Colossal Flip at 377 Main
Are the AM&A’s buildings for sale? Yes, if you can believe a sloppily written Craigslist ad posted on Tuesday. According to the offering, the sprawling former store and warehouses are for-sale-by-owner with an asking price of $3.5 million. New Horizons Acquisitions LLC has been under pressure by the City to bring the properties up to code and submit long-term plans for the complex. Apparently those plans involve unloading the property at a profit.
New Horizons purchased the former department store at 377 Main Street and adjacent warehouses on E. Eagle Street in September 2006 for $2,050,000. The Long-Island based developer promptly announced a $60 million project to convert the properties into a mix of 180 apartments and ground floor retail. The properties remain vacant.
In January, New Horizons Acquisitions was given a March 23 deadline to produce redevelopment plans for the hulking downtown complex or face fines in Housing Court over code violations.
The for-sale-by-owner Craigslist ad describes the properties as a "great investment opportunity" and in "mint condition." "Sourrounding (sic) buildingr (sic) are: City Hall, Liberty Building, mall, HSBC Tower, a City parking lot and upcoming new buildings!!!" In an email response, Shawn Berok of Rapid Development confirmed the asking price of $3.5 million.
This wouldn’t be the first time the owner had the property on the market. Last June the buildings were advertised for sale on commercial real estate website Loopnet and then suddenly pulled off the market by the owners who said the property was listed “in error.” The developer recommitted to completing a residential conversion of the properties last October after pleading guilty to previous code violations but has not submitted a plan for City approval.
A prominent commercial realtor who wishes to remain anonymous, asked if he had seen the Craigslist ad and if the listing was legitimate, answered, “Weirdo-rama. I dunno.” Wierdo-rama indeed!
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RisingDamp666
In Portland, a similar shuttered downtown department store, the Fred Meyer Store has been transformed into a boutique hotel with around 300 rooms. Buffalo could do this as well, but with fewer rooms and a residential mix. Why not? This location is pretty damn hot, and this building, mutty as it is, would be perfect to the task. As to Craigslist? The buyer better hope that a "roomate interview" isn't a part of the process!
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gaustad
It is so nice to see the city doing things right for change. So often things sit dormant around here and people wonder why there is no change.
The city is being procative in this case, although it is clear the developer never had any intention of rehabbing this building. This will be an expensive project no matter what.
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magnum
Well, let's hope the city collects on the code violations if the sale goes through, should be a nice chunk of change - I hope. Hopefully the city adjusts the assed value to $3.5 million and starts collecting taxes on that too.
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al-alo
no way is that real. id suggest contacting the poster and the owners. seems like a late night drunken preservationist was having some fun, well without spellcheck.
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LastCall
The Buffalo News confirmed in this mornings paper that the ad is legitimate.
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sbrof
classy
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Buffalopundit
Maybe Bashar can buy it.
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al-alo
NOOOOOOOOO WAAAAY! i cannot believe how minor league this ad/sales attempt is. its probably better that these people wont be redeveloping this site. gawd knows what they would do? id bet theyd do something as stupid as disconnecting a standpipe. ahem.
you know what would be great here? some sort of destination retail location. have you guys heard of bass pro? i understand they are very popular. i wonder if we could get them to set up shop here in town. I bet it would be pretty quick and easy.
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IvantheTerrible
The legitimacy of the ad is dubious but time will tell.
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NorPark
Is this not just the same as the out of town residential home 'flippers', but on a much grander scale? Do you think they really ever had the intention to bring this building back to life, or just hold it hostage for a couple years and then unload for a nice return. Perhaps the city needs to act right away, not a year or so later, and demand results more so than empty promises. I mean this company bought this property over a year and a half ago, and just a month ago the city has to shake them down to produce/put together long term plans. In my opinion, I believe we are seeing what their plan was all along. We need to weed out these companies sooner than this and find legitimate investors that arent just going to pass around this type of prime real estate, which happens to be on MAIN St. mind you.
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al-alo
psssst UB, wanna buy a building?
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waffles
Best part is the ad saying the buildings are "mint" condition. Hopefully someone responsible will buy these and turn them into something Buffalo can be proud of.
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NorPark
I think thats a great idea. I just did a reverse look up on the number and it comes back basically unlisted, but a land line based on 'the island', which is where the company is based.
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coolrobc
Hey Al, they could move the law school there.
