Harmony Mills

Location: Cohoes, NY
Date Built: 1866-1872
Rehabilitation: 2005-2006
Original Use: Textile Mill
New Use: Loft Apartments

Background Information

The Harmony Mills complex was built between 1866 and 1872 in Cohoes, NY, ten miles north of Albany. Upon completion, it was the largest industrial complex in North America and reputed to be the largest textile mill. This National Historic Landmark includes four main mill buildings and several ancillary structures. Mill No. 3 is the largest and most famous of the mill buildings. It is located on a cliff above the Mohawk River, providing the entire east side of the building with dramatic river views. Until recently, Mill No. 3, largely vacant and severely deteriorated, was only partially occupied by light manufacturing, warehouse and other commercial tenants. The current developers acquired the former textile mill in 2000.

Mill No. 3, 192,000 gross square feet in size, has unusually elaborate decorative features. It retains the original grandeur of its ornate corner towers, iron roof cresting and the elegantly detailed fifth story, including a memorial statue to Thomas Garner, company president. It is divided into three separate sections: a northern wing, central tower, and southern wing. This project consisted of the southern wing and the central tower. The top four floors of the south wing have been converted into 96 loft apartments while its basement and ground floor are now 106 indoor parking spaces. The central tower of Mill No. 3 features a leasing office, community space, a health club and a business center. The result is what is being described as "Manhattan-style living on the Mohawk" – high quality one-, two- and three-bedroom loft apartments, complete with original wood floors, high-speed internet access and soaring views of the river.

Project Financing

Summary of Costs

      • Acquisition: $1,750,000
      • Rehabilitation and Construction: $11,103,710
      • Soft Costs and Other: $5,319,084
      • Total Project Cost: $18,172,794

Sources of Financing

      • Bank Loan: $12,125,000
      • Federal Historic Tax Credit Equity: $2,619,621
      • Building Value: $1,750,000
      • Other Equity: $1,017,782
      • Other: $660,391
      • Total Sources of Financing: $18,172,794