Some new residential space is currently available downtown for people who want to be homeowners and have an income property. Eran Epstein of E Square Capital LLC has wrapped up work on 504 Washington Street. The building has been transformed into three, two-family townhouses.
The three-story brick building was constructed in 1890 to house a tin shop, and later was a furniture store. By the 1930s, it was known as the Washington Building. A restaurant occupied the building about a decade ago, while the upper floors remained empty.
E Square Capital owner Eran Epstein purchased the long vacant property in 2006. Designed by Silvestri Architects, the new project was privately developed in conjunction with Long Island-based Chris Gerhart of CWG Development, with the participation of KeyBank.
The primary units are approximately 3,500 sq. ft. with each having a rental property of 1,500 sq. ft. Each townhouse has its separate entrance and garage with tandem parking on Washington Street. Units feature spacious rooms with exposed brick walls, hardwood floors aged to look historic, large bathrooms, and the list goes on.
A living room, kitchen, laundry room and half bath are located on the second floor facing, while the master bedroom, secondary bedroom, and loft/office occupy the third floor. Those who purchase the townhouses have the option of adding a staircase to the roof for a rooftop patio for an additional cost.
Other features include all new mechanicals, furnace, central air conditioning, fire sprinkler system, garbage disposal and kitchen appliances; granite countertops, cherry or maple cabinets; walk-in shower, whirlpool tub, and glass block in master suite baths. The utility/laundry room is off of the kitchen.
The rental units feature a "backyard" courtyard space with high brick walls for enjoying the summertime months with privacy. The main living area of the rental unit is located at the rear of the first floor and the bedroom and an area that could be used for a home office is located on the second level.
Units priced from $395,000 to $415,000 with the rental units likely to be obtain $1,500 to $1,700/month which over time would cover much of the cost for a mortgage.
The building is across the street from the 10-story former Holling Press factory at 501 Washington Street that Epstein and Gerhart rehabilitated and renovated into 82 affordable one- and two-bedroom rental apartments in 2008.
In recent years, Epstein and Gerhart also combined efforts to renovate the former YWCA Residence at 245 North Street into 63 apartments for seniors, and developed a former factory at 937 Broadway into 43 rental apartments.
E Square Capital also owns a 21-unit apartment building at 367 Elmwood Avenue and 48-unit apartment building at 950 Delaware Avenue. Eran Epstein began investing in Buffalo 18 years ago, buying property in the University Heights neighborhood while he was a student at State University at Buffalo.
The sales agent for the property is Irina Shamova, 548-9107, Irina@escllc.com, with Integra Realty LLC.
For additional photos of the property check out my Flickr page, Views of Buffalo