1224 North Main St, Gloversville, NY 12078 (MLS # 11686310)

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PRICE $349,999 SIZE 10,292 sqft LOT SIZE 10,890 sqft Request More Info Schedule a Showing

Exceptional opportunity to acquire a historic, multi-building property in the heart of downtown Gloversville, complete with a **secured $750,000 grant already in place** and located within a designated **Opportunity Zone**, offering substantial financial advantages and long-term upside for investors and developers alike. This rare offering includes three separate buildings, formerly operating as a bank, and presents a compelling combination of historic character, existing improvements, and significant redevelopment potential. Original architectural features remain intact, including safety deposit boxes and a bank vault-creating a distinctive foundation for a variety of adaptive reuse concepts. A portion of the property has already undergone renovation, with select first- and second-floor spaces improved into professional offices. These completed areas provide immediate usability and potential income generation while additional phases of the project are completed. The main bank building features an expansive open interior with soaring ceilings, a large skylight that fills the space with natural light, classic architectural details, and a mezzanine level. This dramatic space offers flexibility for a wide range of potential uses, including but not limited to a brewery, restaurant, event venue, co-working hub, or mixed-use development (subject to municipal approvals). The scale and character of the building create a standout opportunity for a visionary redevelopment. The **$750,000 grant already secured** provides immediate financial relief toward renovation costs-effectively lowering the acquisition basis and increasing overall project feasibility. In addition, buyers may explore **additional funding opportunities** through programs such as the Gloversville Revitalization Improvement Program (GRIP) and New York State's Downtown Revitalization Initiative (DRI). Gloversville has been awarded $10 million through the DRI to support transformative downtown projects focused on economic development, public space enhancements, and expanded housing opportunities. The property also presents potential for residential conversion, including apartment development or a mixed-use configuration, subject to municipal approvals. To support residential use, acquisition of a nearby parking lot would be required-offering an additional avenue to enhance value and long-term income potential. Exterior improvements are needed, particularly to portions of the front façade and flat roof, allowing the next owner to implement upgrades and tailor the property to their vision. Positioned within an **Opportunity Zone**, investors may benefit from potential tax advantages, including deferral and reduction of capital gains, further strengthening the financial appeal of this project. With a substantial grant already secured, access to additional funding programs, Opportunity Zone incentives, and a prime downtown location, this property represents a unique chance to participate in the continued revitalization of Gloversville. A rare offering where you are stepping into a project with **significant financial support already in place-enhancing feasibility, reducing risk, and maximizing upside potential.** Property Brochure available upon request