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Huge Deal: Legacy Development Acquires Neglected Properties

Here’s some light in these dark days, Legacy Development has acquired six properties at the gateway to downtown. Main Gateway, LP, a partnership between Legacy and Canadian based investment company Withrow South Capital Corp., took title to the properties yesterday from Bruce Adler’s Buffalo Properties of Nyack, New York. The six properties located between Ellicott and Oak Streets to the North of Genesee Street have deteriorated for many years and were purchased for $2.7 million.

The properties are located at the doorstep to downtown at Genesee, Oak and Ellicott Streets and include:

130 Genesee Street
324 North Oak Street
328 North Oak Street
334 North Oak Street
435 Ellicott Street
441 Ellicott Street

A building at 435 Ellicott Street was demolished in December after a partial roof collapse.

On the company’s newest acquisition, Legacy Development President Frank Chinnici said, “Finally, we have an opportunity to address a long-standing problem at the doorstep to downtown.”

The Developer is hopeful to be able to correct the deterioration of the buildings and reactivate what it sees as the front door to downtown Buffalo. Legacy has been working on redevelopment plans for the site since last Fall and will make those plans public in the coming months. Legacy primary goal in the immediate future is to stabilize several of the buildings on the site and to work with the City of Buffalo to remedy the many code violations that occurred under the prior ownership.

Get Connected: Legacy Development, 716.689.3300

Written by Buffalo Rising

Buffalo Rising

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