Union Station in Downtown Albany: 50 Income-Restricted Apartments Planned at 575 Broadway

Published October 15, 202619 min readBy VoucherMatch Editorial Team

A long three-story stone building with three tall arched windows, carved figures on the roofline and evergreens along the sidewalk, beside a glass office tower — The former Union Station at 575 Broadway, Albany, in August 2009. Photo: UpstateNYer, CC BY-SA 3.0, via Wikimedia Commons (cropped).

Quick answerAs of October 7, 2026, the plan to put 50 apartments in Albany's former Union Station at 575 Broadway is approved and partly funded, and there is nothing to apply to yet. The developer, Redburn Development Partners, says the apartments will target households earning 80% of area median income and has committed to keep them affordable for 30 years. No rent table is published; the developer has given one figure, a $1,653 maximum for a one-bedroom. No building permit for the apartments was on the City's portal on October 7, 2026.

Last checked: October 7, 2026, against the City of Albany Industrial Development Agency's project record, staff summary and March 11, 2026 committee packet; Capitalize Albany Corporation's release of April 16, 2026; the Governor's announcement of September 1, 2026; the State's Small Building Participation Loan Program term sheet, updated August 2026; the City of Albany's planning case file for case DPR-2025-04, its building permits and its property record; a Times Union report of April 20, 2026; and HUD's 2026 income limits and fiscal year 2027 fair market rents. Rents, the apartment mix and the application date are not published.

Union Station in numbers

50apartments planned on the upper floors
80%of area median income, the level the apartments target
$68,950HUD's 2026 limit for one person at that level
30 yearshow long the developer has committed to keep them affordable
$1,653the developer's stated maximum rent for a one-bedroom, from January 2026
5apartments named on a City plan for households at 60% of area median income

What the Union Station Project Is and Who Is Behind It

The project converts the vacant office floors of Albany's former train station into 50 apartments, keeps the main hall as a lobby and event space, and upgrades a ground-floor data center.

Names: Union Station is the name the developer is restoring. The building has been Peter D. Kiernan Plaza and, in the 1980s, Norstar Plaza. The architect's drawings call it the "PKP Building".
What is planned: the IDA record describes "50 workforce housing apartments, as well as approximately 25,000 sf of commercial space, intended to house a data center and a virtual reality theater". The State adds "a restaurant and bar" in the lobby.
Team: the applicant and owner is 575 Broadway Holdings, LLC; the developer is Redburn Development Partners of Troy. The floor plans in the City's file are by Harris A. Sanders Architects, P.C.
Money named so far: $18,654,166 in the IDA's summary, from a Community Preservation Corporation loan, State and federal historic tax credits and a State grant. The State announced a $4 million grant on September 1, 2026.
The income restriction: the IDA's outside reviewer writes that the developer "has committed to keeping these apartments affordable for 30 years" under a regulatory agreement with the State's housing agency.

Question	One source	Another source
Cost	$21,053,107 (City application, February 2025)	$18,654,166 (IDA, March 2026); $16.5 million (State, September 2026)
Year built	"built in 1919" (IDA record)	"Built in 1900" (developer's letter); "built in 1899" (State Senator Patricia Fahy, in the Governor's release)
Commercial space	about 25,000 square feet (IDA record)	a 12,360-square-foot data center and a theater of about 2,200 (IDA's reviewer)
Lot	1.03 acres (City property record)	1.35 acres (IDA application)

What it means: every source agrees on 50 apartments, and the cost has fallen with each filing.

Source: development plan application in City of Albany case DPR-2025-04; City of Albany IDA project record, staff summary of March 6, 2026 and committee packet of March 11, 2026; Governor's announcement, September 1, 2026; City property record for tax parcel 76.34-3-13.2.

575 Broadway, from train station to apartment plan

1900Union Station is completed, in the Times Union's account.
1968 and 1984the station serves trains "until 1968" and is "restored in 1984 into an office building", in the developer's letter.
2023Redburn buys it for $1 million, the Times Union reports.
February 28, 2025a development plan for 50 apartments is filed with the City as case DPR-2025-04.
January 15, 2026the developer sends the IDA an updated application.
April 16, 2026the IDA board approves tax exemptions and a payment agreement.
September 1, 2026the State announces a $4 million grant.
Later in 2026construction was to begin, according to the developer's letter and the April release. The application says the work "will take one year to complete".

