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Pending Deal: 1360 Niagara Street

The market for conversion-ready sites in the city is hot. How hot? Sources say the Garrett Leather building at 1360 Niagara Street is under contract for “substantially over” asking price.

The four-story, 67,000 sq.ft. building was listed for sale by Gurney Becker & Bourne in early June at $1.1 million. Word on the street is that “multiple” offers were received and the selling price will exceed $1.5 million. The rumored buyer is local and has experience in daylight factory conversion.

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1360 Niagara is located just south of the proposed Crescendo project at 1502 Niagara Street. Angelo Natale, Bobby Corrao, Frank Parisi and Carl Savarino are converting that seven-story warehouse complex into 41 apartments and commercial space. It is also just north of a development node Bill Breeser is spearheading on Niagara between Breckenridge Street and Auburn Avenue that includes Sugar City, Resurgence Brewing Company, BT&C Gallery, and a future restaurant by chef Martin Danilowicz of Martin Cooks.

Garrett Leather is seeking a more efficient factory elsewhere in the region.

Written by WCPerspective

WCPerspective

Buffalo and development junkie currently exiled in California.

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