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Big Deal: Ciminelli Sells Two Elmwood Village Properties

Ciminelli Real Estate Corporation’s Elmwood Bidwell Redevelopment Company LLC has sold two properties it purchased from Don and Lori Leone in September 2016.  The properties on Ashland and Potomac avenues were purchased by New York City-based M2 Acquisitions LLC on April 19.

Ciminelli decided to sell the sites in October after reducing the scope of its planned Arbor + Reverie project.  M2 Acquisitions paid $615,000 for 721 Ashland and $360,000 for 584 Potomac.  A third property at 588 Potomac is said to be under contract to a different buyer.

“The two homes were part of the three properties put on the market in October of last year that were no longer a part of any long-term project plan,” says Anne Duggan, Ciminelli’s Assistant Vice President of Marketing and Public Relations.

584 Potomac is a three-story, six-unit property (entry, left) and 721 Ashland is a three-story, eight-unit property (entry, right).  Ciminelli’s earlier plans called for demolition of both properties with new infill residential buildings constructed in their place (below).

Ciminelli’s Proposed 721 Ashland Replacement

The Buffalo News identified Matthew Hornstein and Maximilian Polsky as the principals behind M2 Acquisitions.  From the story:

Polsky said the pair will make repairs, upgrades and capital improvements as needed to the two buildings, primarily with one or two units, but “we aren’t going to be doing any serious renovations.”

“Both structures architecturally are beautiful. We want to make sure we keep and restore them to the best quality they can be in,” he said.

Ciminelli previously scaled back plans for the Reverie portion of the project at Elmwood and Potomac from five floors to four.  Under the revised plans, the mixed-use building would contain 51 residential units, four retail spaces and 101 parking spaces.  Ciminelli also delayed its plans for the more controversial Arbor building at Elmwood at Bidwell.

“We continue to consider our options for the remaining project site,” says Duggan.

Written by Buffalo Rising

Buffalo Rising

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