Buffalo is more relevant than ever, according to Jeffrey Wynn owner and President of Gold Wynn, a global real estate company that is purchasing over $11 million in property assets from Sinatra & Company Real Estate. Wynn attributes his growing interest in the Buffalo real estate market to its architectural stock, its proximity to fresh water, and its Olmsted Parks System as key factors. He says that with COVID on the scene, people are picking up stakes from big cities and searching for smaller “more breathable” cities like Buffalo.
Gold Wynn’s newest acquisitions are being made under its Gold Wynn Downtown Buffalo, LLC. The portfolio includes 33 units at 49 Johnson Park, 24 units at 277 Linwood, 35 units at 419 and 425 Porter, 43 units at 520 Virginia and 29 units at 2720 Main Street. Chris Greco of Greco Real Estate brokered the Sinatra deal with Gold Wynn.
“Buffalo is a post-COVID city,” says Wynn. “It’s due to the crazy, crazy park system. It’s got great infrastructure, and the radial street system. This city is coming into its own right now – just think about Canalside, and the new LaSalle Park that will be built, and the Riverline along the Buffalo River – these are all crucial new assets that will make this city more current than ever. These open spaces are what people are going to want, not the tight quarters living in large cities. I’ve been away from Buffalo for four months now, and I miss it – I miss Betty’s and Chris’s Deli. I’m excited about these new acquisitions – these are gorgeous buildings. It’s so great to see so much new product coming up on the market in Buffalo, and it’s all being immediately absorbed, even with a COVID economy. We buy, we don’t sell – we bring the properties up to snuff and enjoy them. We add our personal touches like architectural embellishments, top notch gardening, and modernist lighting. These are real beauties that we are going to make shine.”
Gold Wynn already owns and manages over thirty properties in the city, including a mix of commercial and multifamily residential spaces, ranging from the former Athletic Club at 69 Delaware, Cathedral Place on Main Street, and the Remington Lofts in North Tonawanda.
With this latest significant purchase, Gold Wynn is sending a signal that it is not only a significant player in the Buffalo market, the Wynns are here to stay, as the company currently employs more than 60 individuals in Western NY.
As for Sinatra, the real estate company is taking the financial gains earned from the sale and investing into their larger projects, such as the Elmwood Crossing development, which is currently under attack from the NIMBYS.
Lead image: Gold Wynn mural at 401 Delaware Avenue