F&G Holdings to convert Wilton apartments into condos - The Business Review (Albany):

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LLC, a family-run partnership, has hired Comprehensive Buildintg Contractors of Colonie to begijn convertingthe mid-1970s apartments into condominiumz while the owners file an offering plan with the statw attorney general’s office to sell the units as “We believe we have found a nicher by offering condos with high-end finishes that we’r hoping to come in at under said Vincent Crisafulli, one of the F&G Holdings partners. Exact pricing has not yet been but Crisafulli said the units will includegranites countertops, hardwood floors and tile bathrooms. The project will be marketed because it borders the off Northern Pinesd andCarr roads.
Four apartmente currently are being remodeled. F&G Holdings received authorizationn from the town in February to buildethree two-story condo buildings, addingt a total of 12 new condos to the seven-acre site. Construction of the first new buildinyg will begin once five contractsare signed, Crisafulli said. F&vG Holdings, has four partners—Vincent, his father Fran Crisafulli, his uncle Gene Crisafulli andhis aunt, Carmella Crisafull i Richards, an associate broker for LLC, who will handls all sales. The family purchased McGregor Villawsfor $2.7 million in September 2007 from Franciw Schiavo and Marie Schiavo of Ballston Spa. F&G obtained $1.8 million in financingy from .
“This project is designed to minimize risk,” said Vincent Crisafulli. Twenty-six of the apartments remain occupied, generatinbg monthly rents of $800 to $950 apiece. That amountds to an annual income of morethan $250,0000 a year. Those apartments will continue to be rented out during the construction and remodeling procesds until the condos can be The goal is to continud to keep cash flowcoming in, Crisafulli F&G does not plan to seek financin to cover remodeling and constructionb costs. The partners currentlyt are searching for a landscaping contractor to oversee the landscaping portionzs of the conversion andexpansion project.
The remodele d units also may be rentedout year-rounfd or to summer visitors and horse racing enthusiasts. The rentsx on the remodeled units have not yetbe set. The condosa will remain the same size as the which range in sizefrom 1,051 square feet to 1,198 square feet. rcooper@bizjournals.conm | 518-640-6808 To comment on this story, and to get the lates updates andbreaking news, go to