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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.

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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  • armyof100clowns

    Interesting. I wonder if this had anything to do with the trucks and crews that were parked/milling about on the lot next to Elmwood in the week or so preceding Christmas. I thought they looked like film production support trucks (I thought there was studio space inside the old plant), but I may have been way off base.

    • Kevin Ryan

      They were filming a movie off and on since October on this site and around the city.

      • armyof100clowns

        Thanks for the info, Mr. Ryan. Would you happen to know the working title/genre of the film?

        • mojemd01

          The Purge was working there for a little bit, but they are gone now. They were using the old post office off william as their HQ and now they are gone.

        • BlackRockLifer

          The movie is ‘Clover’ and is about two brothers on the run protecting a girl who witnessed a murder. They filmed a few scenes here in Black Rock in the Market Square area.

  • LuckyCloverMan

    So many old buildings are converted into apartments.

    • Matt Marcinkiewicz

      Not much else to do with them.

  • Alex Morris

    This may not be a real sale. They may have had to place the ownership of the building into the control of an LLC as a legal development entity consisting of all of the equity partners. This is a very common step at the start of a tax credit development project. Not sure if this is the case here, but it seems likely.

    • mojemd01

      I asked a while ago either here or on fb if anyone had heard anything about this project and something told me that they were working on the design layout and historic package for the smaller building next to rail road tracks

  • bettybarcode

    Lockwood Green may have designed something on the campus but the administration building was designed by George Cary.
    http://buffaloah.com/a/archs/cary/