Author: Green Springs Capital Group

In 1869, Henry Lawrence built a home on this site that would go on to witness over a century and a half of Saratoga’s history. When we took on this project, our goal was never to erase that history — it was to carry it forward.

That meant preservation had to come first, even before renovation could begin. The Lawrence House was sitting on the exact ground needed for the site’s next chapter: The Ridge, a new apartment community planned for the property. Rather than choose between the two, we chose both. We lifted the entire house off its foundation, moved it to a new position on the site, and set it down on a new foundation built to support it for another 150 years.

As we move to the next chapter for both properties, we are excited to hand the keys over to each new owner at the Lawrence House.

The Porch Suite

Unit 100 sits at the front of the main house, with direct access to the home’s original front porch. Inside, the layout centers on a combined kitchen, living, and dining space anchored by a beautiful bay window. Off the main living area, a back hall leads to two bedrooms, along with two full bathrooms and an in-unit washer/dryer.

The reclaimed bay windows fill the space with natural light throughout the day.

The Garden Room

Unit 200 is slightly larger at 1,067 square feet. As you walk in, you are immediately in an open area featuring the kitchen, living, and dining areas, with easy access to one of the two bathrooms. The bedrooms are separated from the living area, providing an excellent division between living and sleeping spaces.

Both units retain the detailing of the original 1869 structure — the woodworking throughout the entire home expresses the character that Henry Lawrence originally envisioned.

The Lawrence House Condos are being exclusively offered for sale with the Shannon McCarthy Team (shannonmccarthyteam.com).

View Available Condos at The Lawrence House

This blog post is not an offering. It is a solicitation of interest in the advertised property. No offering of the advertised units can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until an offering plan is filed with the New York State Department of Law. This post is made pursuant to Cooperative Policy Statement #1, issued by the New York State Department of Law.

When we first walked through Annandale Mansion, the pitch practically wrote itself: gorgeous bones, a great location near Skidmore, ten legacy tenants paying rents that hadn’t moved in what felt like a decade. The obvious playbook is the one everyone expects — empty the building, gut it, rebuild it, lease it up fresh.

We decided not to do that. The character of a building like this isn’t just in the crown molding and the old hardwoods, it’s in the people who’ve been living there, who chose this place over the newer, more generic options nearby. Clearing everyone out to move faster would have solved a scheduling problem and created a bigger one. So we built the project around keeping the tenant base in place and moving people unit by unit as construction progressed, rather than vacating and starting over.

Ahead of Schedule & Under Budget

By year-end we were 55% through construction — exteriors mostly restored, interiors about 45% underway, and four units fully turned over to property management. Three of those four leased right away, and what we were most glad to see was who leased them: existing legacy tenants transferring into the renovated units instead of leaving. Rents on those transfers jumped more than 50%, which told us the approach was working the way we’d hoped.

The other six legacy households stayed in place at their original rents, which kept cash flow steady while we worked around them. That part took patience — sequencing the construction so units could come offline and back online without disrupting people who were still living there day to day.

We were also running about $153K under budget at that point, mostly from the exterior restoration coming in cheaper than planned.

An End in Sight

By spring we’d reached 80% complete— common areas were fully finished and landscaping was wrapping up. This is where the “bring the character forward” idea really showed up — the lobbies, hallways, and shared spaces weren’t an afterthought behind the unit renovations, they were treated as central to what makes the building feel like itself.

Leasing was ahead of expectations, too: five units leased at an average of $1,845/month, with stabilized revenue tracking 7–10% above our original underwriting. We were still sitting on roughly $60K of favorable budget variance against the ~$4.81M total project cost.

Where do we stand today?

Construction is complete and we are 1 unit away from being 100% occupied. Every unit interior, every common area, every bit of landscaping was done, and the legacy resident transitions wrapped up alongside it — every household that wanted to stay through the renovation did. Final project cost landed at about $4.75M against the ~$4.81M budget, roughly $60K under.

We’re now in stabilization, watching operations settle in, and looking ahead to distributing tax credits in 2027 and evaluating whether a refinance makes sense down the line.

Why did this matter?

The faster version of this project would have meant vacating, renovating everything at once, and re-leasing to whoever showed up. Instead we asked a longtime tenant base to stick with us through a phased renovation, protected the income that came with keeping them, and used the extra time to get the shared spaces right. The result isn’t just good numbers — it’s that Annandale Mansion still feels like the building people chose to live in, just one they’re now paying a lot more to live in.

— The Green Springs Capital Group Team

SARATOGA SPRINGS — 17-21 Granite Street, a six-unit multifamily property spanning three historic buildings just blocks from downtown Broadway and Skidmore College, has sold for $1.7 million, with Green Springs Companies representing the seller.

The property totals 5,392 square feet on a 0.28-acre lot and dates to 1880, with 12 bedrooms and six bathrooms spread across the three buildings — including a fully furnished single-family house at 19 Granite Street that commands premium rents.

The buildings were fully occupied at the time of sale, with the location’s proximity to Skidmore College, downtown Broadway and the city’s hospitality and healthcare employers keeping tenant demand steady.

Green Springs Company fully renovated the property after acquiring it in 2020, updating the kitchens and bathrooms, installing new flooring and HVAC systems with central air, and recoating the roofs across all three buildings.

Brian Green, who represented Green Springs Company in the sale, said in a statement: “We see a strong demand for small-renovated multifamily, with many investors who want something turnkey.” Brian has seen a lot of success selling these small multifamily properties this summer.

Steady tourism, healthcare and education demand, along with sub-4% vacancy rates and 3% to 5% annual rent growth, have kept investor interest in Saratoga Springs strong.

The Green Springs Team will give some insight into the deal & how it performed in the monthly update in a few weeks, so stay tuned!

SARATOGA SPRINGS — 1 Oak Street, a four-unit quadplex in the city’s Arts District, is being sold by Green Springs Companies for $1.3m. The property spans 4,572 square feet, with a mix of two- and three-bedroom units and classic double-porch architecture.

The building is fully occupied, with tenants drawn from the hospitality, healthcare and arts sectors that anchor the surrounding neighborhood, just steps from Broadway, SPAC and the Saratoga Race Course.
Green Springs Company fully renovated the property after acquiring it in 2021, updating the kitchens, bathrooms, appliances, in-unit laundry, and the HVAC, electrical and plumbing systems, along with a new roof.

Brian Green, who represented Green Springs Company in the sale, said in a statement: “We see a strong demand for small-renovated multifamily, with many investors who want something turnkey.”

Steady tourism, healthcare and education demand, along with sub-4% vacancy rates and 3% to 5% annual rent growth, have kept investor interest in Saratoga Springs strong.

The Green Springs Team will give some insight into the deal & how it performed in the monthly update next week, so stay tuned!