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Union Avenue

Written by command on . Posted in Case Studies.

  • Union Ave – After – 101 Front Exterior

  • Union Ave – After – 107 Front Exterior

  • union ave

Case Study

Union Ave

Historic Multi-Family Redevelopment

A 16-unit acquisition repositioned from 60% below market to stabilized asset in 24 months.

  • Location

    Saratoga Springs, NY

  • Acquisition Date

    2021

  • Purchase Price

    $2.1 Million

  • Total Project Cost

    $3.1 Million

  • Present Value

    $4.2 Million

  • Equity Created

    $1.1 Million

  • Historic Tax Credits

    $500,000

Investor Outcomes

2.2x Equity Multiple
140% Capital Return
∞ Cash-on-
Cash
Opportunity

01

A Fully Repositioned Asset in a Premier Market

101 & 107 Union Avenue were acquired as a 16-unit multi-family portfolio with well-maintained exteriors but significantly outdated interiors and rents running 60% below market — limiting the asset’s income potential.

Rather than pursue incremental improvements, we identified an opportunity for comprehensive redevelopment and full-scale transformation to unlock the property’s true long-term value.

  • Premium location with strong rental demand
  • Significant rent growth potential through full interior redevelopment
  • Net new income through attic unit conversion
  • Strong refinance positioning upon stabilization

  • 107 Front Exterior

  • Union Ave - After - 101 Front Exterior

    101 Front Exterior

  • Living Room Rendering

  • Kitchen Rendering

  • Bedroom Rendering

  • Bathroom Rendering

Floor & Building Plans

  • 101 & 107 Union Survey (1)

  • 107 Union Ave – Existing & Proposed Floor Plans 5 (2)

  • 107 Union Ave – Existing & Proposed Floor Plans 2 (1)

The Strategy

02

Full-Scale Redevelopment, Managed In-House

Green Springs executed a comprehensive 24-month redevelopment plan across both buildings — transforming every unit interior, adding a new apartment, and overhauling operations from the ground up.

  • Complete Interior Transformation

    Every unit interior was fully redeveloped — new kitchens, bathrooms, and flooring throughout — bringing the property in line with the quality and character the location deserves.

  • Net New Income Creation

    The attic of 107 Union was converted into a new 2,000 sq ft apartment, adding a unit and meaningfully expanding the property’s long-term income capacity.

  • Operational
    Overhaul

    Green Springs Property Management was deployed in-house from acquisition through stabilization, paired with a Ratio Utility Billing System to recapture expenses previously absorbed by ownership.

  • Refinance
    Strategy

    Following full stabilization and lease-up, a refinance was executed against the property’s redeveloped value — returning investor capital in full while retaining long-term equity in the asset.

TAX CREDITS

03

$500,000 in Tax Credits Returned Directly to Investors

101 & 107 Union Avenue qualified for both New York State and Federal Historic Tax Credits, generating $500,000 in credits against qualified renovation expenses. Tax credits are treated as a return of capital with priority distribution to limited partners.

Unlike a deduction, a tax credit is a dollar-for-dollar reduction of taxes owed — meaning each dollar of credit directly offsets a dollar of tax liability.

The NYS and Federal credits work in tandem, significantly reducing or eliminating personal tax exposure on the investment. Credits are distributed to limited partners as a priority return of capital.

  • Historic Tax Credits: $500,000
  • Credits treated as priority return of capital to LPs
  • NYS credit fully refundable — excess issued as a check from the state
  • No NY tax liability? Full NYS credit amount returned as a refund
Execution

04

Delivered On Schedule, Start to Finish

Acquired in late 2021, the project moved into full redevelopment in January 2022 — a $565,000 construction scope across both buildings executed over 18 months without pausing operations or compromising the quality of the finished product.

Green Springs Property Management coordinated every phase in-house, from demolition through final lease-up. As units were completed, they were leased at market rate — allowing stabilization to build progressively rather than all at once. By late 2023, the portfolio was fully stabilized and refinanced, with investor notes paid in full by maturity.

Redevelopment Begins
Full interior redevelopment underway across all 16 units. Attic buildout at 107 Union Street initiated.

Renovation Complete
All unit interiors finished. Attic conversion complete, adding a new 2,000 sq ft apartment to the portfolio.

