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In the News

Jun 2020

Housing market looking to rebound from pandemic

  The Central New York housing market took an expected hit from the COVID-19 pandemic. The numbers for March and April show drops in new listings, pending sales and inventory. “When everyone went on pause so did real estate, everyone had to regroup,” says Lynnore Fetyko, CEO, Greater Syracuse Association of Realtors. For realtors under the …

Jun 2020

Construction Watch: Larkin District Projects

Larkin Development Group’s new buildings along Seneca Street are taking shape. Mill Race Commons is Larkin Development’s largest ground-up development in the Larking District thus far. The five-story building at the southeast corner of Seneca and Hydraulic streets will include 70 apartments and 14,500 square feet of retail space. Mill Race Commons Seneca Elevation The …

Jun 2020

Greenleaf plans remake of former Hyatt’s art supplies building

Developer James Swiezy is planning to connect the historic Hyatt’s – All Things Creative building to his Bosche Lofts next door, creating another 19 apartments along Main Street. Swiezy’s Greenleaf Development, which acquired the Hyatt’s building at 910 Main last July, expects to spend $3.5 million to $4 million on his renovation of the four-story …

Jun 2020

Where have all the factories gone? Industrial space shortage reaches critical levels

At first glance, it seems puzzling to build a modern factory on the former Bethlehem Steel site, even without a manufacturer lined up to move into it. After all, this is a region that is littered with closed-down factories. Over the last 20 years, two of every five factory jobs have disappeared as less skilled …

Jun 2020

Boulevard, Eastern Hills mall owners seek big assessment cuts

The owners of two of the biggest malls in the Northtowns are seeking reductions of more than 75% in their tax assessments as the coronavirus outbreak shut stores down at a time when retailers already are struggling. Douglas Jemal’s Douglas Development Corp., owner of the Boulevard Mall in Amherst, and the partnership of Mountain Development …

Jun 2020

Pandemic closures could hit these 16 stores the worst

In March, every store in New York State closed to curb the spread of coronavirus. Now, with the state slowly rolling back restrictions on business, some are reopening with curbside pickup and delivery. But some may never reopen. Others will significantly reduce their store counts in the months to come. Still others may reopen simply …

Jun 2020

Western New York captures 7 of 10 healthiest housing markets in NYS

Seven of the 10 “healthiest housing markets” in New York are in Western New York, almost all in Erie County, according to a new ranking by a personal finance website. The sixth-annual study by SmartAsset looked at several factors, including stability of residents, ease of selling a home and how much income it takes to …

Jun 2020

Mall REIT Says It May Not Survive

A REIT that owns more than 20 U.S. shopping malls is at risk of going out of business.  Pennsylvania Real Estate Investment Trust said in its Q1 earnings report its financial challenges have created “substantial doubt about the company’s ability to continue,” the Washington Business Journal first reported. The Philadelphia-based REIT owns seven properties in its home state, …

Jun 2020

Downtown Hyatt faced mortgage woes before chain pulled its brand

Local business and tourism leaders were alarmed Wednesday by the Hyatt Regency Buffalo hotel losing its longtime brand, raising fears that it could potentially close and prompting warnings that it could hurt efforts to bring more business and activity to downtown Buffalo. “I was taken aback,” said Patrick Kaler, CEO of Visit Buffalo Niagara, the …

Jun 2020

Seneca one Tower developer to buy Statler after Croce’s death

Washington developer Douglas Jemal, who has already made his mark on Buffalo with his acquisition and redevelopment of Seneca One tower, has agreed to purchase another troubled landmark – Statler City. Details were limited Wednesday night, but a source familiar with the deal confirmed that Jemal, owner of Douglas Development Corp., will acquire the historic …

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