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rb66
The Senecas should buy it (they get things done!) and convert it to affordable condos. It would be nice to have most of the 1000 people working at the new casino/hotel live downtown.
I think there is a market for condominiums in the $150,000 to $250,000.00 range.
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carlmalone
I would think this would be a great site for the Pan-American house, certainly not 8-12 stories and truly mixed-use, but they could move it to the curb and maybe do first floor barber shop or something ice like that.
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TDSBLO
No, No. The best part of the property is that it is "fully sprinklered." hahahaha I'm sorry but this is both funny and sad if this ad is real.
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Geomike
If EVER there was an argument for eminent domain! Let the city take it in lieu of fines and taxes, and give to UB, Roswell, or Olmstead? If we can can't get a building to go up in this poort hulk of a has-been, maybe an urban park would work there there that at least isn't falling apart & full of asbtestos? Just an idea. If I win mega millions this weekend, I'll buy it up and build a nice multi-use facility with bike racks, no parking lot and a "cyber-cafe" for blog-fests. I'll call it "The Stymied Buffalo".
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nick
A nice 10 year tax abatement could do wonders for the financial viability of a project like this. Unfortunitly the myriad of downtown housing projects is not equalled by an increase in employment or commercial construction. The residential conversion market is only so big.
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al-alo
Nick,
If im not mistaken, this property is already in an Empire Zone.
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SLEEPL8
So what exactly makes these @#$% think that this property has increased in value by almost 60% in the last 18 months? This is rediculous. Buffalo is rediculous. The city needs to start fining these #$%# like $50k per day until work gets underway or they sell and get the hell out.
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sally
Nick: you are incorrect the area has added about 3,000 jobs in the past year, the highest growth in upstate NY and in the top half of the 376 largest metros. Downtown also has added jobs with M&T adding over 500 NEW TO WESTERN NY positions in the past 2 years. Some of these were newly created while others were transferred to Buffalo from Baltimore.
The region as a whole HAS started to attract new business. Besides Geico's 2,500+ new jobs Bank of America has added over 200 and Citi is adding 650 as soon as their new Crosspoints offices are completed.
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rheumpa
NorPark - I totally agree!
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nick
Sally: if you're numbers are correct then that's great but the problem with buildings is that they are stuck in situ. As a region the job growth is a great sign but the building is at one location. There needs to be more commercial activity in the area to provide the impetus for people to live down there. Also while jobs are created, how many of those people are moving into the region and not being hired from within. While all job growth is good, it doesn't directly correlate to real estate if there is no net growth to population. Al, I would figure you're correct on the empire zone designation, but the city as a whole should be doing all it can to encourage development. A city property tax abatement for the improvements would certainly provide a boost in development in the city, but then again the powers that be would have to give up increased tax revenue. What they don't understand is the "but for" dictum..but for a tax abatement, the city may never see increased taxes from development following the proposed abatement period. You have to give to get.
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ChocolateShake
Isnt it great that a major piece of real estate in Buffalo is offered for sale alongside the same site that lists used sex toys for sale?
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LarkinLot
Can they sell all those ugly green and blue things out in front along with it?
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RisingDamp666
Ask yourself: would you buy a former flagship department store off of Craigslist? People hesitate when they see ads for shares in half-built Miami condos on Craigslist, but $3.5 million for a ten story urban landmark? "No problem."
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RisingDamp666
Sally, you are........a ray of sunshine?
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RLC
What about Mr. Issa purchasing this location for his 40-story tower???? Hey, why not? It wasn't available at the time he purchased Mohawk & Elmwood....but now? Has anyone heard of an update on that project?
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nonono
I love the way BR rising editors and writers go berserk when i criticize them, and then incorporate my criticisms in their own writings.
WCP: "Are the AM&A’s buildings for sale? Yes, if you can believe a 'sloppily' written Craigslist ad posted on Tuesday."
isn't this an example of the pot calling the kettle...well, a Teflon clad piece of crap? (i don't think the original adage is PC enough to pass the new editorial standards) why the cynically jaundiced eye cast on this for sale sign? couldn't this be 'a great opportunity' for downtown development, perhaps some cunningly original 'loft' style apartments?
Colossal Flip at 377 Main? Business as usual? Or disingenuous skepticism from BR's biggest and least discriminating cheerleader?
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bison716
HOTEL & 1ST FLOOR RETAIL!
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pgf1948
"No problem," RD, but so far, and for so long, no serious takers. Now that's a problem.
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