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Done Deal: New Owner for AM&A’s

The former AM&A’s Department Store has traded hands.  377 Main Realty Inc. paid $2 million for the property today.  Landco H & L Inc. was the seller.  Both buyer and seller are registered to Flushing, New York addresses, the seller on Union Street and the buyer on 171st Street.  A source close to the project says the transaction brings additional equity into the effort.

Landco’s $70 million reuse plan calls for ground floor retail and restaurant space, 40,000 sq.ft. of banquet facilities, and a 340-room Wyndham Hotel.  Work on the project has been sporadic but after a lengthy asbestos removal effort, construction was said to be on track only to stall again.  Last fall, Landco was said to be close to securing a tax credit investor and lender to allow the project to proceed and hired Savarino Cos. to oversee the work.

Landco H&L Inc. purchased the property in November 2014 for $2.775 million.  The building has been vacant since 1999.

Written by Buffalo Rising

Buffalo Rising

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