Just one month after opening its doors, the new Northwest Bank branch on Jefferson Avenue has a new owner for the real estate.
Developers David Pawlik and Nick Sinatra, through 240 Kensington LLC, sold the freshly opened bank branch at 1228, 1242 and 1256 Jefferson to Carl Emmerling's 8418 Marshalling LLC, for $665,000.
The 0.45-acre site features a single-story, 3,000-square-foot standalone branch for the Warren, Pa.-based banking company. Located between Eaton and Northampton streets, just south of a Tops Markets store, the site includes 15 off-street parking spaces, while the separate drive-thru in back has both a remote ATM and teller access.
The $1 million branch, which opened Jan. 2 and is leased by the bank, was built on the site of a former building that was demolished prior to construction. It's part of a larger series of developments that Sinatra and Pawlik are completing on a four-block stretch of Jefferson, which will also include an 84-unit mixed-income housing project with two buildings, as well as a three-story, multitenant office building, just south of the bank branch.
The full-service branch is also part of a commitment by Northwest to reinvest in Buffalo, following its purchase of 18 First Niagara Financial Group branches, when Cleveland-based KeyCorp bought Buffalo-based First Niagara.
As part of the branch acquisition, Northwest unveiled a five-year "community benefits plan" that called for about $102 million in loans or investments to low- to moderate-income borrowers and communities in Western New York. Part of the plan included opening a new branch in a low- to moderate-income area, and bank officials chose Jefferson.
Northwest also will sponsor a nearby financial education center, operated in partnership with Belmont Housing Resources for Western New York, which will open in late 2019 in one of the People Inc. buildings.