Buffalo Rising Online

Dec 13th 2008, 8:56am By West Coast Perspective

E Square Capital, LLC is welcoming the first tenants into The Residence at 245 North Street, a historic facility that it purchased and renovated for at a cost of $9 million. The former YWCA Residence, listed on the National Register of Historic Places, has been coverted into a mix of 63 studio, one-bedroom and two-bedroom apartments for seniors age 55 and older. The building was completed in 1925 and was designed by the Buffalo architectural firm of Colson and Hudson.

E Square Capital owner Eran Epstein and a Long Island-based partner, Chris Gerhart of CWG Development, purchased the 100,000 sq.ft. building from the YWCA in October 2005.

“We are proud that this residential development fits so well as part of Buffalo’s historic Allentown District,” Epstein said. “Every opportunity was taken to preserve and enhance the quality of original exterior and interior features of the Georgian Revival style building.”

Gerhart added, “The solid red brick masonry exterior has distinctive white columns on the two-story front porch. Windows, French doors, fireplaces and oak floors in the spacious commons area near the entrance are original, as are terrazzo floors in hallways."

“Electrical work and lighting fixtures are new. A new elevator, one of two in the building, has been installed. Apartments are fitted with new kitchen appliances, carpeted floors and window blinds. Bathrooms have stand-up shower units. Neutral shades of beige are used for walls, carpets, counters and tiles.”

Monthly rents are $613 for a studio, $651 for a one-bedroom and $778 for a two-bedroom. All utilities, including baseboard gas heat, are included, except for electric. Also included are cable TV, off-street parking, and 24-hour on-site maintenance. Laundry facilities are in the basement. The building entrance is secured and is accessible for wheelchairs. Tenants may have pets.

The project, designed by Silvestri Architects, was developed with a combination of private investment and assistance from the National Parks Service, New York State Housing Finance Agency, New York State Historic Preservation Office, and the participation of JP Morgan Chase.

E Square Capital has been busy as of late. The company is also renovating a former factory at 937 Broadway into residences and is converting 504 Washington Street into loft condominiums.

Three years ago, Epstein and Gerhart combined efforts to rehabilitate and renovate the ten-story former Holling Press factory into 82 affordable one- and two-bedroom rental apartments at 501 Washington Street downtown.

Get Connected: E Square Capital, 716.884.8213