Andalex sells its Albany trophy.

Andalex Group COO Alexander Silverman announced the sale of 90 State Street in the State Capitol's downtown office district. The office building was sold to 90 State Street, LLC, an owner/developer active in the Albany area.

Originally purchased by the Andalex Group in 2002 the fifteen-story, commercial office building has 178,567 square feet of office and ground-floor retail space. The anchor tenant of the building is currently the New York State Comptroller's office. Originally designed as a bank headquarters in 1931, the classically styled building features a stone and brick masonry facade.

"90 State Street has been a valued asset, but we are now looking to take the company in a new direction and this can be accomplished by diversifying our holdings," said COO Alexander Silverman.

The Andalex group was represented in the sale by Eastern Consolidated and financing was arranged by Wachovia Securities.

Eastern's executive directors Eric M. Anton and Ronald A. Solarz, together with director David Johnson, a native of Albany, exclusively represented Andalex. Eastern's Paul Ramirez, associate, procured the buyer, a private New York City-based investor active in Albany.

"Due to the strength of New York City's market and the large sales consummated daily, many sellers' options to utilize tax-advantaged exchanges has made the Capital District a much more attractive alternative for Manhattan-based investors looking for higher rates of return on their investments," said Anton.

"The sale of 90 State Street is significant for the Albany commercial real estate market," noted Solarz, "It is clearly one of the CBD's prominent pre-war office buildings, 86% occupied by a strong mix of government and non-governmental tenants."

Christophe L. Difalco Esq. of Donovan & Giannuzzi represented the seller, while Kevin McAuliffe Esq. of Green & Seifter, Attorney's PLLC represented the buyer.