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Buffalo

Fannie Mae is seeking to foreclose on the Towne Gardens residential community just east of downtown Buffalo after its Brooklyn-based owner defaulted early this year on an $11.5 million loan. According to documents filed in state Supreme Court in Erie County, the national mortgage finance company – known as a government-sponsored enterprise – is asking to seize the 360-u…

Buffalo

Ellicott Development Co. wants to tear down two dilapidated two-family homes on West Delavan Avenue, adjacent to one of its projects on Elmwood Avenue, with a goal of eventually rebuilding the properties. The Buffalo-based developer is seeking approval from the Buffalo Preservation Board to demolish the two structures at 619-621 West Delavan. It then plans to replace th…

Amherst

A Canadian health-focused real estate investment trust has acquired an Amherst medical office building located just a stone's throw from Millard Fillmore Suburban Hospital. Toronto-based Mohawk Medical Properties, through Mohawk Medical Acquisitions Canada II, bought the East Amherst Medical Building at 1150 Youngs Road from 1150 Youngs Road Inc., paying $7.732 million,…

Business

An Orchard Park property containing the Peregrine Senior Living community and memory care facility has been sold to a Michigan-based private-equity investment manager for less than half of its sale price less than six years ago. Valstone Asset Management of Birmingham, Mich., acting through VS Orchard Park LLC, paid $6.65 million to acquire the 4.49-acre complex at 101 …

Business

Joan Smith was tired of house-hunting. The 39-year-old schoolteacher and her husband, Paul, had been searching for a new home in the suburbs last year, dragging their two young kids around with them through Lancaster, Clarence and Tonawanda. They had already looked at about 20 homes and lost out a couple of times when their bids came up short. So when they found a ho…

Buffalo

Labatt USA this week began carting in and installing shiny stainless steel brewery equipment for its new beer-making operation in downtown Buffalo, marking another major step in converting a historic former industrial building into a lively new mixed-use facility. Part of Perry Street was blocked off Monday, as three flatbed trucks loaded with a variety of machinery pul…

Buffalo

Two schools – a charter school and a college – are looking to refinance some of their bonds issued by the Erie County Industrial Development Agency to lower their interest expenses. Global Concepts Charter School is asking the Erie County Industrial Land Development Corp. – an ECIDA affiliate – to issue $7.7 million in new tax-exempt bonds. The proceeds would be used to…

Buffalo

Rochester-based marketing and communications firm Dixon Schwabl has signed a four-year lease for a new office in downtown Buffalo's Electric Tower. As of early July, the women-owned company will take up the entire 11th floor of the iconic building owned by Iskalo Development Corp., located at 535 Washington St. The 2,700-square-foot office will initially be staffed by s…

Business

For more than 15 years, residents and governments in Niagara County have been battling a big business to keep their air and water clean. They've spoken out at public hearings; submitted letters and petitions; dug up old deed restrictions; hired consultants, experts and lawyers;  and gone to court – all to prevent CWM Chemical Services LLC from digging a new hazardous wa…

Buffalo

A Main Street office building across from the Amherst Street Metro Rail station has changed hands. Christopher Mekker, a Keller Williams real estate agent, paid $359,000 through Vernon Triangle LLC to buy the two-story mixed-use building at 2626 Main from Nicholas C. Costantino. The 5,096-square-foot commercial building is located across from the Fillmore Avenue inte…

Buffalo

A prominent downtown Buffalo building that is home to several federal government offices is being acquired by a Washington, D.C.-based real estate investment trust as part of a much larger purchase of 14 properties nationwide. Easterly Government Properties Inc. agreed last month to pay $430 million to acquire 14 properties with 1.48 million square feet that are 94 perc…

Business

A 37-year-old freight rail car manufacturer based in West Seneca wants to more than double the size of its facility, with help from the Erie County Industrial Development Agency. Ebenezer Railcar Services Inc. has applied for a package of tax breaks to support its $6 million expansion at 1005 Indian Church Road. The employee-owned company currently has a 67,462-square-f…

Buffalo

Uniland Development Co. and partner Blue Cardinal Capital have completed their purchase of 20 acres of prime land at the intersection of Elmwood and Hertel avenues, setting up their ambitious project to create a new mixed-use destination in North Buffalo. The Amherst-based developer and the Buffalo private-equity firm late last month bought 11 more acres on Elmwood, Her…

Buffalo

Homebuilder Marrano/Marc Equity Corp. has acquired the land it needs to complete the new Colvin Estates subdivision in North Buffalo, paying $4.48 million for six remaining lots from the first phase plus another 18 acres from the original property owner. Marrano is taking over the biggest new home construction project in the city in years from the previous developer, wi…

Business

Buffalo may have the lowest share of million-dollar homes among the nation's largest cities, but don't tell that to the homeowners in Spaulding Lake. A new study by LendingTree found Buffalo ranked lowest among the top 50 metropolitan areas for its concentration of million-dollar homes, with only one of every 1,000 homes exceeding that mark in value. That's a far cry…