E Square Capital, LLC has opens East Village Lofts, completing its $4 million two-year renovation of a four-story, 45,000 sq. ft. former factory at 937 Broadway at Fillmore Avenue into a mix of 43 affordable studio, one-bedroom and two-bedroom apartments.
"Sixty percent of our units were rented within the first five days of opening the door," reports E Square Capital owner Eran Epstein. "This is a much-needed addition to desirable housing in the neighborhood, and the first new housing complex there in many years. We are pleased to have turned a solidly-constructed abandoned warehouse into quality housing for the Broadway-Fillmore area."
Epstein purchased the building in 2002 from Mauntner Co., a jewelry display case manufacturer that vacated the building in 2000. He and partner Chris Gerhart of CWG Development developed the project. E Square Capital, through its affiliates, was the general contractor and will manage the property.
Monthly rents for the units are $325 for a studio, from $348 to $517 for one-bedroom units, and $549 for the largest two-bedroom unit. Living spaces range from 416 sq. ft. to 1,248 sq. ft. All rents include heat. Interiors feature attractive loft-style designs and are equipped with new appliances and ceramic tile. There are on-site laundry facilities, a community room, an elevator, and a high-tech security system.
E Square Capital purchased nearby vacant lots from the City of Buffalo and turned them into a gated parking lot for East Village Lofts, accommodating 22 vehicles at Wilson and Townsend Streets.
Wagner Optical, current commercial tenant, remains in its location on the ground floor. Two more prospective retail areas - 3,000 sq. ft. and 1,000 sq. ft. - are newly available. For leasing information on the apartments or commercial space, call 716.200.1700, ext. 737.
The project, designed by Silvestri Architects, received a combination of private investment and assistance from the Erie County Industrial Development Agency (ECIDA), a grant from the New York State Division of Housing and Community Renewal, and the participation of Boston Capital Corporation, and Citizens Bank.
Epstein noted that Buffalo Mayor Byron W. Brown and Buffalo Common Council President and Fillmore District Councilmember David A. Franczyk have provided longstanding support of the project since its inception.
In 2005, Epstein and Gerhart combined efforts to rehabilitate and renovate the ten-story former Holling Press factory into 82 affordable one and two-bedroom rental apartments at 501 Washington St., in the heart of downtown Buffalo.
Holling Place was followed by the ongoing renovation of a building across the street, at 504 Washington, that is being converted into loft condominiums. Next, E Square Capital renovated six apartments at 585 Lafayette Ave. at Elmwood Ave.
In 2008, E Square Capital and Gerhart opened The Residence at 245 North Street, after transforming the former YWCA Residence into 64 affordable senior citizen apartments. Purchase and renovation of that historic facility totaled $9 million.
Headquartered in Buffalo, E Square Capital specializes in ownership, development, construction and management of residential housing throughout New York State. Most of its projects are in Western New York and Brooklyn. E-Square is owner/manager of 250 apartments, 50 of which are in various stages of development.
Epstein began investing in Buffalo in 1994, buying property in the University Heights neighborhood while he was a student at State University at Buffalo. In the past 15 years, E Square Capital has purchased a 21-unit apartment building at 367 Elmwood Avenue, a 23-unit apartment building at 2803 Main Street, and a 48-unit apartment building at 950 Delaware Avenue.
they did a really good job. housing in good shape is in demand in the east side