Buffalo Rising Online

Sep 1st 2007, 10:58am By queenseyes

When I first heard that the YWCA on (245) North was going to be converted into a retirement home I had mixed emotions. On one hand I was thrilled that the building was going to be put back to good use. On the other hand I was disappointed that this was not going to be filled with a wide range of ages. I know that there were a lot of people who were also thinking that the building would make great condos. After speaking with Eran Epstein (E Square Capital) I feel that this development will be a big lift for Elmwood and Allentown... and 55+ means that a bunch of people will be able to enjoy their golden years in a pretty cool set-up.

Yesterday I met with Eran and Jeremy Dwyer (Silvestri Architects) both of who were very helpful in shedding some light on a building that not many people are overly familiar with. As it turns out, the 68,000 sq.’ former YWCA is going through a $4,400,000 transformation that will restore much of the 1926 building back to its original condition. “Ill tell you one thing,” said Jeremy. “They don’t build places like this anymore. When the original blueprints say a wall is a certain length, you can be sure that it will be what it says down to the exact inch. You rarely see that.” I asked Jeremy what the condition was of the interior and he told me that the building was in excellent shape. The property also comes with a cottage (1800’s) in the back that will be converted to two units.

Eran explained that most of the first floor would remain common area along with a couple of studios. “We pulled up the carpeting and found that there was either beautifully preserved wood floors or dusty terrazzo underneath. We’re going to restore most of the floors on the ground level. Then we’re gutting the other floors after we salvage what we can. We have dismantled 330 doorways, which will be replaced after the rooms are reconfigured. Residents will have a back porch that overlooks a fenced-in lawn. The 64 units will have 46 parking places. The massive front parlor has three fireplaces that where we’ll add inserts.” The ‘Y’ remained ‘operational until 2005, and I stress the word ‘operational’ because of the way the operations were conducted. The ‘Y’, originally built for YWCA purposes, had become, for all intents and purposes, a haven for wayward people. While we chatted, Eran spelled out the reason that he did not go the condo route. ‘You have to wait seven years if you want to take advantage of the *incentives available,” he told me. “That’s how long it takes (per the Department of the Interior) before I could turn these units into condos due to a prohibition on the transfer of the deed. By that time they are already functioning apartments and that’s how we’re building them out. Otherwise we would have considered condos from the start. As it stands, these are going to be very affordable apartments for people 55 and up with income limits of $25,000 a year. That means that if a person’s pension and Social Security combined exceeds $25,000, then they are not eligible. We expect to see many people who want to downsize from larger properties and unreasonable maintenance. We’ll have a live-in Superintendent and a 9-5 office person. This will be a very welcoming building both indoors and outdoors.” Plans for landscaping and a gazebo will also be incorporated into the surroundings. The cost of staying at The Residence (heat included) will be high-sixes to lower-sevens for a single, and high-sevens to lower-eights for a double. The massive building has been off the city’s tax-roll since its creation in 1926. Eran told me that he’s excited to have the building become a functioning part of the neighborhood again. “We’re running at a zero percent vacancy on all of our city properties,” he told me. “As soon as we have a vacancy it fills up. I can tell you that is not happening outside the city. People are looking to move back in.

*Federal Low Income Housing Tax Credits, Historic Rehabilitation Tax Credits from the National Park Service and an HFA Subsidy Loan. 15-year Payment In Lieu of Taxes agreement with the City of Buffalo, which will provide real estate tax abatement.

E Square Capital, LLC Contact:

Eran Epstein, Partner

716-884-8213 ext.13