Paladino Gets Keys to Manor

Carl Paladino has added a prime site to his real estate portfolio.  The developer turned politician gained title to the shuttered Grace Manor Nursing home located at 10 Symphony Circle.  Paladino was the high bidder for the site at an October 31 auction.  The $1.6 million deal was finalized yesterday.

Grace Manor Health Care Facility, Inc. was placed in receivership by the state Department of Health in 2008.  The nursing home closed its doors in March 2009.  U.S. Bankruptcy Court Judge Carl L. Bucki, chief of the Western District of New York, cleared the way for Grace Manor Nursing Home to be sold at auction.

The facility is 81,200 sq.ft. on 2.14 acres.  Paladino has not revealed his plans for the site. 

About the author  ⁄ WCPerspective

Buffalo and development junkie currently exiled in California.

20 comments
benfranklin
benfranklin

Besides jim's point, an auction deal closes more quickly than a conventional sale. Which means the buyer needs to have the cash to get the sale completed. There's also less time to research the project, which means there could be a real issue with the property that you will have to deal with.

If you sold your house tomorrow at auction, and told the buyer you needed to close in two weeks, his financing options evaporate. This drastically lowers the selling price.

jim1234664
jim1234664

@buffaloroam:

these buildings almost always need significant funds, 50-100 times the purchase cost for repurposing and updates. And since I think its safe to say carl wont be opening a nursing home on the property it will most likely need a lot of both

buffaloroam
buffaloroam

Can someone explain to me how the winning bid was only 1.6 million dollars? I don't get it. Even in an economy as depressed as Buffalo shouldn't 80,000 sq. ft. on 2+ acres in a beautiful part the city fectch more? What a freakin steal! I mean there where condo's on the waterfront that almost sold for that much. 80,000 square feet and 2 acres on Symphany Circle for only 1.6m thats crazy.

LouisTully
LouisTully

Pardon me, your Majesty. pitbulls, whom I was poking fun at, made humor from it. Maybe you could realize, too, that not everything is a finger poke in the eye.

LesterCzepnakski
LesterCzepnakski

He did put a huge skylight into the roof of the Graystone.

Lego1981
Lego1981

Building what? He still has'nt built the Court Street Tower (still a parking lot) still has'nt done anything with the Greystone (owned it for over a decade) Former Baker Shoes, and thank gawd someone else (Rocco) took over the Webb building, because Carl wanted to knock it down for, you guessed it, PARKING. And what about the former L.L. Berger Department Store now Belesario? Well the lofts may be nice, but the first floor facing Main Street is still not looking so good, all vacant. And don't get me started on the former Courtyard Mall. Looks even more of an eye sore now than it did when vacant, and who in their right mind would put a Parol office enterance right on the first floor on Main Street? you guessed it, Carl F'N Paladino! Please don't phrase this man's work (or lack of it) he's all talk.

PeytonsCorner
PeytonsCorner

Carl got a great deal here, this is a very good property, great location and in great shape. Keep building Carl, best of luck to you!

suburban_hillbilly
suburban_hillbilly

Spare us the spelling/grammar criticism. Every one of us makes mistakes.

The Kettle
The Kettle

My secretary is too busy to spell check my message board posts:)

whatever
whatever

pit, I meant progressive in the way it's usually used on this blog in a do-gooder sense, not the political way of using it like the Union Families Party.

I'm sure all complaints are always justified to those who make them. That doesn't mean there aren't justified opposing views.

By the way, it isn't true what you wrote about people typically getting "thrown in jail" for severe property offenses. How many vacant buildings in Buffalo are lacking plywood on windows or have roof holes? How many owners are in jail right now because of it? You can say they should be jailed, but it very seldom happens.

LouisTully
LouisTully

What I find funny is the outstanding spelling we have here: weather/ whether; routing/ rooting.

Anyway, if you search this building in BR archives or elsewhere, it's incredible to find, going back to 2006, all the "nearly theres" from Paladino in terms of developing this building.

Are you serious about the building's condition? Renovation? There is a hole in the roof the size of a car. I honestly don't know the situation. Was there something done to this building?

benfranklin
benfranklin

That building is in very good condition. A renovation was completed not too many years ago.

It was entertaining to watch the group bidding against Paladino at this auction huddle between each bid, while Paladino just raised his number with little thought. Sure he would have gone much higher.

No one person has developed more property in Buffalo than Paladino. It's a bit like routing for a quarterback... he wins a lot of games, so you learn to live with interceptions.

The Kettle
The Kettle

The complaints seem justified. Letting large buildings rot is putting the public at risk.

Weather or not a "progressive" or someone else who's political views differ from yours bought these buildings is irrelevant. If Carl bought them he should be held responsible for keeping them secure. If you or I let our houses get in that condition we would be thrown in jail.

whatever
whatever

It's his property so he should do what he wants with it. Just like if he wants to spend money on a sure-to-lose political campaign, there's nothing wrong with doing that either.

Grace Manor was sold in an auction. Anybody could have bought it and done what they want to with it. Nobody did except him, and yet here some of you are complaining.

Why didn't any progressives buy the Lourdes church on Main St and make sure it has plywood on it? That was also up for sale in a very public auction and sold at a low price. Why didn't any of the complainers chip in and buy that, or buy the Greystone when it was available and fix the roof, restore it, etc?

Lego1981
Lego1981

So, is Carl going to let this one rot away too. Just like the Greystone, Baker Shoes. Or will he say he's fixing it up only to look as bad (or worse) than the former Courtyard Mall?

WarrenG
WarrenG

Wow! I can't get over the bargain pricing. $1.6mm for 2+ acres in a prime location! And 81,000+ s.f.!! That's under $20 per s.f. Replacement cost has to be $150/s.f. Now that's what I call "buying right", especially when some high-end condos go for more $$$. Good buy Carl!

LouisTully
LouisTully

That's awesome. What's the story behind that hole? I can't imagine the kind of damage that hole causes due to the elements.

Andrew
Andrew

So true. I'll jump off a bridge before I ever vote for him. Ten million of his personal money going to his campaign. How about $500 to put some new plywood up on lady of lourdes. You can see the hole in the greystone from satellite views on mapquest. Scumbag

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