Refinance & Investor Payoff
Refinance executed against stabilized asset value. Investor notes are paid in full by maturity date.

Jan
2022

Jun
2022

Jan
2023

Aug
2023

Dec
2023

Leasing Commences
Completed units brought to market at redeveloped rents as construction progresses building-wide.

Full Stabilization
Portfolio reaches full occupancy. Ratio Utility Billing System implemented. Asset transitioned to long-term in-house management.

Jan
2022
Redevelopment Begins
Full interior redevelopment underway across all 16 units. Attic buildout at 107 Union initiated.
Jun
2022
Leasing Commences
Completed units brought to market at redeveloped rents as construction progresses building-wide.
Jan
2023
Renovation Complete
All unit interiors finished. Attic conversion complete, adding a new 2,000 sq ft apartment to the portfolio.
Aug
2023
Full Stabilization
Portfolio reaches full occupancy. Ratio Utility Billing System implemented. Asset transitioned to long-term in-house management.
Dec
2023
Refinance & Investor Payoff
Refinance executed against stabilized asset value. Investor notes paid in full by maturity date.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

The Results

05

$1.1M in Equity Created

Upon stabilization, the property was valued at $4.2 million — representing $1.1 million in equity creation against a total project cost of $3.1 million. Combined with $500,000 in Historic Tax Credits distributed to limited partners, the project delivered strong risk-adjusted returns across every metric.

  • 140% of capital returned within 24 months
  • Infinite cash-on-cash position following refinance
  • 2.2x equity multiple to date
  • $500,000 in Historic Tax Credits distributed to LPs

The project demonstrates our structured approach to acquisition, redevelopment, stabilization, and capital recycling.

The Interior
Renovation-Driven Repositioning, Unit by Unit

  • Kitchen

    Each unit features a fully renovated kitchen with stainless appliances, modern cabinetry, and quality finishes — designed to attract and retain quality long-term tenants and support premium rental positioning within the submarket.

  • Bathroom

    Each bathroom was fully gutted and rebuilt with clean, contemporary finishes — new tile, updated fixtures, and modern vanities designed to meet tenant expectations and support premium rental positioning.

  • Living Room

    Open, light-filled living spaces were redesigned to maximize functionality and appeal — creating an environment that attracts quality long-term tenants and reduces vacancy exposure.

  • Bedroom

    Bedrooms were updated with fresh finishes, quality flooring, and thoughtful layouts — balancing tenant comfort with the durability required for long-term asset performance.

Investor Impact

05

Capital Preserved. Upside Retained.

Preserved capital. Ongoing upside participation. Structured value creation.

Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

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255 Main

Written by command on . Posted in Case Studies.

  • 255 Main St Overhead

  • 255 Main St Sign

  • B left side

  • A front zoomed out

  • 255 Main – A front entry

  • 255 Main – C unit entry

  • A Landscaping (1)

Case Study

255 Main Street

Multi-Family Redevelopment

Acquired in 2021, 255 Main is a 20-unit off-market acquisition fully redeveloped and stabilized within 18 months.

  • Location

    Corinth, NY

  • Acquisition Date

    2021

  • Purchase Price

    $1.125 Million

  • Total Project Cost

    $1.8 Million

  • Present Value

    $2.745 Million

  • Equity Created

    $945,000

Investor Outcomes

3.1x Equity Multiple
166% Capital Return
∞ Cash-on-
Cash
Opportunity

01

An Off-Market Find with Significant Upside

255 Main Street was sourced entirely off-market through Green Springs’ direct mail campaign — never listed, never shopped. The 20-unit property in Corinth, NY had suffered years of deferred maintenance, hadn’t seen a meaningful renovation in decades, and carried rents well below $1,000 per month. Priced to reflect its condition, it represented exactly the kind of overlooked asset Green Springs is built to find.

We saw an opportunity to fully redevelop and reposition the property from the ground up — resetting both its physical condition and its place in the market.