What it means: the approvals are in place, and a permit for the apartment work is the next record to look for.

Source: Times Union, April 20, 2026; City of Albany IDA committee packet, March 11, 2026, and project record; City planning case DPR-2025-04; Capitalize Albany Corporation release, April 16, 2026; Governor's announcement, September 1, 2026.

A stone clock with Roman numerals set in a carved wreath, an eagle above it and a robed stone figure on each side, with the word Excelsior below — The clock and statues over the Broadway entrance, July 2012. Photo: Pi.1415926535, CC BY-SA 3.0, via Wikimedia Commons (cropped).

Where 575 Broadway Is

The building is on Broadway in downtown Albany, in ZIP code 12207, with a bus stop at Broadway and Steuben Street.

Fact	Detail
Address	575 Broadway, Albany, NY 12207
Neighborhood on the City's property record	Downtown
Zoning	MU-DT, mixed-use downtown
Building	three stories and 98,706 square feet, of which 47,068 are to be renovated
Nearest stop	Broadway and Steuben Street
Nearest rapid bus	State St. Station, North Pearl Street and Maiden Lane

What it means: use the ZIP code when you search. The Census Bureau's address tool matches "575 Broadway, Albany" to a point in ZIP code 12204; the City's records put this building in 12207.

Source: City of Albany property record for tax parcel 76.34-3-13.2; development plan application in case DPR-2025-04; City of Albany IDA project record; stop locations from the Capital District Transportation Authority.

Black-and-white photograph of covered train platforms and tracks behind a stone station building, with steam rising from a locomotive — Union Station from the track side in 1904. Photo: Detroit Publishing Company, Public domain, via Wikimedia Commons (cropped).

Rents, Apartment Types and Income Limits

No rent table is published; the record gives the 80% target, one maximum rent from the developer and five apartments set aside under a City rule.

What is on the record about the 50 apartments

The target"housing units that target those earning 80% of the area median income", in the developer's letter of January 15, 2026.
An average, not a ceiling for every apartmentthe IDA's reviewer describes "50 apartments with average rents affordable for households earning 80% of the area's median income".
One rent figure"At the 80% AMI level, the maximum price for a one-bedroom apartment is $1,653 per month", in the same letter.
Typesthe City plan names a studio, one-bedrooms and a two-bedroom. The count of each across the 50 is not published.

What it means: "average" leaves room for some apartments above the 80% level and some below it. The State program the developer names allows that.

Source: City of Albany IDA committee packet, March 11, 2026; inclusionary housing plan in City case DPR-2025-04.

Household	80% of area median income, 2026	60%, 2026
1 person	$68,950	$51,720
2 people	$78,800	$59,100
3 people	$88,650	$66,480
4 people	$98,500	$73,860

What it means: check the 80% column for most of the building and the 60% column for the five apartments below. County figures are on the Albany County income limits page.

Source: HUD fiscal year 2026 income limits for the Albany-Schenectady-Troy area (median family income $123,100). The 80% column is HUD's "low income" row; the 60% column is 1.2 times HUD's 50% limit.

Apartment on the City plan	Type	Size
101	Studio	463 square feet
207	1 bedroom	619 square feet
220	1 bedroom	651 square feet
105	1 bedroom	864 square feet
304	2 bedrooms	925 square feet

What it means: these five are the only apartments whose sizes are on the record.

Source: Inclusionary Housing Compliance Plan for "Union Station Redevelopment", signed February 27, 2025, in City of Albany case DPR-2025-04. The form's guidelines describe inclusionary apartments as affordable to people "earning no more than 60% of the area median household income".

One-bedroom rents published in 2026 by other new income-restricted buildings in Albany, and the developer's stated maximum for Union Station, in dollars a month

Mosaic South, 60%

$1,244

Colvin Avenue Commons, 60%

$1,271

Colvin Avenue Commons, 70%

$1,430

97 Central Avenue, average of all sizes

$1,450

Union Station, stated one-bedroom maximum at 80%

$1,653

Mosaic South, 80%

$1,705

View the data table

Building and income level	Monthly rent
Mosaic South, 60%	$1,244
Colvin Avenue Commons, 60%	$1,271
Colvin Avenue Commons, 70%	$1,430
97 Central Avenue, average of all sizes	$1,450
Union Station, stated one-bedroom maximum at 80%	$1,653
Mosaic South, 80%	$1,705

What it means: the Union Station figure is a stated maximum, not a rent on a listing. It sits just under Mosaic South's one-bedroom rent at the same income level.

