Share this article

print logo

BANK BUYS MICHALEK APARTMENTS

Home and City Savings Bank of Albany Friday purchased for $3.3 million an Orchard Park apartment complex formerly controlled by developer James J. Michalek.

Michalek has pleaded innocent to charges of fraud in connection with $1 million in bonds and promissory notes he sold to individual investors to fund his Tremont Square shopping center-office complex on North Buffalo Street in Orchard Park.

Home and City, which held a first mortgage on the 65-unit Oak Forest Apartments complex at 5285 Chestnut Ridge Road, had foreclosed on the property last month, allowing it to be sold at a public auction Friday.

The bank was the successful bidder for the property, said its attorney, Anthony J. Colucci.

Buffalo businessman Harold Schectman bid $3 million for the property and was the only other bidder, Colucci said.

There are no comments - be the first to comment