Sinatra & Company Real Estate, on a development and buying tear as of late, is at it again. Nick Sinatra has agreed to purchase Michael Hananel’s WNY Metro Horizon property portfolio. The properties include nearly 600 apartment units, in 44 buildings, and approximately 20,000 sq.ft. of commercial space, all within the City of Buffalo. Many are located in Allentown, including nearly all of the east side of Elmwood Avenue between North and Summer streets.
In addition to the real estate assets, Sinatra & Company Real Estate will also acquire the WNY Metro Horizon real estate brokerage. The transaction is scheduled to close on Friday with a final sale price of $35,000,000. The operations of WNY Metro Horizon and its real estate management will transition to the Sinatra & Company Real Estate’s headquarters in the Market Arcade building in coming weeks.
This large acquisition allows Sinatra & Company to strengthen its position in the Western New York multifamily market and grow its real estate position market wide.
“The acquisition is a strategic one for Sinatra and Company,” said Sinatra President and Founder Nick Sinatra. “We remain bullish on Buffalo. The rental market in Buffalo is strong, and getting stronger. This allows us to leverage both what we have built internally, and the properties we have bought over the last five years. I am excited about the direction this transaction takes our company, as well the direction of Western New York over the next ten years.”
Founded in 2009, Sinatra & Company has rapidly expanded into one of the largest owners of apartment and commercial properties in the Western New York region, serving areas from the Buffalo suburbs, to the downtown core and the Buffalo Niagara Medical Campus. It has a number of historic reuse projects underway or in the works including Fenton Village at Main and Ferry streets, Midtown Apartments at 1665 Main Street, and Phoenix Brewery Apartments on the Medical Campus.
In addition to serving Buffalo and its surrounding areas with premier multifamily and Horizon commercial real estate options, the company is active in the repositioning of residential properties as well in the Los Angeles, Orange County, San Diego County and Inland Empire areas of California.
Chris Greco of Greco Real Estate.com who had brokered the original purchase for Hananel ten years ago saw the potential for this merger and was instrumental in brokering and completing this transaction.
“I am proud of our accomplishments over the past ten years in Buffalo real estate,” said Hananel. “We have become the largest provider of green housing in Western New York, working closely with our community partners, vendors and employees. While I hadn’t been seeking a buyer, I am excited that Chris Greco approached me about this strategic transaction with Nick Sinatra as he will continue to fulfill the vision we have had for these properties by merging our management team with his and continually investing in and upgrading the properties to benefit the tenants and the community.”
Properties trading hands include:
3 Dewitt Street
114 Fifteenth Street
545 Colvin Avenue
420 Jersey Avenue
45 Johnson Park
49 Johnson Park
2720 Main Street
197 North Street
2 North Pearl
228 Summer Street
247 W. Utica
255 W. Utica
257 W. Utica
261 W. Utica
519 Virginia Street
Get Connected: Sinatra & Company, 716.220.8468