  • Sourced off-market through direct mail campaign
  • 20 units with significant rent growth potential
  • Decades of deferred maintenance suppressing value
  • Priced well below redevelopment potential
  • No competition — deal never hit the open market

  • Exterior Rendering

  • Exterior

  • Living Room Rendering

  • Living Room

  • Kitchen Rendering

  • Kitchen

    Kitchen

  • Bathroom Rendering

  • Bathroom

  • Bedroom Rendering

  • Bedroom

Floor & Building Plans

  • Corinth Property Unit Map (1)

  • 255_20Main_20street_20-_20A101_20-_201_20Bedroom_20Layout_2007_2009_202021 (1)

  • 255_20Main_20street_20_20-_20A100_20-_202_20Bedroom_20Floor_20Plan_2007_2009_202021_20(1) (1)

The Strategy

02

Full Redevelopment Across Four Pillars

Rather than pursue phased improvements, we executed a comprehensive redevelopment strategy designed to fully reposition the asset, turn over the tenant base, and stabilize at market rents within 18 months.

  • Off-Market
    Acquisition

    Sourced through Green Springs’ proprietary direct mail program, the property was acquired before it could reach the open market — securing a basis well below market value.

  • Full Unit
    Redevelopment

    Every unit was fully renovated, resetting the property’s condition and market position from the ground up rather than patching a declining asset.

  • Tenant Base Repositioning

    The existing tenant base was turned over entirely through a structured process, including evictions where necessary, to allow full redevelopment and re-leasing at market rents.

  • Refinance &
    Capital Recycling

    Following stabilization, a refinance was executed against the property’s redeveloped value — returning investor capital and locking in long-term equity in the asset.

Execution

03

Zero to 100% — Built Back From the Ground Up

The central challenge of 255 Main Street was one of sequencing: bringing a fully occupied 20-unit building to 0% occupancy, executing a complete unit-by-unit renovation, and rebuilding to 100% stabilized occupancy — all within an 18-month window.

Green Springs managed the full transition in-house — coordinating tenant turnover, construction sequencing, and lease-up simultaneously. A small number of problem tenants required formal eviction proceedings, which were handled efficiently without derailing the broader project schedule. By maintaining disciplined construction and leasing timelines, the team achieved full stabilization within the target window and handed the asset off to Green Springs Property Management for long-term operations.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

The Results

04

$945,000 in Equity Created

Upon stabilization, the property was valued at $2.745 million — representing $945,000 in equity creation against a total project cost of $1.8 million.

  • 166% of capital returned
  • Infinite cash-on-cash position following refinance
  • 3.1x equity multiple to date

Following refinance, limited partners hold an infinite cash-on-cash position — continuing to receive distributions with zero remaining capital at risk. 255 Main Street demonstrates Green Springs’ ability to identify off-market opportunities, execute full-scale redevelopment under compressed timelines, and deliver outsized returns in markets others overlook.

The Interior
Renovation-Driven Repositioning, Unit by Unit

  • Kitchen

    Each unit features a fully renovated kitchen with stainless appliances, modern cabinetry, and quality finishes — designed to attract and retain quality long-term tenants and support premium rental positioning within the submarket.

  • Bathroom

    Each bathroom was fully gutted and rebuilt with clean, contemporary finishes — new tile, updated fixtures, and modern vanities designed to meet tenant expectations and support premium rental positioning.

  • Living Room

    Open, light-filled living spaces were redesigned to maximize functionality and appeal — creating an environment that attracts quality long-term tenants and reduces vacancy exposure.

  • Bedroom

    Bedrooms were updated with fresh finishes, quality flooring, and thoughtful layouts — balancing tenant comfort with the durability required for long-term asset performance.

Investor Impact

05

Capital Preserved. Upside Retained.

Preserved capital. Ongoing upside participation. Structured value creation.

Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

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Brian Green

Brian Green

Written by command on . Posted in Team.

Brian Green

Founder + General Partner
Green Springs Capital Group

About Brian

Brian is the Founding Principal of Green Springs Capital, where he brings nearly a decade of hands-on real estate investment experience and a lifelong track record of building businesses from the ground up.

Brian’s path into real estate began with a foundational strategy that still defines the firm’s philosophy today: acquiring underperforming multi-family properties, executing value-add renovations, stabilizing assets through disciplined property management, and securing long-term fixed financing against after-repair value. That early, methodical approach became the blueprint for what would grow into Green Springs Property Management.

Today, Brian oversees all company operations with focused attention on acquisitions, investor relations, and financial strategy — the pillars he believes are essential to delivering consistent, reliable returns for partners and investors alike.

