Exchange Building on auction block -, Albany News, Weather, Sports

Exchange Building on auction block

March 21, 2006

Albany - An historic building in downtown Albany is up for auction. Developer Peter Studl is selling the Exchange Building at the corner of Washington Street and Broad Avenue.

The building is 40,000 square feet and six stories high. Studl owns 28 properties downtown and says he selling this property, in part, to free up money to develop other projects. But he says he's not completely stepping away from the building.

"I may lease back spaces so in terms of that use, I would still be involved in it. The town really wants residential, condo apartment living downtown. So that would be a good use," said Studl.

Studl wouldn't say how much he hoped to get from the sell of the property. J. Durham and Associates is handling the auction, which is set for May 13th at the Hilton Garden Inn. The auction begins at 10:00AM.