City re-vision

Where others see only blight, Patrick Chiou sees potential

Patrick Chiou embraces the joke about him in Albany. It goes, “Does the building have a roof on it? Yes? Then I’m not interested.” Chiou, now eight years into his career as a developer in the city, has some major reconstruction jobs behind him. In 2018, he led the renovation of 800-804 Broadway, a previously dilapidated set of brick buildings marked with red X signs to let firefighters know they were structurally unsound.

There are 15 apartments there now, financed in part with a $1.53 million construction loan from the Community Preservation Corporation and federal and state historic tax credits.

Chiou is a 2006 graduate of the University at Albany. After graduation, he went home to Long Island and became a nightclub promoter in the city. His parents, Taiwanese immigrants, could only take so much of that before they started nudging him to do more with his life and paired him with a friend from their church. Chiou’s first investment in Albany was a two-family at 498 Washington Ave. He remembers feeling naive about managing property and navigating the city’s regulations. Eventually he sold the property and bought others, evolving into a niche — he buys distressed properties, guts them and rebuilds. The result is a product that doesn’t need continuous, expensive maintenance.

Chiou’s strategy, which often relies on leveraging debt, is a tough one to explain to his parents.

“Their attitude is, ‘never go into debt. If you want something, you have to have the money upfront,’ but that’s not how we build wealth now,” Chiou said.

Still, when the unexpected happens, it’s a rough ride.

Chiou’s current project is a collection of row houses and two additional buildings along Clinton Avenue in Arbor Hill. The deal, which included assistance from the state, was done before the COVID -19 pandemic started. In addition to the logistical difficulties it brought, Chiou also watched his budget increase from 20 to 30 percent because the cost of building materials went up dramatically.

Lori Van Buren / Albany Times Union A group of Chinese investors is joining Patrick Chiou, a University at Albany graduate, to purchase two State Street buildings in Albany.

John Carl D'annibale / Times Union archive Major Kathy Sheehan is greeted by developer Patrick Chiou outside his redevelopment of 800-806 Broadway.