Courtesy BDC Group
by Christine Graf
The first phase of construction at Cornerstone Condominiums at 55 Cornerstone Drive in Ballston Spa has been completed.
The condominiums were built and are managed by the BDC Group, a real estate development, design, construction, and management firm. The company is comprised of BDC Holdings Inc., BDC Builders Inc., and BDC Management Inc. They have offices in White Plains and Latham.
Two- and three-bedroom condominiums have been available for sale since December, company officials said. To date, 11 units have been sold and three are under contract. Once completed, the complex will include 78 units.
Cornerstone Condominiums sit on just over 11 acres of land. All units have nine-foot ceilings, granite countertops, stainless steel appliances, attached garages, and partially-finished basements that receive limited natural lights.
First-floor condominiums have two bedrooms and measure between 1,360 and 1,387 square feet. Second-floor units have three bedrooms and measure between 1,738 and 1,761 square feet. Prices start at $249,000 for two bedrooms and $269,000 for three bedrooms.
The company said the condominiums are maintenance-free which means all lawn care and snow removal services are provided. The complex features a dog park as well as an outdoor gathering area where residents can host small gatherings. The monthly homeowners association fee is $189/month.
According to partner and creative director, Michael Marfione, “It’s the only condo project in the area that has all of the different amenities at that price range.”
He anticipated that the final phase of construction at Cornerstone will be completed within two to three years. The time frame is dependent on how quickly the condominiums sell.
Because the complex is maintenance free, Marfione expected Cornerstone’s primary demographic to be individuals at or near retirement age.
“I thought it would be a lot of people who were retiring and attracted to the maintenance-free idea, but now we have younger families coming in. I feel like the community that is slowly, organically, growing here is a good fit for the Ballston Spa community,” he said.
Although Cornerstone is BDC’s first project in the Ballston Spa area, they have another project under construction in downtown Troy. Called King’s Landing, it is a 55-unit luxury apartment building facing the Hudson River. They also have several other projects in the development phase including one in Milton.
According to Marfione, BDC Group has ties to the Blitman Development Corp.
“My brother was a partner with Howard Blitman. They have a history of developing in the Capital District. In the last two years, we have kind of spawned from that and started the BDC Group. It’s kind of a rebranding. It’s a whole different entity.”
Marfione’s brother, Cosmo, serves as BDC Group managing principal and director of development and engineering.
“A lot of the partners went to RPI, and we have a strong affiliation with the community there,” said Marfione. “We are a younger, energetic group that are excited to work within the capital district. This (Cornerstone Condominiums) is going to be the first project of many.”