Plan C: How the Ridge Street Portfolio Became Green Springs’ 1031 Exchange
GLENS FALLS — Green Springs Companies has selected the Ridge Street Portfolio, 34 apartments across a collection of Victorian-era homes in Glens Falls, NY, as the replacement property for its 1031 exchange. The purchase price is $2.3m, and closing is set for December.
From Saratoga Springs to Glens Falls: How the 1031 Exchange Started
The exchange began this summer with two sales in Saratoga Springs. The first was 1 Oak Street, a renovated quadplex in the Arts District, which sold for $1.3m. The second was 17-21 Granite Street, a six-unit property across three historic buildings, which sold for $1.7m.
A 1031 exchange lets an investor roll the proceeds from a sold investment property into a like-kind replacement property and defer capital gains taxes, as long as strict deadlines are met. Once the sales closed, the clock started: the team had 45 days to identify up to three replacement properties and 180 days to close on one of them.
Plan C: Why the Backup Became the Deal
Ridge Street made the list of three, but it was Plan C. Plans A and B both fell apart mid-process, so Green Springs moved forward with the property it had underwritten as its backup.
“We’d already done the homework on Ridge Street—the walkthroughs, the underwriting, the conversations with the city—so when the first two blew up, we weren’t scrambling,” said Jake Keado, Director of Investor Relations at Green Springs. “A backup should be a deal you’d actually want to own, and this one checks every box for us.”
About the Ridge Street Portfolio
The portfolio totals roughly 28,000 square feet of historic multifamily housing. It has a mix of studios and one- and two-bedroom apartments, a short walk from downtown Glens Falls. The buildings are eligible for historic tax credits, and the City of Glens Falls has supported the project with grants and a PILOT tax agreement. Once the deal closes in December, renovations are tentatively set to begin in January 2027.
Why Glens Falls
Glens Falls sits at the northern edge of New York’s Capital Region, between Saratoga Springs and Lake George, and its downtown has seen more than $48 million in investment. Three things anchor rental demand there:
- Glens Falls Hospital and its 5,000+ healthcare workforce
- Manufacturers like AngioDynamics and Finch Paper
- Year-round tourism around Lake George and the Adirondacks
It’s also familiar ground. Ridge Street joins Maple & Rail, Green Springs’ historic rehabilitation in Glens Falls, as the company grows its historic preservation footprint in the city.
“Historic preservation is our niche, and Glens Falls is where we’re doubling down,” Keado said. “We plan to document the entire transformation, from closing day to the last unit turned, so stay tuned!”
