Recently in Real Estate Category

The Erie County Industrial Development Agency (ECIDA) today approved a mix of property, sales tax and mortgage recording tax abatements to assist the revival of the long-languishing Richardson Complex.

The former Administrative Towers Building of the Buffalo State Asylum for the Insane, located at 400 Forest Avenue, will undergo a $55.1 million transformation to a 90-room boutique hotel, conference and event space and an architectural center.

The ECIDA's aid package of more than $7.5 million, will be utilized by the Richardson Center Corporation, along with New York State funds,

Ellicott Development bought two city properties last Friday.  A gas station at 1395 Delaware Avenue and a vacant building at 173 Elm Street were purchased for $1.025 million and $325,000 respectively.  Both are located in areas that are seeing significant developer interest and investment.  

Time Warner Cable is looking to open a new call center along the east coast and two elected leaders are pushing for it be located at the former Sheehan Hospital complex at Michigan and Clinton streets on the near east side.
U.S. Senator Charles E. Schumer and N.Y. State Senator Tim Kennedy are urging Time Warner Cable (TWC) to locate the facility at "Compass East," the site of the old Sheehan Hospital.  The call center could create as many

An historic lumber mill is Buffalo's newest member of the National Register of Historic Places.   The E.M. Hager and Sons Co. building located at 141 Elm Street was added to the prestigious list on May 22.  TM Montante Development purchased the vacant property last September for $706,522 and is planning a mixed-use conversion project.  Plans call for commercial space on the first floor and approximately 25 apartments on the upper floors.  Work

A big box store located at one of Buffalo's most famous addresses is heading to the auction block.  The former K-Mart at store 998 Broadway will be auctioned on June 29th at Noon.  Cash Realty & Auctions is conducting the sale. 

The 90,000 sq.ft. K-Mart building was built in 1991 and vacated in 2002.  A Sattler's store on the site was torn down in the late-1980s.  Recent proposals to use the structure as an alternative school and later a church went nowhere. 

Cynthia Gardens is nearing completion.  Heart of the City Neighborhoods is constructing two buildings consisting of eight units of green, affordable housing on the city's Lower West Side. The project is being constructed at 294-302 Hudson Street between Plymouth and West avenues.
The two townhouse-style buildings designed by Stieglitz Snyder Architecture reflect the neighborhood's historic character and will contain four apartments each. Four 2-bedroom, 900 sq.ft. apartments and four 3-bedroom 1,100 sq.ft. apartments will be

Downtown's first 'high rise' has a new owner.  The historic Dun Building was purchased on Friday for $1.325 million.  The buyer, 110 Pearl LLC, is an affiliate of Priam Enterprises headed by Paul Kolkmeyer and Greg Suffoletto.
The 33,000 sq.ft. property was listed for sale late last year with a $1.58 million asking price.  CBRE Buffalo Partner Robert Roller and

FFZ Holdings, LLC, a locally-based real estate development company, has successfully acquired 1515 Fuhrman Boulevard on the outer harbor at auction for $475,000.  The transaction is expected to close on or before July 5, 2013.  The announcement was made by FFZ Holdings Chief Executive Officer, David Franjoine.

"We are very excited about the possibilities presented by this unique parcel. We believe it has incredible potential." stated Mr. Franjoine. "The group looks forward to contributing to the continued development of the Buffalo Waterfront." 

Vice President

Stabilization and interior demolition work on the historic Bosche Building located at 918 Main Street is scheduled to be finished by the end of August.  The City-owned building had a growing hole in its roof for several years leading many to fear for the building's future. A $1.2 million ReStoreNY grant was obtained to shore up the building and prepare it for reuse.  
The four-story, Richardsonian Romanesque masonry building is located in the Allentown Historic Preservation

A tower crane has been erected at the heart of the burgeoning Buffalo Niagara Medical Campus. Looming over the surrounding cityscape, the crane represents ongoing progress on Ciminelli Real Estate Corporation's new six-story $100 million, 300,000-square-foot medical office building dubbed "Conventus." The building will house clinical, practical and medical research space creating over 100 new jobs for this ever-developing section of

The Salvation Army has put the for sale sign on its four structures along Main Street in Allentown.  The properties at 954 to 984 Main are north of Allen Street across from the Coventus project that is currently under construction and the future University at Buffalo Medical School. 

Gunner Tronolone and Dorothy Stahlnecker of MJ Peterson

You may be hard pressed to find a street in the region with more new homes under construction than Rachel Vincent Way in North Buffalo.  Colvin Estates, North Buffalo's first new residential subdivision in about ten years, is clearly a hit with homebuyers.  Just three of the 24 lots in the project's first phase remain unsold.  Models opened last May.

There are half a dozen homes underway in the subdivision located off of Colvin Avenue between Taunton

Bass Pro who?  Cabela's, a hunting, fishing and outdoor gear retailer, announced today plans to bring the Cabela's experience to Cheektowaga.  Construction on the 88,000-square-foot store is scheduled to begin this fall in a Benderson Development owned plaza on Walden Avenue south of Galleria Mall. 

Cabela's expects to open the store - its first New York location - in the fall of 2014.  Benderson is also planning to construct a 110-room, Home2Suites hotel on the west side of Burlington Coat Factory facing

A Larkin District redevelopment project is moving closer to completion.  Larkin Development Group is renovating the former Swan Lounge at Swan and Seneca streets into restaurant and residential space.  The two-story building was originally constructed as the Hydraulic Hotel but in recent years was a restaurant and bar.
Larkin Development Group purchased the 7,900 sq.ft. building in September 2011 for $245,000.  Plans call for a gastropub on the first

Three commercial buildings in the 500 block of Main have attracted residential owner/occupants in the past couple of years (501 and 537 Main along with 9 Genesee).  A law firm and advertising agency have made or are soon to make similar moves.  Law firm Ricotta & Visco moved into 498 Main Street in December and The Martin Group is expected to move into its new headquarters at 477 Main Street next month.  

Uniland Development Co. is planning a modern makeover for a nondescript downtown warehouse.  Uniland is under contract to purchase properties owned by Frey Heavy Duty on the east side of Ellicott Street south of E. Tupper Street.  A concrete block warehouse facility at 505 Ellicott Street would be remodeled and expanded to create office space attractive to firms in the tech, creative or medical industries.

It seems as though every underutilized building in a good location is a candidate for a residential conversion.  That's certainly the case on Symphony Circle where Ellicott Development has completed work on a dozen apartments in the former Grace Manor Nursing Home.  
Ellicott Development purchased the former Grace Manor Nursing home located at 10 Symphony Circle in 2010 for $1.6 million.  It was purchased at auction after

One of downtown's most handsome buildings is getting a makeover.  Mark D. Croce and James F. Jerge are teaming up to convert the C.W. Miller Livery Stable (aka Hertz Parking Garage) at 73-77 W. Huron Street into a mix of retail, residential and possibly office space.  The project carries a $12 million price tag.

McGuire Development Co. has been retained as an owner representative to coordinate the work.  Carmina

Construction will soon be underway on The Iron Works, a live music club planned for Illinois Street.  The club and building is owned by a partnership that includes Trettel, developer Sam Savarino and Savarino's partners in Lagerhaus 95, Ed Plata and Dan Mania.  Building permits were pulled on Tuesday.  The goal is to have the club up and running for at least half of the summer season.

The two-story property at 49 Illinois Street behind First Niagara Center will feature live music at least five nights a week and host local and national acts. The club will also be open