Source: NYS Housing Search listing HCR000272 for Mosaic South and Regan Development's page for Colvin Avenue Commons, both read October 6, 2026; Times Union, May 6, 2026, for 97 Central Avenue; the developer's letter of January 15, 2026, for Union Station. Mosaic South's rents include water, sewer and trash removal; Colvin's include no utilities.

Watch outunder the State program's formula and HUD's 2026 limits, the ceiling for a one-bedroom at 80% is $1,847 a month with utilities included, by VoucherMatch's calculation. The developer's $1,653 dates from January 2026 and does not match that calculation; the letter does not say which year's limits or which utilities it assumes. Expect the posted rent to follow the limits in force when the building leases.

Using a Section 8 Voucher at Union Station

No voucher policy is published, and this is not a low-income housing tax credit building, so the federal rule that covers most new income-restricted buildings is not shown to apply.

The rules that do and do not apply

Not a tax-credit buildingthe IDA's reviewer writes that the project "is like a Low-Income Housing Tax Credit (LIHTC) project". Its named financing is a private loan, historic tax credits, a State grant and the State's small-building loan. The federal rule against refusing voucher holders, 26 U.S.C. 42(h)(6)(B)(iv), binds buildings financed with low-income housing tax credits.
The State loan programit "requires the Developer to execute a Regulatory Agreement" covering "income restrictions, transfer restrictions, and financial reporting requirements for 30 years", in the reviewer's words. The program's term sheet does not mention vouchers.
The Albany Housing Authority"The family may choose a unit with a higher rent than the payment standard and pay the owner the difference."
The federal limit on that differenceat move-in, "the family share must not exceed 40 percent of the family's adjusted monthly income" (24 CFR 982.508).

What it means: whether a voucher is taken here rests on New York's source-of-income law, which is in court, and on the owner's policy, which is not published.

Source: City of Albany IDA committee packet, March 11, 2026; the State term sheet linked above; the Albany Housing Authority's voucher questions page.

The Albany Housing Authority does not post its payment standards. Its Section 8 Administrative Plan commits to keeping them "between 90 and 110 percent of the published FMR for each unit size".

The range a voucher payment standard must fall in, by apartment size: 90% and 110% of HUD's fiscal year 2027 fair market rent for the Albany area, in dollars a month

90% of HUD's rent110% of HUD's rent

Studio

$1,114

$1,362

1 bedroom

$1,283

$1,568

2 bedrooms

$1,540

$1,882

View the data table

Apartment	90% of HUD's rent	110% of HUD's rent
Studio	$1,114	$1,362
1 bedroom	$1,283	$1,568
2 bedrooms	$1,540	$1,882

What it means: the developer's $1,653 maximum is $85 above the top of the one-bedroom range. At that rent a voucher holder would pay the difference, within the 40% limit above.

Source: HUD's fiscal year 2027 fair market rents for the Albany-Schenectady-Troy area ($1,238, $1,425 and $1,711 for a studio, one and two bedrooms, utilities included), in effect since October 1, 2026; 90% and 110% calculated by VoucherMatch and rounded to the dollar.

Ask for the real number. Call the Authority at 518-641-7500 for the payment standard for your voucher size. See the Albany Section 8 guide.
Utilities count. What you pay yourself is added to the rent before it is compared with the standard. See how the utility allowance works.
A bigger apartment than your voucher. The Authority pays up to the standard for your voucher size, not the apartment's. See a two-bedroom with a one-bedroom voucher.
The State law is in court. On March 5, 2026 the appeals court that covers Albany held New York's source-of-income protection unconstitutional as it applies to Section 8; the Attorney General has appealed. See the Commons West ruling. Complaints go to the City's Fair Housing Office, 518-807-1998.

