March 27, 2025
Bargain Grocery in Troy Named Costar Impact Lease Of The Year
The anchor tenant of the Flanigan Square Transformation Project in Troy, being developed by First Columbia with investment from the NBT CEI-Boulos Impact Fund, was named Lease of the Year for 2024 in the Albany Market
The redevelopment of a historic former collar factory building into Troy’s new Bargain Grocery, an innovative grocery which facilitates fresh food access for people with lower incomes, has received the CoStar Impact Award for “Lease of the Year for 2024 in the Albany Market.”
The Bargain Grocery is part of the $75 million Flanigan Square Transformation Project in Troy’s North Central neighborhood, which is being developed by First Columbia and funded by a majority investment from the NBT CEI-Boulos Impact Fund.
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed with significant influence in neighborhoods or submarkets across 128 major markets in the United States, Canada, and the United Kingdom. The annual CoStar Impact Awards celebrate commercial real estate practitioners that have brought leadership, innovation, and professionalism to their markets, by spotlighting commendable transactions and projects.
Bargain Grocery is run by the Compassion Coalition, a community service nonprofit that serves low-income households in need through a new delivery model treating everyone with dignity. Bargain Grocery purchases its inventory through a partnership with national and local vendors, purchasing food that was overproduced at a discount to resell at lower prices to the public, helping prevent food waste and facilitating fresh food access for people with lower incomes. Bargain Grocery has one existing location in Utica and the Troy location is its second. The Troy location has created approximately 50 new jobs.
In addition to the Bargain Grocery, the Flanigan Square Transformation Project includes the historic renovation of a former detachable shirt collar production factory into 72 units of affordable and workforce housing. The project also includes the new construction of senior affordable housing, along with commercial space to reintroduce essential services to the neighborhood, such as childcare and recreation, all currently under construction. The project’s developer First Columbia is a well-respected, community-focused developer with a substantive track record working to redevelop properties situated along the Hudson River waterfront of downtown Troy.
The NBT CEI-Boulos Impact Fund is a high-impact commercial real investment fund established by NBT Bank and CEI-Boulos Capital Management, which is focused on making investments in the bank’s Community Reinvestment Act assessment areas in New York State. NBT Bank is the fund’s sole investor.
The Flanigan Square Transformation Project represents First Columbia’s unwavering commitment to fostering economic growth and revitalization in North Central Troy. “By blending historic preservation with modern adaptive re-use, this development strengthens the neighborhood’s physical beauty and economic viability,” said First Columbia Project Manager Nathaniel Bette. “We are proud to lead this transformative effort along with our partners, CEI Boulos and NBT Bank, who are instrumental in bringing a project like this to life for a brighter future for the City of Troy.
“As a community bank, NBT is deeply committed to high impact projects that bring new energy, growth and positive change to the communities we serve,” said Al Testa, President of Eastern NY and Connecticut for NBT Bank. “We’re honored to work with partners like First Columbia to ensure that the NBT CEI-Boulos Impact Fund’s support of projects like the Flanigan Square Transformation Project and the Bargain Grocery are making a real difference. Thank you to CoStar for recognizing its positive impact.”
“The NBT CEI-Boulos Impact Fund is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested through impactful developments like the Bargain Grocery Store project,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The grocery has increased the quality of life for the North Central neighborhood, in particular for residents with low incomes, by increasing access to quality food and housing at affordable prices. We are proud to be partnering with First Columbia on this truly transformative project and we sincerely thank CoStar for this recognition.”
CoStar judges called the Bargain Grocery a “transformative project in the City of Troy” and highlighted “the collaboration of the not-for-profit and the developer to fill a void.”
The Bargain Grocery project is the historic renovation of a building linked to Troy’s industrial past. In the 19th and 20th centuries, the building was occupied by Miller Hall & Harwell, at the time a leading detachable collar manufacturer.
Before the Bargain Grocery opened in September 2024, the location was a federally designated “low-income and low–access food desert.” This means the neighborhood had a poverty rate of greater than 20% and lacked access to fresh food, with at least a third of its population living more than a mile from a grocery store.
In addition to the NBT CEI-Boulos Impact Fund’s investment, the Flanigan Square Transformation Project also received financing provided by Empire State Development, state and federal historic tax credits, New Markets Tax Credits, the New York State Office of Homes and Community Renewal, debt provided by M&T Bank, and a PILOT from Rensselaer County Industrial Development Agency.
