The 100,000-square-foot Wildroot building on Bailey Avenue in Lovejoy could be on its way to becoming a local landmark.
One of the city's largest undeveloped buildings, it was included in the Preservation League of New York's "Seven to Save" list of endangered properties in 2016.
Preservationists were shocked when the city allowed the building to be sold at foreclosure auction last October for $1,000.
Tuesday, the Common Council's legislation committee approved landmark designation for the Wildroot, meaning renovations would have to maintain the building's historic fabric.
New owner Omar Sian could receive local property tax abatement for up to 10 years.
Sian plans to move his Niagara Street electric business into the building but will stabilize the roof and brick facade in the spring, said his attorney, Mary Chan.
The committee's recommendation will go to the Council for a vote.