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New Ownership Opportunities to Solidify Downtown Neighborhood

With all the exciting new developments taking place in downtown, developers are finding no shortage of demand to fill apartments.  During the past decade, over 1,000 new apartments have been constructed with more on the way. However, downtown has very little in the way of new residential ownership opportunities outside of the Waterfront Village and the pricey Avant condominiums.

That is beginning to change with Schneider Development’s conversion of the Historic Warehouse Lofts from high-end apartments into for sale condominiums. “We definitely see a gap in the market for high-quality, affordable ownership opportunities in the downtown core,” said Jake Schneider.

Formerly the home of Seneca Paper Warehouse, Schneider purchased and redeveloped the property in 2008. “It’s a new building with all the historical charm and loft sensibilities accentuated and incorporated into the design.”

The building contains 30 one and two bedroom residential units, priced from  $215,000 to $365,000. One-bedroom units range in size from 1,040 to 1,232 sq.ft. of living space and two-bedroom units range from 1,225 to 1,625 sq.ft.

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All the units feature quartz countertops, maple cabinets, stainless steel appliances, engineered hardwood floors, solid core wood panel doors, electric fireplaces, soaking tubs and stand-up showers, generous closet space, and in-unit washer and dryers.  Each unit comes with a basement storage area as well. One-bedroom units come with one on-site reserved parking space, while two-bedroom units have two.

Marketing has just begun after the units were initially offered for purchase to existing tenants.  Two to three tenants have expressed a desire to purchase in the building and Schneider’s team is working with a few new potential buyers. A one-bedroom model unit on the fifth floor is available for viewing by appointment. Schneider is encouraged by the response. “We’re very optimistic,” says Schneider. “There’s no better time to be investing in downtown Buffalo.”

The building also contains 8,230 sq.ft. of commercial office space on the second floor, which is currently leased but will be hitting the market in the near future as a commercial condominium or for lease.

Well situated within walking distance to many new restaurants, bars and entertainment options that have sprung up in the neighborhood over the past few years, the Historic Warehouse Lofts condos will continue to strengthen the burgeoning neighborhood and complement the big plans recently announced for across the street.

The City of Buffalo will soon release a request for proposals for a surface parking lot located between the Main Library and NFTA Metropolitan Transportation Center.  The City is seeking a mix of condominiums, parking, and a grocery for the site.  Combined, these two Ellicott Street projects have the potential to create a critical mass of owner occupied dwellings.

“As more homeowners invest in downtown Buffalo, this neighborhood will continue to strengthen and mature,” said Mayor Brown, noting that he set a new goal recently of 2,000 completed housing units by 2018 to accommodate nearly 4,000 new downtown residents. “The more people that live downtown, the more exciting retail and restaurant options we’ll see.”

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Some of Buffalo largest developers have also invested tens of millions of dollars in reuse projects on the surrounding blocks.  When Jake Schneider purchased the Historic Warehouse Lofts property at 210 Ellicott Street in 2008, many of the adjacent properties were vacant or in need of repair. Since then, Schneider’s redevelopment of the Alling & Cory warehouse on Elm Street and Apartments at the Hub together with other projects such as The Hotel Lafayette, Hilton Garden Inn at 10 Lafayette, AM&A’s Warehouse Lofts, and The Antonio, have brought new density and life to the heart of downtown.

There’s more to come with Ciminelli Real Estate Corporation’s 465 Washington, Paul Kolkmeyer’s planned upgrades to the Rand Building, and the proposed reuse of the AM&A’s Department Store by a downstate developer.

“It’s quite dramatic to see the transformation that has occurred on the surrounding block within just a few years,” said Schneider. “This pocket of downtown is evolving into a vibrant and established neighborhood.”

Get Connected: Schneider Development, 716.923.7000

See The Historic Warehouse Lofts website for floorplans and more information.

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Written by WCPerspective


Buffalo and development junkie currently exiled in California.

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