The estate of a Buffalo-area builder and developer sold 69 small apartment buildings in Cheektowaga for $3.1 million and is auctioning another 64 homes or buildings in three other suburbs today.
The sale and auction are part of an ongoing, court-administered effort to dispose of the assets of Eugene Jason and settle his estate.
Jason, who died in October 2007 at age 66, was a longtime local builder, who founded Big G Roofing in 1969 and also owned several real estate ventures, particularly Properties Unlimited.
During his career, the Buffalo native and Canisius High School graduate developed or purchased many multi-family apartment buildings and other properties throughout the region.
In the first transaction, Rochester businessman Greg Stahl, through Windwood Place LLC, bought a cluster of multi-family properties from GHC LLC in the Cedar Grove Heights neighborhood of Cheektowaga. The property is a housing complex just south of Maryvale Drive and the Kensington Expressway, north of Genesee Street, and east of the mainline Thruway.
Built in the late 1940s and early 1950s to house war industry workers or military veterans returning from World War II, the 69 garden-style low-rise buildings are mostly four-unit townhome properties, with a total of 271 apartments.
"My interest is developing these and bringing them back to a quality residence for the people in the community," said Stahl, an East Aurora native who owns Gregorio Mobile Food Service, a street food vendor cart business in Rochester. "They need some TLC, and I would also say that they have quite a bit of deferred maintenance."
Stahl said he's "eager" to work with the Town of Cheektowaga to "revive" the community and has already been in contact with town assessment and code officials to coordinate efforts.
He said he's planning to put in new kitchens, ceramic tile floors in the kitchens and bathrooms, and new carpeting. One unit has already been remodeled as the office and a model apartment, and he's hired a property manager and four maintenance workers. He said he expects the units to rent for between $450 and $850 a month, depending on size.
This is not the first property venture for Stahl, who began investing in real estate 10 years ago and now owns some warehouses as well as other apartments.
Separately, Erie County Surrogate's Court has ordered three auctions of other Jason-owned properties in Amherst, Tonawanda and Cheektowaga.
The family had received multiple offers on the properties, but the heirs could not agree, so the court on March 10 appointed Asa Mosey as the temporary administrator of the estate and Roger Simon as attorney of record, and directed the auctioneers to maximize the prices.
The auctions will be conducted at 10 a.m., at the offices of auctioneer Cash Cunningham, of Cash Realty & Auctions, at 1295 Main St. in Buffalo.
Specifically, Cunningham will auction:
*23 duplex properties on East Summerset Lane, Fairgreen Drive, Glenhaven Drive, Pheasant Run, Sundridge Drive and Tonawanda Creek Road in Amherst. The buildings feature a mixture of two-bedroom units, renting for $650 to $700 a month, and three-bedroom apartments, renting for $750 to $800 a month. These will be sold either as an entire group or separately.
*35 multi-family homes on 19 streets in Tonawanda's Sheridan Parkside area, with a total of 124 apartments. The properties range from two units to seven units, with rents ranging from $450 to $550 per month. These also will be sold either as an entire group or separately.
*Six apartment buildings in Sloan, with six units each, for a total of 36 apartments, to be sold as one group. Located on 1.8 acres at 1952-2022 Harlem Road, the buildings have 7,125 square feet each and the units rent for $525 to $625 per month.
Terms of the auction call for a minimum deposit of $10,000 per building acquired, up to a maximum of $100,000.