A Delaware Avenue apartment building has just sold for an astronomical price. 905 Delaware Avenue, located at the southeast corner of Delaware and Bryant Street, sold yesterday for a whopping $5.215 million. The three-story building was built in 1958 and contains just twelve apartments. That is $435,000 per unit. A detached parking garage is also located on the lot.
The building was sold by Daniel Schwartz to a newly-formed LLC, Proteus Development, with a Brisbane Building mailing address, most likely a law firm.
905 Delaware is across the street from the Campanile residential building. The Campanile is one of the largest and most prestigious residential properties of the pre-Depression era in Buffalo. It was designed by architect B. Frank Kelly in 1929.
The property is zoned R4- Apartment District, the same zoning as the Gates Condo tower site. Schwartz purchased the property in 2000 for $385,000 and it is assessed at $350.000. Evans National Bank provided Proteus with a $3,546,851 mortgage according to public records.
Let the speculating begin....
UPDATE: Biniszkiewicz has apparently solved the mystery. The purchase by Proteus included a 68-unit, apartment building on the northwest corner of Delaware/Bryant, 916 Delaware Avenue. The five-story, circa-1926, 'U'-shaped building has an assessed value of $1.5 million.
