Twenty nine residences have sold in The Pasquale since the building was completed a year ago with one additional unit under contract. Nine other units have been leased with options to purchase leaving ten units unoccupied. They are shell units that haven't been finished leaving buyers the opportunity to customize and choose their desired finishes. The most expensive unit, a 3,633 sq.ft. three-bedroom penthouse, sold for $1.32 million. Remaining units with 1,342 to 2,572 sq.ft. of space are priced from approximately $300,000.
Ellicott Development's $30+ million Waterfront Place development includes the 13-story condominium tower with 49 units, 14 townhomes and a landscaped central park area. Chaintreuil, Jensen & Stark Architects in conjunction with Charles Gordon designed the project.
Each residence includes 10 to 12' ceilings, gourmet kitchens with custom cabinets and granite countertops, hardwood and ceramic tile flooring, whirlpool tub and steam shower in master bathroom suites, and one or more balconies. Several units on the upper floors have rooftop terraces. Units include dedicated parking spaces in a two-level enclosed garage and a separate storage
"Things are going better than we expected given the state of the economy," says Ellicott's Chris Martoche who is overseeing sales at the development. "We felt leasing was a good option since the sales were slow. Almost all the leases have options on them to buy, so hopefully we will be able to turn those into sales contracts."
The units are commanding what may be the highest rents in the region: $2400 up to $4000/month. Martoche says the leased units are occupied by professional athletes and others.
Despite tough economic conditions, unit prices have not been discounted, though Ellicott Development is flexible. "We will work with people but we are not desperate to unload," says Martoche.
Several early potential buyers had pre-approved mortgages but ultimately couldn't get financing when the rules changed after the financial crisis hit. "It has been a process, but we're working towards selling the building out," says a confident Martoche. "There is continuing interest and we are happy with our sales to date."
Four of the townhouses have been sold. The fifth, an end unit, was recently finished and is now for sale. Listed at $685,000, 13 Ojibwa is the largest townhouse in the development.
"It is over 3000 sq.ft. livable, and 4,000 sq.ft. useable," says Martoche. "We are leaving it as a shell so that whoever buys it can finish it exactly how they want to."
Ellicott plans to lower the rooflines and scale back the size and price of future town home units. Construction of the new townhouses will be market-driven. "We will not be constructing units on speculation at this point," says Martoche.
There is room for a second tower on the site, but for now Ellicott remains focused on selling the remaining units in The Pasquale.
Asked if the residences at the Avant were direct completion, Martoche said to some extent it is. "In this market, how many people can afford residences with these price points? If you're interested in a new, high-end condominium, you will look at both properties. Both Carls [Ellicott Development's Carl Paladino and Uniland's Carl Montante] took big risks with these projects. It's a big investment in the future of the city. I hope we both sell out. It'll be good for Buffalo."
Get Connected: Chris Martoche, 716.854.0060, 716.570.2399 (cell).
I can't imagine living down here now-it has become far too crowded. What could have been a nicely laid out park area with townhomes is now a hodge-podge of buildings on top of one another. Carl wins some and loses some-I see this as a lose-some (for the residents of the waterfront area, mostly.)
So you don't want to live in the CITY of Buffalo because it is starting to become more like a CITY and not just an urban sprawl?
This is a sprawl neighborhood -even with the towers
I call it vertical sprawl, the building actually has a car elevator