXCELLENCE
An Artificial Intelligence Center located at 19 Third St. is home to AI technology, facilitates research & development, host events, supports startups, and creates AI solutions for customers. Partners include Microsoft, IBM, Columbia University, Rensselaer Polytechnic Institute and DeFacto Global.
CITY STATION NORTH
United Group's City Station North is the fourth phase of the City Station neighborhood. Built along Sixth Avenue between Congress and State streets, it is a mixed-use property with 87 multi-family apartments and 40,000 SF of commercial office space.
INNOVATIONS
Tech Center of Gravity
innovation garage
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$1 million investment in 22-24 Fourth St. building to help startups and aspiring "solopreneurs"
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Focused on the “Creative Economy”
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To include freelance writers, web designers, social media promoters and Gramercy Communications, the building owner’s headquarters
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Space designed to facilitate communications and idea exchanges
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Walk-ins can rent space in the office for a day or on a longer-term basis, conference rooms and meeting rooms available
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Historic Quackenbush building reimagined and renovated to accommodate a growing technology and manufacturing industry
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New home of the Tech Valley Center of Gravity, a maker space and incubator used by students, inventors, entrepreneurs.
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Includes cutting-edge 3D printers, wood shop, metal shop and a commercial kitchen for cooking classes and demonstrations.
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eTextile classes combine fabric and textiles with electronics and is the foundation of wearable device prototyping
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AT&T, National Grid and NYSERDA are $MILLION sponsors
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Children’s 3D Printer program
Residential
For those interested in city-living, the lure to Troy is about being a part of a connected, walkable urban community.
In 2026, the average apartment rent in Downtown Troy is $1,705 for a studio, $1,699 - $1,930
for a one-bedroom, and $1,225-$2,100 for two bedrooms.
 |  |  |
|---|---|---|
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Within a few years, more than
2,626
NEW UPSCALE
apartments have been created and are in development.
Built and rented = 1,702
In development = 924
TOTAL = 2,626
