As Buffalo’s tallest office building slogs its way through the long foreclosure process, the court-appointed receiver for One Seneca Tower is trying to beef up the building’s revenues and marketability, by adding a few small tenants for short-term leases.
Richard Schechter, who was named by the court to manage the tower on behalf of the loan servicer and the owners of the investment security that holds the loan, said he is working to sign some tenants to take up some of the vacant space, and expects to have three signed by the end of May.
The leases are short, for only one year, because that’s the most he can do without court permission during the foreclosure process. He’s also working on “a couple of extensions.”
In the meantime, the building is “still moving toward full foreclosure,” he said, though it’s not yet clear when the process will be complete, or what will happen.