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Big Deal: Pierce Buildings Flipped

Update 1/3/18: The Buffalo News reports the new owner is Nidus Development, a company headed by  Dr. Gregory F. Daniel.

A large portion of the Pierce Arrow complex was sold on Friday. Pierce Arrow Kanaka LLC bought 1695 and 1721 Elmwood Avenue for $4.3 million from Brooklyn-based Read Property Group. The purchase includes the office building along Elmwood and a portion of the assembly plant on the north side of the sprawling complex.

Read Property Group bought the buildings in May 2016 for $3.8 million and floated plans for a residential conversion. The new buyer is hiding behind an LLC, listing the address of law firm of Cannon Heyman Weiss. That should be a good sign, partner’s Steven J. Weiss profile says:

Areas of Practice:  Affordable Housing and Community Development Law and Corporate Finance Transactions using Tax Exempt Bonds, Low-Income Housing Tax Credits, New Markets Tax Credits, Historic Tax Credits, Brownfield Tax Credits and other tax incentives.

The purchase also meets the deadline for developers to own properties by January 1, 2018 in order to be eligible for the revised rules for federal historic preservation tax credits.  The Pierce office building was designed by George Cary and built in 1906-1907.

Sinatra & Company Real Estate is partnering with Barry Fichman of New York City to redevelop Building D of the Pierce complex into 72 market-rate apartments. Carmina Wood Morris is designing that $13 million project.

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Written by Buffalo Rising

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