Before turning his attention to real estate, Brian demonstrated his entrepreneurial range by founding a chain of retail stores that scaled to more than $10 million in annual revenue before a successful exit in 2014. That experience sharpened the operational instincts and leadership discipline he now applies to every aspect of Green Springs Capital.

Brian holds a Master of Business Administration and is a licensed New York State real estate broker.

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Scaffolds & Cranes: $4.5 million mixed-use project underway in Glens Falls

Written by command on . Posted in Media & Press.

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The project, featuring 19 apartment units and commercial space, is expected to be completed this summer

 |  Lilli Iannella  |  Times Union

  • Maple Street – External with CG Banner

  • Maple St – IMG_8234

  • Maple St – IMG_8252

  • Maple St – Framing 3

GLENS FALLS — A three-story brick building and garage in Glens Falls is being converted into apartments and commercial space.

It’s a $4.5 million mixed-use project that will involve converting the space at 178-180 Maple St., formerly home to a brewery and a mechanical garage, said Brian Green, co-founder of Green Springs Capital Group LLC, the project’s developer.

Construction started in early January and is expected to be completed during the summer, Green said. Renovations to the building include the construction of 19 apartment units and around 2,500 square feet of commercial space, Green said.

Green Springs Capital Group LLC has not yet confirmed monthly rent costs for each unit, but noted its average rent target is currently $1,275 per month. 

  • Size/scope: A three-story, 21,215-square-foot-building containing 19 apartment units and commercial space.
  • Project cost: $4.5 million (The project received financial support through a Restore New York grant awarded to the city of Glens Falls by Empire State Development. It’s also supported by a PILOT agreement with the City of Glens Falls Industrial Development Agency).
  • Project timeline: January 2026 to summer 2026
  • Planned use: A mixed-use development featuring four studios, 11 one-bedroom units, three one-bedroom units with a den and one two-bedroom unit.
  • Developer: Green Springs Capital Group LLC
  • Builder: CG Construction Group
  • Owner: Green Springs Capital Group LLC
  • Architect: Thaler Reilly Wilson Architecture & Preservation

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Kirby Road

Written by command on . Posted in Case Studies.

  • External – Front (1)

  • Rear Building2 (1)

  • origin-1 copy

  • origin-2 copy

  • origin-3 copy

  • 6–14-kirby-rd-saratoga-springs-ny-building-photo

  • 0018-1024×684

Case Study

Kirby Road

Multi-Family Redevelopment

Acquired in late 2019 and repositioned through comprehensive redevelopment and disciplined operational execution — delivering full capital return within 20 months.

  • Location

    Saratoga Springs, NY

  • Acquisition Date

    2019

  • Purchase Price

    $1.25 Million

  • Total Project Cost

    $2.5 Million

  • Present Value

    $4.35 Million

  • Equity Created

    $1.85 Million

Investor Outcomes

2.75x Equity Multiple
100% Capital Return
∞ Cash-on-
Cash
Opportunity

01

An Underperforming Asset with Measurable Upside

Kirby Road was acquired as an underperforming multifamily asset with deferred capital improvements and operational inefficiencies limiting income potential.

Rather than pursue incremental upgrades, we identified an opportunity for full redevelopment and repositioning to unlock measurable long-term value.

  • Clear operational upside
  • Renovation-driven rent growth potential
  • Defined stabilization pathway
  • Strong refinance positioning upon completion

  • Exterior

  • Exterior Rendering

  • Kitchen

  • Kitchen Rendering

  • Bathroom

  • Bedroom Rendering

  • Living Room Rendering

Floor & Building Plans

  • Kirby Rd Bldg-Unit Map

  • Kirby – Floor Plan (1st Floor Only)

  • Kirby – Floor Plan (2nd Floor Only)

The Strategy

02

Structured Redevelopment Across Four Pillars

Rather than pursue phased upgrades, we executed a full redevelopment strategy designed to maximize long-term asset value and deliver measurable investor outcomes.

  • Strategic
    Vacancy

    A structured cash-for-keys approach fully vacated the property, enabling comprehensive redevelopment rather than phased improvements.

  • Operational
    Reset

    Post-renovation stabilization through disciplined leasing, expense oversight, and structured performance tracking.

