A local investor and national student lending executive has acquired a pair of Elmwood Avenue retail buildings that are home to a Thai restaurant and a clothing store.
Barry O. Heneghan, through his Cardiff Stand investment entity, paid $725,000 to the Neighborhood Collective, a multibusiness venue, to purchase 810 Elmwood, across from the Lexington Co-op and Lancaster Avenue, according to Erie County Clerk records.
The site is home to two buildings, one in front of the other, totaling 7,820 square feet in all, and dating back to 1930, according to city records.
The 2.5-story wood-frame building in front, with 3,712 square feet of space, hosts Taste of Siam Restaurant, while the single-story 4,108-square-foot concrete block building in the rear houses Second Chic, a second-hand clothing boutique. The site has been used as a restaurant since the 1970s under two different formats, and a driveway leading to the back building also has been used in the past for restaurant seating and events.
Both the restaurant and store will remain, said Alan Hastings of Hastings Cohn Real Estate, who represented the seller. The property was listed for $795,000.
Heneghan, an East Aurora native, is a real estate and business investor, who at one time was also one of the backers of Buffalo Rising. Through Cardiff Stand, he has purchased several other multifamily houses with retail storefronts in Buffalo over the last few years, including Tipico Coffee at 128 Fargo Ave., near Kleinhans Music Hall, which he acquired in January for $550,000 from Giles Kavanagh.
Heneghan, along with a silent partner who is also a Buffalo native, also owns residential or mixed-use properties on Granger Place, Colonial Circle, Bryant, College and Wadsworth streets, and Norwood, Elmwood, Richmond, Potomac, Hodge and Auburn avenues. And they own the building at 712 Elmwood, formerly the Mother Nature Florist Shop, which is now vacant.
Heneghan is also the executive vice president of business development and product at Boston-based student lender Cognition Financial. Formerly called First Marblehead Corp. until a move and name change last year, Cognition was founded in 1991 and specializes in marketing, servicing and securitizing private student loans.
Except for a two-year stint as founder and CEO of Buffalo-based private student consolidation lender Think Financial, Heneghan has worked for Cognition and First Marblehead since 1996. Previously, he was a legislative assistant to former U.S. Rep. Jack Quinn of Buffalo from 1993 to 1996.