Real Estate July 9, 2010 12:01 AM

Trio of "Brownstone" Units Hit the Market

Trio of “Brownstone” Units Hit the Market

Three units at 'The Brownstone' project have been put up for sale.  Eran Epstein's E Square Capital LLC is converting a three-story warehouse at 504-08 Washington Street into three, two-family townhouses.  Each 17' wide unit includes a tandem two-car garage and separate Washington Street entryway.  They are priced at $360,000.

540-08 Washington.PNGThe primary unit contains 2,600 sq.ft. of space.  Its living room, kitchen, laundry room and half bath are located on the second floor facing Washington Street.  The unit's master bedroom, secondary bedroom, loft/office and two bedrooms occupy the third floor. 

Each rental unit contains 1,800 sq.ft. of space.  The main living area of the second unit is located on the first floor and have access to private courtyards planned at the rear of the building.  A bedroom and an area that could be used for a home office is located on the second level.  Silvestri Architects designed the project.  The sales price includes a standard finish package but units can be customized.

ep122222.jpgEpstein along with a Long Island-based partner, Chris Gerhart of CWG Development, renovated the ten-story former Holling Press factory across Washington Street into 82 affordable one- and two-bedroom rental apartments.  He also recently completed conversion of the former YWCA Residence at 245 North Street into 63 senior citizen apartments and rehabilitated a four-story building at 937 Broadway into a mix of commercial space plus 43 affordable apartments.

Epstein began investing in Buffalo in 1994, buying property in the University Heights neighborhood while he was a student at State University at Buffalo.  Headquartered in Buffalo, E Square Capital specializes in ownership, development, construction and management of residential housing throughout New York State.  Most of its projects and 250 apartments are in Western New York and Brooklyn.

Occupancy for The Brownstones is expected later this year.  The building is adjacent to Roger Trettel's Cornucopia retail and residential project that fronts both Washington and Main streets.  Work on that redevelopment effort is now underway.

Get Connected: E Square Capital, 716.884.8213

 508 Washington.PNG

DSC_0512.JPG
View image

Comments

Leave a comment

The only thing that I can think of adding is to forget about a rear courtyard and focus instead on a rooftop garden.

Score: -1 ( 1 votes ) Vote up Vote down Report this comment

Am I understanding this right...each "townhouse" includes two units and those two units not only share different sections of the 2nd floor, but also tandem parking? Am I insane or is that totally wacky?

Score: 2 ( 2 votes ) Vote up Vote down Report this comment

I the it's a 'unit' with two units. So the parking will belong to the owner.

The sharing of the second floor is not that big of a deal IMO.

What is kinda crazy is an 1800sf 1 bedroom rental. Not sure how that can be priced...pretty limited market one would think.

replied to jag
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

Yeah, I donno, I just think there must be a better use of space than the rental unit's master bath being a few feet away from the owner's kitchen and the rental unit being without parking. Ground level being all parking with 6 2br units on the 2nd and 3rd floors? I donno.

replied to longgone
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

It sounds fine to me. And it's not like it's "a few feet away". There will be a wall, albeit walls do offer pretty limited privacy this day and age, right. And it is in a city so having only a wall separating you from your neighbor is a pretty ridiculous concept. I don't know how places like Elk Terminal ever became successful by using walls to separate their units.

replied to jag
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

Walls are just the tool of the capitalist oppressor.

When the revolution comes, we will all live, with our chickens, in communal yurts set in urban gardens. They will be biodynamic, local and farmed to the curb.

replied to LouisTully
Score: 1 ( 3 votes ) Vote up Vote down Report this comment

It would be ground level parking for 3- 1bd rentals. Which is not that bad. 2 covered spots for the owners units is pretty good if you ask me.

Lego1981 makes a good point on the removal of store fronts for the parking. Isn't this just as counter productive as a surface parking lot? I mean at the end of the day, it takes away the foot traffic just as much....

replied to jag
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

That price seems really high for the size and location.

Score: 0 ( 0 votes ) Vote up Vote down Report this comment

Seems like a great price for someone with an urban spirit, the rental might almost cover the owners mortgage. I think these will go, especially after the project next door is complete. The City should do a little freshening up on this block of Washington.

replied to sho'nuff
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

ok, i'll bite. why are they called brownstone when they're red brick?

Score: 0 ( 0 votes ) Vote up Vote down Report this comment

Thought the same thing

replied to grad94
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

What? No comments yet about the lack of retail on the ground floor? I know the parking makes these more valuable to those who really want private parking but it seems odd to have private garage doors on this part of Washington Street. I mean, brownstones don't usually have garages, if anything it is more common to have the lower floor (or basement) a retail or office space. I guess someone couuld convert their garage to a small office if they wanted to.

Score: 0 ( 0 votes ) Vote up Vote down Report this comment

I'm not liking the first floor plans. I would rather see storefronts. It's time to make Washington St. a destination again, along with street level activity. The building next door is aiming for retail and has a cafe on board, why not extend that down the street?

