505 Pearl Street was sold yesterday for $1.3 million. The seller was Rhino Room LLC, an entity of the estate of Mark Croce. The six-story, 42,000 sq.ft. building is located across from Ellicott Development’s mixed-use 500 Pearl Street and is adjacent to Shea’s 710 Theater. The buyer, 505 Pearl Street WNY LLC, is hiding behind a registration with a Buffalo post office box return address.
From the listing:
Ready for redevelopment. Located in a federal Opportunity Zone. Solid structure with historic tax credit and other development opportunities. Significant investment in the immediate area. Metro Rail stop less than one block and one stop away from Buffalo Niagara Medical Campus metro stop. Possibility for long term parking arrangements in adjacent lot.
505 Pearl Street was constructed for Byers Companies for film distribution and storage. The building is also known as the Saturn Rings Building, named after a long-time tenant that was a jewelry manufacturer.
In 2014, Croce received approvals to add 29 apartments in the building’s upper floors with commercial space on the ground level. He put the plans prepared by Carmina Wood Morris (above) on hold as he focused on opening The Curtiss hotel, renovations to Statler City, and conversion of the CW Miller Livery Stable on W. Huron Street into a second Emerson Hospitality School.