Schenectady used to be the home of the American Locomotive Company (ALCO) and this is one of the locomotives built here. I believe this particular loco is an RS-3, built in 1953. Formerly owned by the Great Northern Railroad, then the St. Johnsbury and Lamoille County Railroad, then the Montpelier and Barre Railroad, I'm not entirely sure how it ended up here on Nott Terrace, not very far from the place it was built!
The locomotive is resting on a short bit of track down the hill from the Schenectady Museum. It might even be a museum exhibit: there's a concrete staircase leading up to it. Here's an overhead, courtesy Google Maps:
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