Hey Dan, when downtown land values skyrocket and gas prices spike bigtime, then you'll be seeing more "glamorous" uses for these old buildings. Until then we'll have to put up with them being converted into sweet luxury pads...

I think we can put up with high-end occupancy for now right? Or would this building be better looking like one of those moribund members of the Genesse block?

These buyers are real. Their buyer's rep (Alan Hastings) brought them through the BK across the street (which I represent). The buyers have 10 Acres in Clarence, but commute to Buffalo every day because their daughter goes to Nardin. They have a weekend home in Ellicottville. They travel a lot. They don't see any need to commute to Clarence day in and out. He owns a company. She's a professional. They can pretty much live wherever they want. They like downtowns. They're comfortable that by the time they feel like selling (five or ten years maybe), downtown will have caught up with them and they'll be able to get their money out. They're right.

I'm a little surprised to hear that there will be no other residential rental units in this builidng. I had heard they were going to include a few rental flats.

In the neighborhood, the BK across the street (495 Main) is 'under contract' to a good developer. The building next door to it (Stuart & Benson) is under contract to a different developer through Chris M. @ Hunt. I believe Chris also has the third of Naseem's properties--the Sizes Plus store and photography store, with an intact white terra cotta original facade underneath some fifties or sixties two story brick facade that will come right off--under contrract, too. I might be wrong, but it was under contract about a month ago.

'Under Contract' means a sale contract has been signed by all parties (buyer and seller) and is in force. It does not necessarily mean that a property will sell ('close'). The contracts usually call for a period of 'due diligence' during which time the buyer gets to investigate everything about the building and decide whether or not the buyer's plans for the space will work (this often includes approvals by municipal planning review boards). Usually the buyer can back out with no financial penalty during the due diligence period for any reason at all; it's usually at the sole discretion of the buyer whether to continue the contract. Typically due diligence lasts a few months. Sometimes one month, sometimes three, sometimes longer. After this period, the buyer can't back out (or can't back out without heavy financial penalties). So telling you that these properties are under contract doesn't mean necessarily that they are going to close, but chances are very good in both cases that they will.

Anyone interested in a condo downtown should seriously consider buying one of the smaller buildings in the 500 block of Main Street.

Buy it. Gut it. Build what you want inside the bones you uncover.

You'll end up with a chic address on a classic block of old downtown Buffalo buildings, each renovated into high end flats and townhouses (that is, assuming a dozen other buyers get the same notion, which I think is possible). Think European downtown flavor. If you just buy one building (for yourself and a commmercial unit for rental), your exposure financially isn't stratospheric and you get to make all the design choices yourself instead of accepting some developer's ideas. Then you can have a very cool condo, in your very own building, right in the Middle middle of downtown. Right there on Main Street across from high end apartments and the Hyatt. Right between Lafayette Square and Fountain Plaza. Right in the middle of downtown, smack dab on the main drag, you can live in your very own private residence!

You just have to renovate it yourself--you and your favorite five contractors. Don't worry. It's not as intimidating as it seems. Buy a place you like. Hire an architect after you get to know your building. The architect will guide you through a lot. So might your real estate agent. So will others. Twenty years from now (and much sooner as well), you will be so glad you did.

Steel: re 495 Main street 'BK', aka 'worthless eyesore'

It is butt ugly. But it's a good skeleton. Built in the late 70s over an existing basement, the construction is steel and concrete and can be reskinned easily and even added to. It's bounded on three sides by public streets (Main, Mohawk and an alley) so there is plenty of opportunity for light. No need to tear down. Just reinvent.