What Ordinary Apartments Rent for in ZIP Code 12207

HUD's estimate of an ordinary one-bedroom rent in ZIP code 12207 is $1,640 with utilities included, $13 under the developer's stated maximum for a one-bedroom here.

HUD's fiscal year 2027 fair market rent for ZIP code 12207 against its figure for the whole Albany area, in dollars a month

ZIP code 12207Albany area

Studio

$1,420

$1,238

1 bedroom

$1,640

$1,425

2 bedrooms

$1,970

$1,711

View the data table

Apartment	ZIP code 12207	Albany area
Studio	$1,420	$1,238
1 bedroom	$1,640	$1,425
2 bedrooms	$1,970	$1,711

What it means: HUD puts downtown rents $182 to $259 above the area's. A one-bedroom at $1,653 would be at HUD's ordinary downtown rent, not under it.

Source: HUD Small Area Fair Market Rents and metropolitan fair market rents for fiscal year 2027, each HUD's estimate of the 40th-percentile rent with utilities included.

Why the two can match: rents at the 80% level are set from the region's median income, not from rents nearby. The restriction still caps the rent by formula for 30 years.
The ZIP figure held steady. HUD's one-bedroom figure for 12207 is $1,640 in both fiscal year 2026 and 2027. The fair market rent change report covers other areas.

What Is Known About the Building, and the Bus Lines

The plans keep the station's main hall and put the apartments in former office space on three levels; finishes, parking and utilities are not published.

Published so far, and what is not

Where the apartments go"in parts of the building that are currently vacant office space, separated from the main lobby", in the developer's letter.
The main hall"the grand lobby will be preserved", with event rentals for "over 500 people".
Shared roomsthe second-floor plan shades two rooms yellow and labels that color "Active/Passive Recreation Space".
Outsidethe same plan says "No windows or doors are being added or replaced along the exterior."
Not publishedthe number of each apartment type, finishes, laundry, parking, pets, and which utilities the rent covers.

Source: City of Albany IDA committee packet, March 11, 2026; preliminary floor plans filed September 23, 2025, in City case DPR-2025-04.

Floor plan of a long rectangular building with apartments along both long sides and both ends, an open hall in the middle and two small rooms shaded yellow — Preliminary second-floor plan filed September 23, 2025, in City of Albany case DPR-2025-04. Apartments ring the open main hall; the yellow rooms are marked as recreation space. Photo: Harris A. Sanders Architects, from the City of Albany planning case file, planning record, via albanyny.gov (cropped and placed on a white background).

Stop	Lines	Straight-line distance
Broadway and Steuben Street	routes 10, 12, 22, 114 and 224, and four commuter routes	under 0.1 miles
North Pearl Street and Columbia Street	routes 100, 106, 107, 125, 806 and 872	about 0.1 miles
State St. Station, North Pearl Street and Maiden Lane	BusPlus Blue Line	about 0.2 miles
State/Downtown Station, State Street and Lodge Street	BusPlus Red Line and Purple Line	about 0.25 miles

What it means: all three rapid lines stop within a quarter mile.

Source: stops and routes from the Capital District Transportation Authority's schedule data, valid September 20 to November 28, 2026; distances calculated by VoucherMatch in a straight line from the middle of the City's parcel for 575 Broadway, so the walk is longer.

How to Apply to Union Station

There is no application yet: no leasing site, phone number or manager has been published, and no permit for the apartment work was on the City's portal on October 7, 2026.

What you can do now

1Check your incomeat the 80% level one person can earn up to $68,950 and two people up to $78,800. Five apartments are planned at 60%, which is $51,720 for one person.
2Watch the City's permit portala building permit for the apartments is the first sign that construction has begun.
3Watch the State's siteNYS Housing Search lists buildings financed by the State's housing agency. This one was not listed there on October 5, 2026.
4Keep other applications movingthe list below has buildings that take applications today.

What to expect, and what is not published

Nowapproved; no apartment permit on file; nothing to apply to.
Constructionthe developer said it would begin in 2026 and take one year.
The five City-plan apartmentsthe owner signed a pledge to "engage in good faith marketing and public advertising efforts each time an inclusionary housing unit is rented".
Not publishedthe manager, the application date, how applicants will be ordered, and any preference.

What it means: a year of work from a late-2026 start points to late 2027 at the earliest. That is arithmetic from the developer's schedule, not a published date.

