UTICA, N.Y. – A real estate development firm from New York City called Exact Capital, is buying Olbiston Apartments for more than $1 million, but the sale is currently on hold. This is because the portion of federal and state funds the company is using to purchase the property have not been available due to the pandemic.
David Longeretta, of the Utica Corporation Counsel, says the sale is under contract.
The developer is planning to gut and remodel the apartment complex.
City officials say they will help tenants find temporary housing during the remodel.
The city took the current Olbiston owners to state Supreme Court over codes violations last year.