Barons of Buffalo
I spoke with Dane Chapin and Adam White, Managing Partners in a real estate firm called Barons of Buffalo, who told me that they have been in the process of re-working 50-60 of the units in their possession. Many of the units had major plumbing issues while others needed to be completely overhauled. The two buildings that I mentioned above have already seen an increase in occupancy since the new team has taken over. The Main Street buildings have seen 32 units (4 remaining) completed, a task that has bumped up the occupancy rate from 50% to 95%. "Many of the tenants that have rented those units are orderlies at the Medical Campus," Dane told me. "If you drive by at night you will see that the buildings are now completely lit up. And on the inside we installed new kitchens and baths. On Lexington we have been busy adding maple detailing to the rooms and granite counter tops to the kitchens. We also redid the hallways. Some of the rooms were filled with garbage... can you imagine in that neighborhood?"
After work is completed on the interior of the 220 Lexington building the team is going to replace the sidewalks (and that's not even their job!). "We want this to be a very welcoming setting for our existing commercial tenants (Kuni's, Wild Things, and Shakti Yoga)," Adam said. "We also want to attract a corner café where the Lexington General Store was. It's a beautiful 1600 sq.' shell that we have stripped down to its original state. Even the original crescent window is now visible."
Stay tuned for further developments from Barons of Buffalo. They are keeping an open eye on further property acquisitions - the Buffalo market is looking prime for out-of-state investors who are finding Buffalo a very attractive market.
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Comment Options
Drew
I can't wait for the former co-op to be occupied again.
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heathersmiles
Because they are from out of town, who is going to hold them accountable for the condition of the property and keep them from flipping it to another investor? We have been down that road with numerous well intentioned investors in the past.
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STEEL
Heather,
If they renovate it, get high quality tenants, and then sell it to someone else what is the problem. If they don't invest in the property, let it degrade, and then sucker someone into paying an inflated price - that is a problem
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carl
given how poor Buffalo is, wouldn't 'feudal lords' be a better name?
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carl
i would much rather have local developers, then we can hold them accountable, and the profits stay local.
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wwabbit
One wonders at the definition of "quality tenants".
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JuneBug
Local does not always mean better. Out of town investors are doing just that...Investing money in our City. Let's be excited that money from the outside is coming in. If a national company wanted to start a business in Buffalo would we frown and say "i wish it was a local owner?" And as far as holding local developers accountable, that's a laugh. Our current political system is so corrupt, it's the locally connected guys that are making the shady deals. So kudos to the out of towners who are willing to start doing business in our City.
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rubygreta
Carl - the "profits" are staying local. More people living in the buildings meaning more dollars spent in the city. The buildings are renovated and help maintain property values. Who cares if the owner lives in CA or locally? I would take a good out-of-town owner any day over a local bum.
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Colin
Whatever you think of out-of-town investors, the profit doesn't stay local. It leaves town and ends up with the investors. That's why they invest. That doesn't mean that local is by definition better. But all else being equal, it is.
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bisonherd
This is really wonderful news for Buffalo developers. All of our multi-story buildings from Niagara Street to Michigan are getting increasing visability and seen as profitable rehabs.
Look at the venom and the legal difficulties descending upon Buffalos slumlords like Freudenheim. As Buffalo's multi-story buildings continue to dwindle the slumlords are increasingly becoming the focus of local rath which is a good thing for the community as a whole.
It means that even with our nations real estate troubles which are largely sparing Buffalo....urban infill is rapidly approaching financial viability.
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Enxu
I live in the building at Lex and Ashalnd. Just to clear the air, one of the partners lives in Buffalo, so fears of "absentee landlord-ism" are a non-issue. Additionally, they truly have been making constant little upgrades to this building, thereby improving it for us "quality tennants".
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BADASH
Adam White? R U kidding me? The definition of slum-landlord/property management! Ask Torke! See his wonderful work on Tenth Street. Yech!
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sbrof
Yeah if it takes outside money to show the local guys what to do then so be it. I didn't see anyone else locally step up to take on these buildings or the MANY others that are dotted around the west side still (sorry east side you had all yours demoed).
So assuming they don't become absentee I will take the investment of dollars into these buildings. It means they are secure and occupied for years to come where by a local (freudheim or paladino) person isn't always as appreciative of the buildings we have (greystone, webb)
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stephenjames716
this is great stuff (if you think otherwise I don't know what to day) thank you out of towners!
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berniceheartsyou
these people like working with section 8... trust me... i have dealt with them one on one with my company. FYI, i dont know how much they will be renovating to get higher rents and better tenants.However, they do seem to be okay landlords and good people too!
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kelly
I used to live in that building on Lexington and Ashland, maybe 8 years ago. Unless the out of town owners actually arrive into town to break into apartments and beat tennants in the middle of the night they will be a step up from the inconsiderate, incompetent, dishonest local jerk who owned it when I lived there.
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