Cedarland Development purchased a four-story office building at 392 Pearl Street for $1.75 million from 392 Pearl Properties today. 392 Pearl Properties, owned by downstate investor Havey Kaylie, bought the building in 2016 for $1.675 million and undertook an unfortunate exterior makeover.
The building features a 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.
Cedarland is working on a mixed-use project at 1159 Main Street, owns the Waterfront Village office complex, and has been working on reuse plans for the historic Eckhardt Building at Broadway and Fillmore, and for the former K-Mart across from the Broadway Market.