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Business

A pair of Buffalo-area developers are teaming up to start construction on a new luxury apartment and townhouse project in the Village of Lewiston, with a goal of bringing 29 new units to the market by the fall. With municipal approvals in hand, McGuire Development Co. and James Jerge announced Monday that they have begun work on the $4.5 million project at 765 Fairchild…

Buffalo

The steel is up, the concrete has been poured, and the wood framing is underway for the upper floors, as a new 39-unit apartment building takes shape near Allentown and downtown Buffalo. First Amherst Development Corp. is putting up its four-story luxury residential building on a lot across from the culmination of Pearl Street at North Street. That's the site of a forme…

Buffalo

Downtown Buffalo's newest apartment address is now ready for tenants. After more than three years of work, Amy and Mark Judd will formally open their new Alexandre Apartments on Friday, with 12 new apartments and the Buffaloaf bakery in a seven-story building at 510 Washington St. The historic former Loew's Theatre Company warehouse building, erected in the 1920s and…

Business

A Hamburg investor group bought the 20-unit Birchtree Apartments in Depew, paying $615,000 to the longtime former owners from West Seneca. Charles J. Backus Jr. and John Ruszaj Jr., through 6060 Transit Road LLC, bought the 1.5-acre property at 6060 Transit, just north of French Road from Erwin W. and Victoria L. Walker. The five two-story brick buildings each have f…

Buffalo

Ellicott Development hopes to complete its mammoth tower project on Pearl Street by September, officials said Wednesday. The downtown Buffalo project at 500 Pearl includes an Aloft Hotel and a host of banquet spaces. This winter's bitter temperatures and snow slowed progress by a couple of months on the nearly $70 million project, the Buffalo firm's largest-ever cons…

Amherst

Century-old wood-paneled walls, with a quotation etched in one of them. Historic fireplaces and built-in bookcases. Skylights from 120 years ago, and leaded glass windows. These are among the more unusual features in the newly completed Cathedral Commons apartments on Pearl Street in downtown Buffalo. Now the interim dean and rector of St. Paul's Cathedral acro…

Business

Real estate investors Dimitri and Nicholas Tzetzo snapped up two more apartment properties in the Southtowns late last week, buying the Creekside Court Apartments in Boston and a 12-unit building in West Seneca. Tzetzo Companies, through their Oakridge MFR Holdings LLC entity, paid $1.6 million for Creekside, at 5400, 5450, 5451, 5454 and 5466 Creekside Court. Locate…

Business

Multifamily real estate investor Bryan Green snapped up another Town of Tonawanda apartment complex Thursday, adding to a cluster he already owns on Sheridan Drive and Englewood Avenue. Green, through Matlis Four, paid $820,000 to acquire 614 Englewood from Frank Ventura, who has owned it since 1985, when it was built. The two-building, two-story complex – with 12 un…

Business

Three apartment complexes in Tonawanda, Kenmore and West Seneca have new owners after the completion of sales totaling nearly $3.9 million. Gregory A. Suffoletto's Standard Property Management paid $1.71 million through Parker Heights LLC to acquire the Parker Heights Apartments, located at 2652-2684 Sheridan Drive in the Town of Tonawanda, according to Erie County Cler…

Business

Two local real estate investors traded a 40-unit apartment complex on Grand Island last month, in a legal transaction that effectively hid the purchase price of nearly $3 million from public view. Timothy J. Waterman of Getzville acquired the Islebrook Apartments at 1301 Ransom Road from Donald G. Hoke. The purchase price was recorded as just $1 in the deal between I…

Buffalo

Developer Karl Frizlen has temporarily pulled a controversial proposal to convert the first-floor gym and kitchen in the former St. Rose of Lima parish school into a banquet facility, giving him time to revise the plan in the face of strenuous community opposition. Frizlen, an architect and real estate developer, had wanted to renovate the 5,000-square-foot space at 500…

Business

Commercial real estate sales are strong in Western New York for industrial properties and multifamily buildings, as a scarcity factor and attractive returns continue to drive demand and rising prices locally. Brokers say that the supply of available manufacturing facilities or warehouses isn’t remotely keeping up with the demand, while the market for Class A office spac…

Business

Just how much will Buffalonians pay for an apartment? As the wave of renovations and building conversions continues, that’s the big question confronting developers and landlords. Almost every week, seemingly, a new project is proposed to either turn an aging facility into new residences or to build anew. Some are small, with only a handful of new apartments, but many…

A veteran insurance industry executive and investor has acquired a Buffalo apartment complex from another local investor for nearly $4 million, helping the buyer deploy some newfound cash from the sale of a business last year. Paul LoVullo, a senior vice president of family-owned LoVullo Associates, paid $3.95 million through Bryant Orange LLC to acquire the Bryant Plac…

Prospectus

Developers and building owners added or announced hundreds of additional apartments in the city’s core last year. They’ve turned aging warehouses, industrial complexes and office buildings into upscale loft apartments with high-end marble or granite finishes and stainless steel appliances alongside historic brick, wood floors and exposed ductwork. [PHOTO GALLERY: Hig…