Source: City of Albany permit portal, read October 7, 2026; City of Albany IDA application and committee packet; inclusionary housing plan in City case DPR-2025-04; NYS Housing Search, list read October 5, 2026.

What to have ready when applications open

Income for every adult. recent pay stubs, benefit letters and your latest tax return
Everyone who will live there. names and dates of birth
Assets. bank and other account statements
Rental subsidy. your voucher and your housing agency's contact details

Source: VoucherMatch's list, built from what an income-restricted building has to verify: income and household size against the limits above. No document list has been published for this building.

What Is Known and What Is Not Yet Published

The apartment count, the 80% target, the 30-year term and the approvals are on the record; the rents, the mix and the start of construction are not.

Known and not yet known, as of October 7, 2026

Known50 apartments; an 80% income target; a 30-year commitment; five apartments at 60% on a City plan; IDA approval and a $4 million State grant.
Not confirmedthat the State loan has closed. The IDA's reviewer calls the project "eligible" for it, and no State announcement of the loan was found.
Not confirmedthat construction has started. No permit for the apartment work is on the City's portal.
Not publishedrents by apartment size, the number of each type, the manager and the application route.

If You Need an Apartment Sooner

Union Station is at least a year from leasing, so apply elsewhere now.

Albany Housing Authority sites: on October 5, 2026 the Authority's application page said it was taking applications for Capital Woods Apartments, Ida Yarbrough Phase II and Steamboat 20, and for public housing since August 31, 2026. Its voucher list was closed. See Section 8 and public housing compared.
No voucher yet: check which waiting lists are open and read how Section 8 lotteries work.
Nearby housing authorities: the New York directory lists each one's phone number, and the New York Section 8 page covers the State's rules.
Already have a voucher elsewhere: see how portability works. For income-based buildings where you apply directly, see low-income apartments.

Frequently Asked Questions

When will the Union Station apartments open?

No date is published. The developer said construction would begin in 2026 and take one year; no permit for the apartments was on file on October 7, 2026.

How much will rent be at Union Station?

No rent table is published. In January 2026 the developer wrote that the maximum for a one-bedroom at the 80% level was $1,653 a month.

How much can you earn and still qualify for Union Station?

The apartments target households at 80% of area median income. Under HUD's 2026 limits that is $68,950 for one person, $78,800 for two, $88,650 for three and $98,500 for four. Five apartments are on a City plan at 60%.

Will Union Station take Section 8?

No policy is published. It is not a low-income housing tax credit building, so the federal rule that bars such buildings from refusing voucher holders is not shown to apply. New York's source-of-income law is in court.

Is Union Station the same building as Kiernan Plaza?

Yes. The building at 575 Broadway has been called Peter D. Kiernan Plaza, and the developer is renaming it Union Station, its original name.

Are these affordable apartments or market-rate?

Income-restricted, on the record so far. The IDA's reviewer writes that the developer has committed to keep them affordable for 30 years. The State agreement has not been published.

How do you apply to Union Station?

You cannot apply yet. No leasing site or manager has been published, and the building was not on NYS Housing Search on October 5, 2026.

Sources for this article (19)

project record (albanyida.com)
staff summary (albanyida.com)
March 11, 2026 committee packet (albanyida.com)
release of April 16, 2026 (capitalizealbany.com)
announcement of September 1, 2026 (governor.ny.gov)
Small Building Participation Loan Program term sheet (hcr.ny.gov)
planning case file (albanyny.gov)
building permits (albanyny-energovpub.tylerhost.net)
property record (albanyny.mapgeo.io)
Times Union report of April 20, 2026 (timesunion.com)
26 U.S.C. 42(h)(6)(B)(iv) (law.cornell.edu)
24 CFR 982.508 (law.cornell.edu)
voucher questions page (albanyhousing.org)
Section 8 Administrative Plan (albanyhousing.org)
Fair Housing Office (albanyny.gov)
Small Area Fair Market Rents (huduser.gov)
schedule data (cdta.org)
NYS Housing Search (housingsearch.hcr.ny.gov)
application page (albanyhousing.org)

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Every rule, date and dollar amount in this article is checked against the agency document it comes from, and the sources are listed above. How VoucherMatch articles are researched and corrected