Albany

Two new apartment projects are nearing completion, one downtown and one in the city's popular warehouse district.

Steuben Place Apartments, a 29-unit project at 40 Steuben Place in downtown Albany, will hold a ribbon-cutting ceremony at 10:30 a.m. Monday, Oct. 26.

Apartment features include 11-foot ceilings, hardwood floors, original wood trim and large windows with expansive views of the Albany skyline. Rents include high-speed wired Internet and Wi-Fi, storage space, a fitness center, cable TV, and parking. Rents range from $950 for a studio to $1,984 for a two-bedroom, two-bath apartment.

The first tenants moved in in August, said Mark Aronowitz, vice president of real estate services for Omni Development Co. in Albany, which handled the $5 million project.

He said the building is 60 percent leased and 45 percent occupied, and that the last of the apartments will be completed before the end of November.

Norstar Development is nearing completion of its project to convert a former warehouse at 733 Broadway in Albany into 29 market-rate apartments plus retail and office space.

An earlier, more ambitious plan to construct 70 apartment units at that site was scrapped after the developer's request for a 40-year tax break was rejected by the Albany Industrial Development Agency. The rejection came in August 2013.

Instead, the agency helped finance a smaller, $5.14 million rehabilitation of the warehouse on the site. The building is in the city's popular warehouse district north of downtown.

Rents range from $1,275 for a one-bedroom, one-bath apartment to $1,900 for a two-bedroom, two-bath apartment.

Rents include Wi-Fi and cable, washer and dryer, stainless steel appliances and "exceptional" closet space.

An open house and ribbon-cutting, originally planned for late October, have been pushed back to early November.

eanderson@timesunion.com • 518-454-5323