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Big Deals – Delaware Mansion and Delavan School

A $1.1 million transaction has commenced that sees The City officially handing off the former School #56 located at 722 West Delavan Avenue.

The property was purchased by 722 Group LLC after The City sent proposals out for the three-story structure, zoned R-2, with 76,000 square feet of space. The purchasers of the property include factions that are developing Ellicott Development’s planned infill project at 905 Elmwood Avenue (see here). The school is about three blocks east from the Elmwood site. The property’s surface lot will partially serve as parking for the restaurant, with valet on weekends.

According to the Buffalo News, Ellicott’s plan calls for 33 market rate apartments, and 5,000 square feet of space for nonprofit use in the basement and on the first floor.

1114-Delaware-Buffalo-NY

Another significant real estate deal has been solidified. 1114 Delaware Avenue was purchased for $1.15 million by Financial Institutions Inc., which is a financial holdings company (deposit, lending, insurance – See reuters). The property was sold by 1114 LLC.

Per GlobeNewsWire.com, the company recently announced an agreement to acquire a leading WNY investment management firm called Courier Capital. Financial Institutions (the “Company”) is the parent company of Five Star Bank and Scott Danahy Naylon Insurance. The recent acquisition of Courier Capital is part of a strategic growth plan that is underway.

Written by Buffalo Rising

Buffalo Rising

Sometimes the authors at Buffalo Rising work on collaborative efforts in order to cover various events and stories. These posts can not be attributed to one single author, as it is a combined effort. Often times a formation of a post gets started by one writer and passed along to one or more writers before completion. At times there are author attributions at the end of one of these posts. Other times, “Buffalo Rising” is simply offered up as the creator of the article. In either case, the writing is original to Buffalo Rising.

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