By Michael DeMasi  – Reporter, Albany Business Review

Three downstate investors are pursuing their first commercial real estate development in Albany by purchasing property near Lark Street where they want to build apartments.

Flerida Santana-Johnas, Rhea Stathatos and Adela Bazenikas bought the parcel at 166 Washington Ave. through a limited liability company, paying $510,000.

The property includes a small residential/office building in the Center Square neighborhood at 166 Washington Ave. and a rear parking lot at 11 Spring St.

They’re seeking permission from the city planning board to construct a five-story, 19-unit apartment building on the parking lot. The estimated cost is $2.2 million.

“We’re really excited to be doing the project,” Santana-Johnas said. “We’re excited about working with the various departments and getting our feet wet. Everybody has been very kind and patient. We look forward to growing and getting to know our communities.”

Although this is their first venture in Albany, they have invested in properties in Westchester County, Queens, Brooklyn, New Jersey and Connecticut through their company, Ikos Management LLC.

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