Space For Lease: $1
392 Pearl, just south of Chippewa and next to the Augsperger Parking Ramp, has 8,964 sq.ft of space on the ground level and 9,287 sq.ft. on each upper floor. The building features open floor plans, separate restrooms and kitchens on each floor, a large four-story atrium with glass elevator, and excellent visibility.
392 Pearl Street Properties, LLC purchased the property in March 2006. Hunt Commercial Real Estate is trumpeting the $1 annual lease offer for a creditworthy tenant as being “unheard of.” An eight-year minimum lease is required with the lease rate increasing to $2 in year two and $3.75 in years three to eight, triple net. In a triple net lease, the lessee pays taxes, insurance, and maintenance in addition to the rent. The tenant has many of the advantages of ownership, including control over the property, without the substantial capital investment that a purchase represents.
The building once housed Leonardo’s Restaurant, a Buffalo institution that catered to the downtown theater crowd. The restaurant closed in 1975, reopened in 1979 and closed for good in 1982. Chris Lory and Jane Griffin purchased the property and conducted a thorough renovation that was completed in May 1986. At the time, the building was close to being condemned due to extensive water damage. Fleet Bank’s operation and administrative group was the last occupant of the building.
Get Connected: Carolyn Murray or Clarke Thrasher of Hunt Commercial Real Estate: 716.854.5943
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Comment Options
RisingDamp666
This is a sweet, sweet proposition but breaking up the space and leasing the chunks would have been preferrable to this wholesale bargain pricing. There are people out there and there is a market, but who wants to be a subletter?
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Andrew
I love prima pizza next door!
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Denizen
Is that $1/sq.ft /month or year??
If that's indeed per month, the current owners are asking for another party to play subletter/landlord for them at a staggering $31,450/mo, AT LEAST. That's an enormous risk to take on considering how long it will take to divide up the whole space and find multiple tenants. Ouch, that's a lot of $$$ to bleed while shopping around for tenants!!
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chris69
Im shocked that its empty
Im shocked that its not a parking garage
Another great location for a rooftop bar/restaurant during the summer months
Gut feeling tells me the Augsberger parking lot needs to go.....needs to be replaced with an office building.
Come on Buffalo....its rather ridiculous to have a parking garage that is one block from the Main Street Light Rail.
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rickyrick
It would be great to see some business occupy the building again.
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OutSideLookingIn
They have been trying to lease this place for a very long time. Anyone know why they are having such a hard time, that they had to basically give this place away, in a supposed to be remerging Downtown???
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LAnBfflo
$117,937.50 monthly for the last five years of the lease, plus taxes and maintenance. While the price per square foot IS amazing, the sheer size is a monstrous undertaking. I sincerely hope there is someone who can take advantage of this offer, and maybe for more than 7 years. If I read the article correctly, the building is available for purchase for $999,999.00. Seems to me, if I were in the market for a nice large building downtown (and I liked this one), I'd be looking into purchasing rather than renting with all the caveats listed in this article (pay taxes, pay insurance, be responsible for maintenance). Those are things usually covered by the owner of a building, and while I'm no banker, when you factor all of that in to the monthly payment, I'll wager you could have had the building purchased free and clear within 10 years, easily. That being said, I hope there's a taker out there somewhere who believes in the revitalization of Buffalo for the long term.
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Hospitable
I always wondered why it was empty.. so close to Chippewa??
OutSideLookingIn... I think its empty b/c it was last remodeled in 86'... I'd assume 20 yr. old office space is a tough sell... any one aware of current downtown vacancy rates??
It seems like its got some good bones... all you need is a few awnings in front and maybe a different color..
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Hospitable
.. right next to a parking Ramp and the busiest districts in the city?? For less than a million bucks.. what a bargain
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gardenwalker
The $1.00 per square foot lease rate is annual, not monthly.
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vgs
Hospitable..that is probably exactly why its empty...because it is next to Chippewa.
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BuffaloBloviator
I think sombody should grab it for $999,999.00. It is so cheap, you can't help wondering if there is a problem with the building like mold or something. They may actually sell it faster if they asked a higher asking price. People don't look for $200 shoes in the $20 bin.
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SLEEPL8
Chris69...I think it is more rediculous to have light rail completely occupying Maint St. The parking needs to stay and the rail needs to go, not the other way around.
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chris69
YEAH SLEEP8....you keep thinking that.....
my prediction is that Chippewa Street is going to slowly migrate to the cobblestone district around the Seneca Casino.....and the chippewa entertainment district will slowly be absorbed into the theater district and the business district....with more mellow forms of entertainment.
(Buffalo lives and breathes transportation....from the earliest days of its founding all the way to this day...light rail, high speed rail, port facilities, airports and all forms of transportation are critically important)
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vgs
Nice plan for Chippewa Chris69, I am all for it.
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