  • Capital
    Improvement Plan

    A full renovation scope was executed across all units and common areas to reposition the property competitively within its submarket.

  • Refinance
    Strategy

    Following stabilization, a refinance was executed to return investor capital while retaining long-term equity participation.

Execution

03

Disciplined Through Disruption

Shortly after acquisition, the onset of the COVID-19 pandemic introduced operational and construction constraints that required real-time adaptation.

Construction schedules were adapted to comply with health protocols while maintaining redevelopment scope and underwriting discipline. Completion was achieved in early 2021 without compromising execution standards.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

Kirby Road Exterior - Before Kirby Road Exterior - After
Kirby Road Interior - Kitchen - Before Kirby Road Interior - Kitchen - After
Kirby Road Bathroom - Before Kirby Road Bathroom - After
The Results

04

$1.85M in Equity Created

Upon stabilization, the property was valued at $4.35 million — representing $1.85 million in equity creation against a total project cost of $2.5 million.

  • 100% of capital returned within 20 months
  • Infinite cash-on-cash position following refinance
  • 2.75x equity multiple to date

The project demonstrates our structured approach to acquisition, redevelopment, stabilization, and capital recycling.

The Interior
Renovation-Driven Repositioning, Unit by Unit

  • Kitchen

    Each unit features a fully renovated kitchen with stainless appliances, modern cabinetry, and quality finishes — designed to attract and retain quality long-term tenants and support premium rental positioning within the submarket.

  • Bathroom

    Each bathroom was fully gutted and rebuilt with clean, contemporary finishes — new tile, updated fixtures, and modern vanities designed to meet tenant expectations and support premium rental positioning.

  • Living Room

    Open, light-filled living spaces were redesigned to maximize functionality and appeal — creating an environment that attracts quality long-term tenants and reduces vacancy exposure.

  • Bedroom

    Bedrooms were updated with fresh finishes, quality flooring, and thoughtful layouts — balancing tenant comfort with the durability required for long-term asset performance.

Investor Impact

05

Capital Preserved. Upside Retained.

Preserved capital. Ongoing upside participation. Structured value creation.

Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

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Brian Green

Brian Green: Building Value Through Vision, Discipline, and Execution

Written by command on . Posted in Media & Press.

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At the center of Green Springs Companies is Brian Green, a founder and entrepreneur whose career reflects a rare blend of strategic thinking, operational discipline, and long-term vision.

January 30, 2026  |  Buying Local

Brian-Green

What began as a hands-on real estate investment effort has grown into a vertically integrated real estate ecosystem—one designed not just to acquire properties, but to systematically unlock and maximize their value.

Brian is not a developer who chases trends. He builds durable businesses that respond intelligently to market realities, local conditions, and long-term demand.

A Real Estate Family of Companies

Green Springs Companies is best understood not as a single firm, but as a family of complementary businesses, each designed to solve a specific problem within the real estate lifecycle. Together, they create a closed-loop system that allows Brian and his team to control quality, execution, and outcomes.

Green Springs Capital Group

This is the development and investment arm of the organization. It focuses on:

  • Real estate development and acquisitions
  • Deal sourcing, underwriting, and financing
  • Working with private investors on select projects
  • Long-term asset management and growth

The strategy is heavily rooted in value-add development—acquiring underperforming or outdated properties and transforming them into high-quality, income-producing assets built to last.

Property Management (In-House First)

Rather than outsourcing operations, Brian built an internal property management company to ensure business plans are actually executed on the ground. This team:

  • Manages Green Springs-owned properties
  • Optimizes performance, tenant experience, and maintenance
  • Protects long-term asset value

For Brian, great development ideas mean nothing if the property isn’t run correctly. Operational excellence is non-negotiable.

Commercial Construction

Green Springs also operates a dedicated commercial construction company, originally built to serve internal projects but now handling significant third-party work as well. This removes one of the biggest risks in real estate development—execution uncertainty—and gives Green Springs the confidence to take on complex, large-scale projects without bottlenecks.

Real Estate Financial Advisory

The advisory arm focuses on:

  • Asset and portfolio optimization
  • Financing strategy and restructuring
  • Construction and development financial modeling

This business exists because Brian recognized a common gap in the market: many builders and investors know how to construct projects, but not how to math them correctly. Green Springs fills that gap.