Score: 0 ( 2 votes ) Vote up Vote down Report this comment

I'm glad to see that this project has finally gotten somewhere.
It's been on the burner for what, 6 or 7 years? Epstein gets mixed reviews from people. I know some folks who didn't like what he did with the rooming house to apartments conversion on the corner house at Lafayette and Elmwood. Cheapness, I believe, was the main criticism.

Score: 2 ( 2 votes ) Vote up Vote down Report this comment

The house at Elmwood and Lafayette looks cheap and unfinished. The project started out looking promising but the quality of design and workmanship certainly was lacking. Hope this one turns out better.

replied to jstraubinger
Score: 2 ( 2 votes ) Vote up Vote down Report this comment

Silvestri....UUUUGGGGHHHHHH!!!!!! Absolute worst, cut-rate, hack architecture firm in the area. The design promises to be completely uninspired, with cheap materials and limited functionality. The only reason those guys EVER get work is because they promise it for half the price of any reputable designer. People need to stop using this firm, let them stick to designing Arbys and gas stations...

Score: 1 ( 1 votes ) Vote up Vote down Report this comment

Wait til you see their design for the urgent care center that will be replacing the Gallagher Printing building on Delaware...

replied to townline
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

I like it, and I'm sure the finished product will be great, all while drawing plenty of criticism because one development project by a private entity not using public funding did not solve the ills of the city. Shame, E Square. How about you install a grill at the corner and call it a hot dog stand to shut the retail critics up.

Score: 0 ( 0 votes ) Vote up Vote down Report this comment

1) can someone explain why Epstein decided the YWCA was only suitable for senior living? I'm not against seniors living in the city by any means, in fact I encourage it. I'm just curious if there was some sort of advantage (tax or otherwise) to developing the property and limiting it to the 55+ crowd. I also understand that the building is not anywhere near capacity.

2) Epstein is notorious for his cheap materials, slow response in adressing tenant concerns, shoddy work, and short sighted thinking as far as planning goes- going back to the days when I rented a house as a UB student. When I realized he was attached to E Square Capital, I almost threw up my lunch. His intrest in his projects does not go beyond how much money he will be making per month after it is completed. He is from Brooklyn, does not live in Buffalo, and despite the fact that ESC, LLC is "located in Buffalo"- lets call him what he is, an out-of-town, absentee landlord/investor.

And yes, the Lafayette & Elmwood project is a disaster. Also, is that horrible sign on the building still up? I'm surprised the EVA lets them carry on like they do.

Score: 1 ( 3 votes ) Vote up Vote down Report this comment

Epstein was my neighbor about five years ago when I lived on Bidwell. He lived in one of those three-story duplexes a few houses in from what's now Zetti's that have garages built-in under the first floor. Very unfriendly and cold. Neither he nor his wife ever said hi to anyone else. Not a Buffalo ambassador in the least.

Score: 2 ( 2 votes ) Vote up Vote down Report this comment

This is turning into Campieri's. Epstein must not have any BR friends.

replied to zamedy
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

This is why there is design review in local historic districts. These are classic 19th century vernacular commercial buildings, storefront on the first floor offices above. These buildings are great for residential rehabs, but the proposed first floor treatments are an embarrasment for a downtown. These aren't brownstones, they aren't residential buildings, they're in a commercial district and are conversions. Garages and curbcuts are terrible for these buildings and they lose their physical connection to the context. If these were true brownstones, you would park on the street.

Score: 2 ( 2 votes ) Vote up Vote down Report this comment

Over $300K for a each warehouse conversion townhouse -- and this two blocks from Sycamore? I hope Epstein gets this price, but I doubt these units will move any time soon at that price, given the proximity of a great deal of much lower-price housing, not to mention the completely green-less environs (except for those couple of trees on the corner of Mohawk and Washington).

Score: 0 ( 0 votes ) Vote up Vote down Report this comment

It would be nice to see a split level front with stoops and basement storefronts like the place at Potomac and Elmwood.

http://www.buffalorising.com/2010/02/my-favorite-buildings-bird-feathers.html

Score: 0 ( 0 votes ) Vote up Vote down Report this comment

I feel you. Your comment is far less JohnQish. But the streets, buildings, and neighborhoods are vastly different.

replied to The Kettle
Score: 0 ( 0 votes ) Vote up Vote down Report this comment

Anyone interested in buying these properties should realize that it is definitely a buyer beware situation. Eran Epstein is a slum lord, end of story. His company, E Square Capital is a frigging joke. Termini, Paladino -- these are real developers. Epstein owns the same property across the street, 501 Washington Street and if you were to walk in and knock on the door of ANY resident there, they would tell you just how poorly run and terribly mismanaged his properties are. He's a bad businessman who cares nothing about Buffalo and his property manager is never to be found -- anywhere. I can't imagine that anyone would ever purchase one these overpriced, mismanaged money pits, but if you do -- be smart about it.

Score: 4 ( 4 votes ) Vote up Vote down Report this comment

Leave a comment