A downstate electronics entrepreneur and real estate investor, who took a shot at One Seneca Tower before Douglas Jemal came along, has instead acquired a pair of industrial warehouse buildings on the East Side – for a lot less money.
Harvey Kaylie, acting through 1400 William Properties LLC, paid $1.238 million late last month to acquire the former Federal Bakery Supply food warehouse at 1400 William St.
The deal also included two vacant parcels at 1380 and 1390 William, totaling about 2.83 acres, and an additional property in back, at 60 Bud Mill Drive. All of the properties were owned by James J. Prise.
Kaylie could not be reached to comment.
Built in 1985, the main facility sits on 8.26 acres, with 76,040 square feet of building space. It includes a 52,820-square-foot food-quality warehouse, with eight interior truck docks and 12 exterior docks, plus 10,560 square feet of freezer space, and another 10,370 square feet of office and retail space. There's also an adjacent 6,118-square-foot truck maintenance facility, with four bays and 20 feet of clearance, as well as rail lines and a 12,000-gallon fuel tank and pump on the site.
Kaylie is the founder and owner of Mini-Circuits Inc. in Brooklyn, a global manufacturer and distributor of radio- and intermediate-frequency electronic signal-processing products that was established in 1969. The company has international sales offices, representatives, distributors and manufacturing facilities in North America, Israel, Malaysia, India, China and Europe, and offers 10,000 products to more than 20,000 active customers.
He later began investing in real estate, particularly in the New York City area, but tried to make a big splash in Buffalo more than two years ago, when he bid unsuccessfully in fall 2015 for the vacant One Seneca Tower, which was in foreclosure at the time. Undeterred, he came back and negotiated a $27 million purchase contract with the loan servicer in May 2016 but pulled out a month later when he couldn't make the financing work.
Jemal, owner of Douglas Development Corp. in Washington, D.C., eventually bought the tower for $12.6 million, and is now undertaking a redevelopment project expected to cost in excess of $125 million.
Meanwhile, Kaylie turned his attention to smaller, more manageable investments. In June 2016, he bought a 33,228-square-foot building at 388 and 392 Pearl St. in downtown Buffalo for $1.675 million.
He told The Buffalo News at the time that he was still seeking to buy additional office, retail or industrial properties within a 10-minute drive of downtown Buffalo, and expects to ultimately invest as much as $50 million in Buffalo real estate.