How Brian Thinks About Growth

Brian’s approach to growth is pragmatic, not flashy. He scales only when the underlying model proves itself.

Early on, he handled everything himself—leasing, maintenance, renovations, snow removal, and financial analysis. That experience shaped his philosophy:

  • Systems matter
  • People matter more
  • Scale only amplifies what already works

As projects grew from duplexes to large multi-unit developments, the process remained largely the same. The difference was scale—and the ability to bring in specialists who could outperform him in specific areas.

Responding to Market Conditions—Not Fighting Them

One of Brian’s defining strengths is his ability to pivot strategically when markets change.

When commercial real estate pricing became disconnected from reality post-COVID, Green Springs didn’t stall. Instead, Brian identified opportunity in historic properties, leveraging tax credits and incentives to make deals pencil when others couldn’t.

Similarly, when rental valuations plateaued in certain markets, Green Springs explored condominium conversions, aligning exit strategies with local housing shortages and buyer demand—particularly in high-demand areas like Saratoga.

This adaptability is rooted in deep local knowledge and disciplined analysis, not speculation.

The Value Brian Brings to the Table

Whether you are an investor, partner, municipality, or collaborator, Brian Green consistently delivers value in several key ways:

  • Strategic clarity – Every project starts with a clear business plan and defined outcome.
  • Execution confidence – Vertical integration removes guesswork and risk.
  • Long-term alignment – Most assets are held for 10+ years, prioritizing sustainability over quick exits.
  • Problem-solving leadership – Brian thrives in complex environments where others stall.
  • Access to opportunity – Through Green Springs, investors gain exposure to high-quality real estate projects without operational burden.

Perhaps most importantly, Brian builds platforms that allow other people to win—partners, team members, and investors alike. His vision of success includes financial freedom, career growth, and long-term stability for those involved in the ecosystem.

Looking Ahead

Green Springs Capital Group is targeting $200 million in assets under management by 2030, a goal driven not by ego, but by scale requirements—supporting leadership teams, partners, and families connected to the business.

For Brian, growth isn’t about accumulation. It’s about building systems that create freedom, resilience, and opportunity.Learn more about Brian and Green Spring Companies at https://greenspringscapitalgroup.com/

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Scaling Real Estate the Smart Way with Brian Green | Buying Local S3E60

Written by command on . Posted in Podcast Appearances.

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January 9, 2026  |  Michael Nelson  |  Buying Local

In this new episode of the Buying Local podcast, Mike sits down with Brian Green, founder of Green Springs Companies, to break down how a single-property investment evolved into a vertically integrated real estate operation spanning development, property management, construction, and financial advisory. Tune in as they delve into scaling strategies, market pivots, calculated risk, and how a long-term vision drives sustainable growth.

You can find this week’s guest, Brian Green, at greenspringscapitalgroup.com or by emailing brian@greenspringsco.com.

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Scaffolds & Cranes: $16M Saratoga Springs housing complex nears completion

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The Ridge includes a restored 200-year-old home and carriage house

 |  Lilli Iannella |  Photos by Lori Van Buren |  Times Union

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SARATOGA SPRINGS — A development featuring a restored 200-year-old home and carriage house is just about ready to welcome new tenants.

It’s called The Ridge, and it will feature condos within the two historic structures and apartment units in four separate buildings located at 182 Excelsior Ave. Construction is expected to be complete within the next 60 days, said Brian Green, co-founder of Green Springs Capital Group LLC, the project’s developer.

What’s left to complete includes interior work in one of the four apartment buildings, landscaping and a final coat of pavement on the site’s parking lots, Green said. The two-story carriage house is just about complete, and the three-story main house has reached around 75% completion, Green said. 

Green said restoration of the two historic buildings involved gutting the interiors, reconfiguring the layouts and restoring their exterior shells. The historic buildings were relocated 200 to 300 yards closer to the street to allow for the construction of the four new apartment buildings.

The Ridge is currently taking rental applications, and five to six people are already waiting to move in, Green said.

