Condo Conversion in the West Village


The Whitney was one of several current West Village apartment buildings that were originally built as hotels for the Pan Am Exposition. According to the West Village Renaissance Group webpage, The Whitney was described as “first class accommodations…all new furnishings, bath and modern conveniences. Rates only $1.00 a person per day…situated right in the heart of the business section, within 10 minutes walk of any theatre or place of amusement.”
Other hotels built in the West Village for the Exposition include the LaSalle at West Chippewa and Georgia streets; the Columbia at Whitney and Carolina; and the Lyndenhaven, Graystone and Algonquin located on Johnson Park.

Sunset Bay Park purchased 65 Whitney in May 2007 and has started interior renovations. The charming building's exterior features decorative brick quoining and splayed brick arches. It is one of fourteen properties on this year’s Downtown Housing Tour scheduled for Saturday, June 28th.
Get connected: Sal Zambito, 716.553.6911

A piece of Main Street’s 500 block is moving closer to reuse. Restaurateur Don Warfe has the circa-1880 Stewart & Benson Building at 501 Main Street under contract. Warfe expects to renovate the three-story, 6,000 sq.ft. vacant property into a mix of residential and commercial space.
I can't tell you the number of times that someone tells me that they missed out on an urban outdoor activity because he or she was not aware of it. Over the last two years we have seen an explosion of healthy outdoor activities sprouting up. There are a number of organizations out there that are contributing to this phenomena, including Riverkeeper... these groups have organized everything from moonlit kayak trips down the Scajaquada Creek to bike rides along the lake.
The follo …
By this time, we all know how important it is to clean up our waters. Our water is our most valuable resource, and will become more and more precious in years to come. That is why Riverkeeper is looking for community volunteers for this year's Autumn Beach Sweep. Don't just think that you don't need to roll up your sleeves because others always show up and get the job done. That's not the case. Each year the amount of waterways that get cleaned depends on the number of volunteers …
Moments from now, Superintendent of Buffalo Public Schools Dr. James Williams will make an announcement to the Buffalo Board of Education that he is extremely happy about.
It was a long time in the making, but the union representing the Buffalo District's Teacher's Aides and Assistants has unanimously voted to drop litigation and accept single carrier insurance through Blue Cross Blue Shield of WNY. Williams and Buffalo Educators Support Team (BEST), the second-largest union i … 



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vgs
Tough but very cool neighborhood . Whitney is a tight city street with some really conscience residents so this is great news. Some brave urban pioneers should be able to get a pretty good deal on ownership and also help stabilize this great section of downtown. Little conversions like this turned a good portion of Brooklyn around, these 1K sq ft pads there would go for 450-500K
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UnionAMG
Not the best picture of this place on Google Maps Street View... looks like 3 guys sitting on the stoop drinking 40's in brown paper bags.
Sign me up!
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Sal
Tim Sparks is my new stage name!
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joey
The bars on the windows...is that some type of 3M product to repel the ultraviolet rays from the sun?? This "option" will certainly be an enticement!!
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scooter
Whitney is a quickly changing street. Drive up and down it. You get a lil bit of every walk of life. Including a lot of young proffessionals. I have two friends that recently purchased some beautiful homes on this street.
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stephenjames716
this is awesome!!! the city needs about 100 more of these types of developments.
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STEEL
I hope they put the cornice back on.
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br_boy
This actually makes me quite happy. We talk about Buffalo in a lot of different senses, and one is in terms of its neighborhoods. South Buffalo, Elmwood Village, Allentown, East Side, etc. But this one, the Johnson Park neighborhood, is clearly the most historic and, in most respects, the most forgotten. From the outside, the homes in this area have a classic look like few other areas in Buffalo.
Having the Whitney convereted into condos is probably one of the biggest steps in Buffalo's rebirth going forward (can't believe I just used the word 'rebirth' by the way). Consider its proximity to downtown, incredibly close and if you lived there and worked downtown your car would become an afterthought. Also, if successful, consider the plethora of other buildings in that area that have the same skeleton as the Whitney and could be converted in a similar manner and probably pretty reasonably priced. Also, consider the crowd this unit is trying to attract. It is decidely not empty nesters in their 50s who want panoramic views of Lake Erie. It is people in the 20s who would, ideally, want to build a future in this city.
