A seven-year-old mixed-use retail and apartment building in the Elmwood Village has been acquired by a family-owned commercial real estate firm in Cheektowaga with a growing portfolio of office, retail, warehouse and residential buildings.
Frank J. Campofelice, through his C&L 448 Elmwood Associates, bought the three-story building at 448 Elmwood Ave. from Krog Corp., the Orchard Park-based developer that constructed the building in 2011. Campofelice paid $3.366 million, including the assumption of a $2.62 million mortgage to United Bank from 2015.
Located at the corner of Elmwood and Bryant Street, the building features 12 upscale two-bedroom and two-bathroom apartments on the second and third floors, with six floor plans ranging in size from 1,050 to 1,380 square feet. The units rent for $1,500 to $1,725 per month.
Each apartment includes granite countertops, nine-foot ceilings, walk-in closets, sliding glass doors, a washer and dryer, a full kitchen, programmable thermostats, controlled access with intercoms. Some also include a covered balcony, an open terrace and one of eight covered parking spaces.
The first floor houses coffee shop Perks Cafe, clothing boutique Village Designs Elmwood and the Rust Belt Barbering & Salon Co.
The $3.5 million project was designed by architect Karl Frizlen, and was financed with help from New Markets Tax Credits and Restore NY funding.
"Krog was pleased to have returned this unused corner to productive reuse," said Krog President Paul Neureuter. "While we had not been actively pursuing sale, the opportunity presented itself and we were pleased that the building will be in good hands going forward."
A representative of Campofelice declined comment when reached by phone Monday.
The building is located near the former Women & Children's Hospital of Buffalo site that developers Nick Sinatra and William Paladino are working to transform into the new Elmwood Crossing mixed-use community, including housing, retail and other components. The first stage in their $100 million project, a five-story building at the corner of Elmwood and Bryant directly across from Campofelice's purchase, was just approved this month by the city.
Campofelice owns Burgio & Campofelice, Walden Avenue Realty Associates and Walden Development Group. His property holdings include the George Urban Business Center in Depew, Southgate Plaza and Seneca Square in West Seneca, Walden Commons in Cheektowaga, the Williamsville Center in Williamsville, Transit Commons in Elma and Boulevard Suites in Tonawanda.