  • Lot size: just under 2.5 acres
  • Project cost: $15.5-$16 million
  • Project timeline: Late spring 2024—fall 2025
  • Status: Completion expected within 60 days
  • Planned use: Six condos among the two historic buildings and 36 apartment units across four, three-story buildings
  • Starting rent: $2,425
  • Developer/Ownership: Green Springs Capital Group LLC
  • General contractor in the field: Crisafulli Construction Services, LLC; Northway Construction Management

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Brian Green Shares Real Estate Development Strategies To Enhance Returns | Cash Flow Ninja #885

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August 11, 2025  |  M.C. Laubscher  |  Cashflow Ninjo

My guest in this episode is Brian Green. Brian is the Founder of Green Spring Capital, a strategic advisory firm that helps financial professionals and business owners unlock growth through innovative partnerships, capital strategies, and industry expertise.

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Growing development group wants to convert Glens Falls warehouse into apartments

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Green Springs Capital Group LLC is looking to turn a vacant warehouse in Glens Falls into new apartments.

 | Chelsea Diana  |  Albany Business Review

182-excelsior-ave-apartmentssaratoga-0506202513

Green Springs Capital Group LLC is looking to turn a vacant warehouse in Glens Falls into new apartments.

Brothers Brian and Gregory Green are asking the city for approval to convert 178-180 Maple St. in Glens Falls into 19 apartments and convert a former garage into a commercial space. The property, a three-story brick warehouse, is on the same block as The Shirt Factory and Rock Hill Bakehouse & Cafe.

It would be Green Springs Capital’s first development in Glens Falls and Warren County. The property management and development business has previously focused on Saratoga County.

Brian Green previously told the Business Review that they had looked for the right property to buy in Glens Falls for a while before putting 178-180 Maple St. under contract. The property is listed with Michelle Cardinale of Hunt Real Estate ERA for $569,000.

“We’ve been trying to get there for the last five years. Nothing has hit,” Green said. “It’s a different market than we’re used to. Rents and property values are lower for the most part, which makes it harder to do ground-up construction. … We’re being selective up there and like the market for a good expansion market for us.”

Renovations to the roughly 21,215-square-foot building would include the 19 apartments, 2,357 square feet of commercial space, a courtyard and bike rack, according to plans filed with the Glens Falls planning board. The apartments would include four studios, 11 one-bedroom units, three one-bedroom units with a den and one two-bedroom unit.

The estimated cost for the project is $3.55 million, according to documents filed with the planning board.

Green Springs is working with Lansing Engineering and Thaler Reilly Wilson Architecture & Preservation on the plans. The project will be before the Glens Falls Planning Board on July 2.

Green Springs Capital began to look into warehouse-to-apartment conversions last year after starting a new construction firm with Matt Crudo called CG Construction Group. Crudo is the former senior vice president of construction at Redburn and has worked on dozens of historic rehabs and apartment conversions throughout the region.

“With Crudo’s background, we’re focusing a lot on conversion and renovation projects. He’s got a lot of experience doing those types of projects, and we’ve done some of that work on a limited scale with mostly multifamily that we’re renovating, but we’ve never really stepped into, OK, let’s renovate this office or warehouse into apartments,” Brian Green told the Business Review in May. “That’s where [Crudo’s] expertise is going to be tremendous. A lot of what we’re leaning into now are those type of opportunities.”

Brian Green started the business eight years ago with a single apartment building. Over time, Gregory joined Green Springs Capital Group, and the brothers purchased and renovated apartment buildings throughout Saratoga County.

The group is finishing their first ground-up development project, an $18 million development in Saratoga Springs that includes a historic condo renovation. And it recently started renovations on Annandale Mansion, a 16-unit apartment building in Saratoga Springs near the Skidmore College campus.

The goal is to get Green Springs Capital to $200 million in assets under management. They’re at $50 million now.

“We’re not going to walk in and buy some apartments that were built in 2010, that’s not our model,” Green said last month. “We need to buy something that we can massively increase the value on.”

The Maple Street apartment conversion is the latest plan for new apartments in the city of Glens Falls, which is expected to see dozens of new apartments come to market in the next few years. One of the major pieces of development in the city is the revitalization of South Street, which is expected to bring 150 new apartments to Glens Falls.

A few blocks south of the proposed Green Springs development, Foothill Builders is looking to construct a new four-story building on Warren Street in Glens Falls that would include commercial space and another 60 apartments.

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