This thing is risky, given the neighborhood. But I still believe it is good foresight here on the part Sunset Bay Park (I cam unfamiliar with them). I think its great that they decided to go condo as opposed to another loft situation creating a set of transient Buffalonians who head for the burbs once they need a place to call their own. They probably did some thinking and realized they were more likely to find condo buyers than continual loft residents based on its location.
I wondered why this place was on the Downtown Housing Tour. Now it all makes sense. This is simply fantastic news.
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Jay
Cool neighborhood, with some amazing architecture still intact, yet the neighborhood does still have a stetchy element. In any other city, with the proximity to downtown and the type of buildings there, this neighborhood would be $$$. Keep it moving forward, the group of conerned citzens over there are doing a great job.
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cyndrome
Condos - excellent. My gut feeling is that developers courting the ''empty nesters'' are missing the boat by pursuing the high end rentals as opposed to condos/co-ops. Anyway, I hope this venture is successful. With the square footage I would hope the units would be 2 br/2bath.
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TownLine
I've heard these are going to be pretty affordable...any official word?
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sally
Condos - excellent. My gut feeling is that developers courting the ''empty nesters'' are missing the boat by pursuing the high end rentals as opposed to condos/co-ops. Anyway, I hope this venture is successful. With the square footage I would hope the units would be 2 br/2bath. :)
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TownLine
An alter ego of Sally....cyndrome?
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coolrobc
I hope the one on the corner of Carolina goes condo. I had nothing but problems with tenants of that building when I lived on Whitney.
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Activist
Bravo!!! This is a gorgeous neighborhood with a great mix of people. Where do I sign up?
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Andrew
what a great building and project. like someone said before me the city needs 100 more of these. any word yet on when these will go up for sale or the cost?
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ramonapedigree
A few years back the entire area was on the brink of falling down again just like in the 1970s but this West Village Ren Group grabbed ahold of accountability and aimed it at all city departments. What you see now is the results of the continuing struggle and efforts by a great group of neighbors who really care and that includes this developer and his care of structures like this one. Remember, this is the same area where the neighbors got together and saved another building on Johnson Park and it took them 4 years but they never gave up. That's the ticket. Never give up. Make people who aren't doing their jobs shake in their boots because when they thinlk your going away you come back strong. Good going, Sal and the West Village Ren Group.
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nb3004
This is awesome news. Its always exciting to see the possibility of gentrification outside of Elmwood/Allen.
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rubygreta
Public records indicate that they paid $43,000 ($7,166 per unit) in 2007, which is almost like getting the building for free. Even after a massive renovation, I assume there is room for a nice profit here.
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carl
I hope the that they don't offer these for over 250,000, because no one will want to pay more than to get their car broken into every other week.
and no nb3004, gentrification is not always exciting, especially if you are poor, and forced out of a home. Be careful what you wish for. Buffalo doesn't have a problem with that yet, but a lot of other cities do.
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cyndrome
I have no idea who sally is or why he/she copied the post. Go figure.
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RonR
You do not have to worry about these going for 250k. Not with public housing projects 2 blocks away. This area used to be the high end of town 100 years ago. Most of the buildings remain.
In my opinion, the only thing keeping this neighborhood down from a rocket rise is the public housing and section 8. Just a reality folks.
If you really wanted to help EVERYONE, you would convert the projects off Niagara into affordable homes that are on the tax rolls. Sell each unit for $100k.
Then move people out of projects and into homes, with yards and driveways. There are thousands of them just sitting empty. Use vouchers and eliminate housing people in densely packed pockets of poverty.
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kooksapalooza
so your assuming that somebody who lives in the projects can afford to buy a 100k home?!?!
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RonR
kooksapalooza,
I think that if someone CAN afford a 100k home they should NOT be living in government housing in the first place. After all, there are 1000's of homes in Buffalo that can be purchased for much less. So IF someone CAN afford 100k, then they should PURCHASE a home. Any reason why you think otherwise?
The sad truth is public housing is a big business in Buffalo. Not because it is needed but because it makes a LOT of money for those who are involved.
As of this morning, there are 157 single family homes in Buffalo that are selling for 50K-100K. There are an additional 227 single family homes in Buffalo that are selling for $3000 to $45,000. This does not include the thousands of homes that are empty and not on the MLS.
