8/22/2013 10:30:06 AM
Times Union: Kiernan Plaza sale now a done deal
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NanoCollege purchase makes eminent domain proceeding unnecessary
The College of Nanoscale Science and Engineering closed Wednesday on its purchase of historic Peter D. Kiernan Plaza, the vacant former Broadway train station slated to become an incubator for tech companies working to make cities more efficient.
The $3 million sale, which is expected to be announced by Gov. Andrew Cuomo on Thursday, means that the college — and its nonprofit real estate arm, Fuller Road Management Corp. — won't need Albany Industrial Development Agency to take the 113-year-old building, formerly known as Union Station, through eminent domain.
"We couldn't be happier. It's such an incredible building. It belongs in the public trust," said Michael Fancher, the college's vice president for economic outreach and business development, calling the sale "a huge milestone in achieving Governor Cuomo's vision of bringing Nanotech to the heart of downtown."
Fuller Road Management Corp. is buying the building with part of a $4 million grant from the competitive regional economic development system established by Cuomo.