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Business

An alleged fraud by an Indiana-based payroll processor has cost KeyCorp $123 million in the third quarter, erasing gains in fee income from investment banking and dragging the Cleveland-based bank's earnings down. Key reported net income of $383 million, or 38 cents per share, down from $468 million or 45 cents per share a year ago. Without the pre-tax fraud charge — wh…

Buffalo

M&T Bank Corp. is ramping up its spending on technology and staffing - including at its planned tech hub in Buffalo - and that's taking a toll on the bank's profits. The Buffalo-based bank reported a 9% drop in its third-quarter profits on Thursday, falling short of analyst forecasts. That sent M&T's shares tumbling by more than 4%. M&T reported net opera…

Buffalo

Scott Stenclik spent 14 years living away from Buffalo for school and work before he came back in 1986 to take a position at his family's company. Now, the 61-year-old city resident wants to help many others get jobs, while boosting the fortunes of his hometown. And as CEO of Aleron Group – the global staffing firm founded by his parents in 1957 – he's in a great positi…

One of the area's leading suppliers of office furniture and design services is introducing a new division that will offer full interior construction design and build-out of office space using prefabricated systems that can be built, renovated and maintained more easily. Millington Lockwood Inc. is rebranding its Structures Group as AMP Interior Construction, and investi…

Amherst

Citigroup has agreed to pay more than $52 million for the building housing its operations center in Getzville from Uniland Development Co. Citigroup Technology, a division of New York City-based Citi, has agreed to buy its 158,000-square-foot building at 580 Crosspoint Parkway from Uniland, along with about 9 acres of adjacent land, according to the bank and Amherst Ind…

Business

A hazardous waste transportation and recycling company has acquired a Town of Niagara warehouse from the family of a construction company magnate who died a few years ago. Buffalo Fuel Corp., based in Niagara Falls, paid $350,000 to purchase 3501 Hyde Park Blvd. from Seven Grand Properties, according to Anthony D'Auria, principal of Waterbourne Real Estate Advisors, who…

Buffalo

The trio of South Buffalo firefighters who own Hook & Ladder Development are now exploring the possibility of putting a brewery in the former St. John the Evangelist Roman Catholic Church that they acquired on Seneca Street. But only if the Catholic Diocese gives its blessing. Peter Scarcello Jr., one of the three partners in the firm, said the group is "still co…

Buffalo

A brightly lit replica marquee above the main entrance to the historic and recently renovated Shea’s Seneca building was officially dedicated Monday at 2178 Seneca St. in South Buffalo. Adorned with flashing white lights, the restored iconic marquee resembles one from the 1920s that advertised movies for decades when the building was used as a movie theater. Both were m…

Business

DePaul Properties, a Rochester-based social-services agency, has completed its $17 million redevelopment of a former clothing manufacturing facility into 48 affordable housing apartments in Wyoming County. The nonprofit formally opened its new Knitting Mill Apartments in the Village of Perry this week, with more than half of the units reserved for individuals eligible f…

Buffalo

It took many off-site brainstorming sessions, an in-house focus group, an outside marketing firm, tons of research, and countless hours of whittling, but Uniland Development Co. finally has a name for the coworking business space concept it is launching in downtown Buffalo. And it only took 309 names – and a switch to Latin – to get there. The Amherst-based developer…

Business

Essex Homes of Western New York said Thursday it broke ground on its final phase of building out its Cross Creek Estates single-family home community in Lancaster. Located off Pleasant View Drive, between Stony and Pavement roads, the last phase will include 29 new home sites, including some on a cul-de-sac and some that back up to a protected conservation area, accordi…

Buffalo

City officials said Thursday they are now taking applications for small businesses wishing to participate in the Queen City Pop-Up Holiday Edition. The city initiative seeks to encourage the growth of new businesses and bring more small stores to downtown Main Street, by giving retailers an opportunity to test their products rent-free during a two-month trial, while put…

Buffalo

After decades of generating pollution, the former Tonawanda Coke property in the Town of Tonawanda may be one step closer to becoming a clean computer data campus. Developer Jon M. Williams, who has a history of cleaning up and repurposing dirty industrial sites, has completed his expected purchase of the 140-acre property out of bankruptcy. Acting through Riverview …

Buffalo

Canalside – Buffalo's largely flat waterfront attraction – is now going vertical. It's also about to get a lot more crowded. A planned roundhouse carousel building and the first new residential project at Canalside are poised to get the go-ahead from state officials when the Erie Canal Harbor Development Corp. meets on Oct. 15. The two designs for the Buffalo Heri…

Buffalo

Developer Nick Sinatra's planned $21 million Canalside project and a new $5.3 million roundhouse building for a historic waterfront carousel are poised for final approvals later this month, after the Buffalo Planning Board on Monday night gave its assent to the designs that were already developed in conjunction with the state. The panel recommended approval by the Erie …