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Done Deal: 487-89 Delaware Avenue Sold

Gold Wynn has purchased two pieces of the historic Midway Block in Allentown. Jeffrey and Leslie Wynn’s Gold Wynn Deco LLC purchased 487 and 489 Delaware Avenue yesterday for $825,000. The neighboring townhouses contain eight apartments and ground floor retail. Combined, the buildings contain over 20 fireplaces, open staircases with original skylights and rear parking for 20 cars.

Gold Wynn has over 2000 apartments in the region, mostly in the city. It also owns a number of commercial properties including 11 Summer Street, 298 Main Street, and 42 and 49 Delaware Avenue.

“487 and 489 Delaware Avenue were of interest to me because we already own 479 at the Midway,” said Jeffrey Wynn. “These buildings are architecturally relevant. Typically, you only see these in places like NYC and Boston. These are very unique in Buffalo. Like 479, I plan on renovating and refurbishing these, to bring back to their period elegance, including restoring the original terra-cotta under the beige tile. The whole area is going crazy, with the Medical Campus and Allentown – there’s more density, more people, and more buildings owners fixing up their properties. Actually, we’re seeing it all over the city. There’s so much going on. It was a big score with Jemal buying the Statler and fixing it up. Post-COVID, Buffalo will be the place to be.”

“My goal is to build new residential downtown – there are too many surface lots… we need density,” adds Wynn. “Then we get more people. Enough of building one and two-story developments – we need to build upward. People from the suburbs – empty nesters – they are looking to move into the city. We need more places for them to live, especially mid-rise condos. Buffalo is an easy, walkable city. The surface lot owners need to start thinking about contributing to the growth of the city, instead of just sitting back and collecting money from parked cars. It’s not the way big cities think – there’s great infrastructure here, we just need to figure out how to get more new buildings downtown. Once a couple of mid-rise condo buildings are built, others will follow. We need to spur more development and brisk-paced infill where those bloody surface lots are. The owners just sit on them and won’t give them up. They don’t want to be bothered. But I’m working towards building a significant development… it’s got to start somewhere, and it might as well be someone from out of town that will do it first.”

Written by Buffalo Rising

Buffalo Rising

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