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Done Deal: Jemal Owns Statler

Doug Jemal’s purchase of the Statler recorded today. Jemals Statler LLC paid $7.75 million for the Niagara Square landmark. Mark Croce had invested over $8 million into the property including repairing roofs, façade work, new mechanical systems, extensively renovations to ballrooms and meeting rooms, a brand new Lobby Bar, two full use commercial kitchens, along with many specialty fixtures and furnishings.  Statler City LLC acquired the building on March 15, 2011 for $200,000 plus $500,000 in back taxes.

This is the fourth large purchase by Jemal in the area.  In 2016, Jemal paid $12.86 million for the Seneca One complex and last year paid $25.4 million for the Boulevard Mall and another $6.3 million for the Wegmans behind it.  He also purchased the former Buffalo Police headquarters on Church Street last year for $3.05 million where 130 apartments are planned.

 

 

Written by Buffalo Rising

Buffalo Rising

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