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Two Deals: Pearl Street Building Sold, Franklin Street Building Pending

392 Pearl Street has a new owner and 228 Franklin Street (entry image, right) is rumored to be getting one soon.

392 Pearl Properties, owned by downstate investor Havey Kaylie, bought the four-story office building yesterday from Chapin 392 Pearl LLC for $1.675 million. The building was sold for $685,000 in 2006 before being purchased by Chapin 392 Pearl LLC for $785,000 in 2013. Kaylie was recently unsuccessful in pulling together a deal to purchase and redevelop One Seneca Tower.

The Pearl Street building features an exterior clock, full height, four-story center atrium and glass elevator, skylights and interior windows for maximizing ambient light. Floor sizes range from features 8,967 sq.ft. on the ground floor to 9,287 sq.ft. on the office floors, ideal for small to mid-size tenants.

The property 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. It was also one of the few construction projects downtown that was not publicly subsidized. The investment was made before Fountain Plaza and Key Center were completed and Chippewa Street was reborn.

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Around the corner, sources say 228 Franklin Street is under contract. While the buyer is not known, word on the street is that the former Utopia and most-recently Social nightclub location will be transformed into an Asian fusion restaurant. It is just north of the Capello Salon at 220 Franklin Street and the upcoming Curtiss Hotel at Franklin and W. Huron streets.

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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