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Month: October 2020

Oct 2020

Wheatfield properties in big mortgage lose two-thirds of value

Three Niagara County commercial properties owned by developer Nick Sinatra and members of the Nanula family have lost two-thirds of their value because of plummeting revenues, potentially putting the future of a $23 million mortgage backing the properties at risk. The two commercial office complexes comprising the Woodlands Corporate Center, along with an industrial property at …

Oct 2020

Brownfield cleanup needed before apartments are built in Lockport plant

  A plan to convert a building at the old Harrison Radiator plant in downtown Lockport into 77 apartments must wait until a brownfield cleanup is completed. The state Department of Environmental Conservation announced Wednesday that Kearney Realty & Development Group of Baldwin Place has applied to the state Brownfield Cleanup Program. The application says …

Oct 2020

How Bruce Kenan sued for a tax bargain on his Skaneateles Lake homes; “a slap in everybody else’s face”

In 2018, Skaneateles town officials raised the property tax assessment on Destiny USA partner Bruce Kenan’s two lakefront mansions to $7 million. Unhappy with that, Kenan went to court and argued that was too high, that they really should be valued at $2.7 million. They settled somewhere in the middle: $4.7 million. Then, less than …

Oct 2020

Tappo Pool Club and (new) Rooftop Restaurant

The pool is in. Developer/restaurateur Rocco Termini’s Tappo Pool Club is one step closer to fruition. Now that the pool is complete, Termini says that the next step is adding the concrete around the pool, and planters. Once open, the pool club will seat 300 people – a good space for social distancing, if the …

Oct 2020

Pending Home Sales Index Reaches Record High as Sales Ascend 8.8% in August

WASHINGTON (September 30, 2020) – Pending home sales in August continued to move upward, marking four uninterrupted months of positive contract activity, according to the National Association of Realtors®. Each of the four major regions experienced growth in month-over-month and year-over-year pending home sales transactions. The Pending Home Sales Index (PHSI), a forward-looking indicator of …

Oct 2020

It’s a seller’s market. High demand for housing in WNY

BUFFALO, N.Y. (WKBW) — It’s a seller’s market right now in Western New York. Licensed real estate salesperson Michele Dill said she had one of her busiest days in the business, and doesn’t anticipate a slowdown anytime soon. “The housing market is about as hot as it’s ever been in Buffalo, NY,” Dill said. She …

Oct 2020

Carmaker Aston Martin Designs Insane $7.7M Estate In Dutchess

British luxury car manufacturer, Aston Martin, has partnered with an architectural firm to create their first-ever private residential estate. Tucked away in a 55-acre wooded lot in Dutchess County, the 8,430-square-foot compound is a home fit for James Bond. The property features endless amenities, designed with the same bold forms and textures as luxury Aston Martin …

Oct 2020

Krog suspends work on Trico because of Covid impact on hotels, offices

Krog Corp. has temporarily suspended work on its $87 million redevelopment of the former Trico Products Corp. manufacturing plant in downtown Buffalo, citing the impacts of the Covid-19 pandemic on the sectors it’s targeting. The Orchard Park-based developer, which specializes in industrial and brownfield projects, is seeking to convert the 10-story structure into a mixed-use …

Oct 2020

Young Development plans $45M mixed-use project in Cheektowaga

A West Seneca developer is planning to turn a sprawling 33-acre plot in Cheektowaga along Transit Road into a $45 million development with more than 250 apartments, 52 town homes and a grocery. In one of its biggest ventures yet, Young Development is proposing to construct more than 20 structures on the site at 6386 …

Oct 2020

Office real estate market will get back to pre-Covid level, in 2025: Cushman & Wakefield

The coronavirus remote work experiment will become a permanent trend, but at some point, employees will return to the office in numbers that match the past. When? It could take five years, according to a new forecast from Cushman & Wakefield. Global office vacancies will not return to their pre-Covid peak levels until 2025 and, …

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