The new arrangement is expected to save the Schenectady-based nonprofit $10,000 a year in operating costs. Girls Inc. sold its “as-is” two-story, 9,000-square-foot building at 25 Western Ave. to Fairbanks Properties LLC for $80,000, said Gail Wilson-Giarratano, CEO of Girls Inc.
Fairbanks also bought the adjoining property at 27 Western Ave., which it plans to convert to 33 apartments, said Tracy Metzger, senior director at Hunt Commercial Real Estate in Albany.
NABA, at 301 Washington Ave., is less than a block away from 25 Western Ave., in a low-income section of the city.
The Western Ave. building is about 100 years old and required between $200,000 and $300,000 in structural work, including an elevator and accessibility for disabled individuals.
“We needed to stay in the neighborhood, but as a tenant and not a building owner,” Wilson-Giarratano said. Selling to a for-profit company puts the building on the tax rolls, she said. Like most nonprofits, Girls Inc. is exempt from paying property taxes.
Girls Inc. will continue to own its building on Albany Street in Schenectady, home to its administrative offices and program space.
The organization provides programs for 200 mostly inner-city girls at sites in Albany, Schenectady, Rensselaer, Saratoga, Fulton, Montgomery and Schoharie counties. It operates with a $1.8 million annual budget.
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