So Kooksapalooza, with so many homes on the market under $100k, why should the city of Buffalo pay for housing for those who can afford to own? I would LOVE to hear your answer.
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Texpat10
I think these are going to sell in the $100k range which hits the right demographic for the area. These condos should wind up bought by younger people who will invest time and vitality in the neighborhood. This is great news. Ruby is right that there is room for a pretty nice profit as well. $50k per unit in renovations and another $100k on the common areas and services and wow, you have a nice, affordable and profitable project. Way to go!
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wizardofza
RonR, many of the people you speak of very likely wouldn't qualify for a mortgage even on a dirt cheap house, especially post-subprime debacle.
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RonR
Speaking of related news,
ECIDA mulls Pine Harbor $19M plan
The owner of a downtown Buffalo apartment complex is planning a face-lift and, at the same time, will complete a transaction that will keep it as a low-income residence.
The Related Cos., based in New York City, is working with the Erie County Industrial Development Agency on an incentive package to help finance renovations to the Pine Harbor Apartments on Seventh Street on Buffalo's lower West Side. The IDA will consider issuing a series of tax-exempt industrial revenue bonds to help finance the $19 million project.
The agency set a July 14 hearing for the package and its board of directors is expected to vote on the project later that day.
As part of the deal, the current owner, Harborview Associates - a Related Cos. affiliate - will sell the 208-unit complex to another affiliate. Harborview Preservation L.P.
The deal will allow the complex to maintain its low-income housing tax credits, which are considered essential to the project.
"This will preserve low-income housing there for many years to come," said Allison Kunis, Related Cos. vice president.
Harborview Associates has owned the complex for more than 30 years, she said.
"Our goal is to maintain these as low-income so it doesn't turn into market-rate apartments," Kunis said.
All of the units are occupied.
Most of the tax-exempt package will be used for long-overdue renovation, she said, adding, "It needs lots of work."
Related Cos., which has one of the country's largest portfolios of low-income housing, has an ownership stake in many local apartment complexes including the Marina Vista Apartments that overlook the Niagara River at the end of Hertel Avenue and the Carrousel Park Apartments in North Tonawanda.
So what they are saying is they have milked the taxpayers for 30 years without doing improvements and now are asking for more help to upgrade the complex so they can milk the taxpayers for another 30. SWEET!
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RonR
Wizardofa,
That was not the point that kook made. At least the way I see it.
There is a real estate option called seller financing. Doing a google search, I found a site called notequeen.com in google with a pretty good explanation. Pulled content is below.
So what if the city, instead of dumping money into a corrupt Housing Authority, simply carried the note on properties throughout the city. What if the city gave tax breaks to homeowners who carry notes for buyers as well. Something like this would allow people to gain the wealth by home ownership without the challenges of going to a bank. Something like this would allow for additional investment into the city and increase the tax rolls of a VERY POOR city. I mean...why the hell not?
From NoteQueen.com WHAT EXACTLY IS SELLER FINANCING, ANYWAY?
Seller Financing is when a seller becomes the bank (the beneficiary) by acting as a lender to finance all or part of the sale of their own property. The seller is literally “carrying back,” or “carrying paper,” on the property being sold.
Instead of a buyer giving the seller a down payment and getting a loan from a bank for the balance, the buyer gives the seller the down payment AND the monthly payments.The seller receives payments according to the terms agreed to in a Promissory Note, which is secured by a Deed of Trust (in California) against the seller’s property until the note is paid off.
Seller Financing applies to all types of real estate: homes, land, mobile homes on land, apartment buildings, condos, office buildings, farms, commercial, industrial, and warehouse properties to name a few. Seller Financing is also frequently used in the sale of businesses and certain items considered personal property: cars, boats, airplanes, and mobile homes in parks.
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MikeJ
I can't see these units selling for more than the 100k...I used to live further east on Whitney and know the parking issue...and the crime, the heroin captial of Buffalo is just on the corner Whitney and Carolina. With that said, these will sell if priced right, heck I'm extremely interested as a young professional. The home I own now was completely renovated, new roof, every floor, bathroom and kitchen even the water pipes from the street were replaced. The total cost (of the renovation) was around 42k for 2000 sqft four bed two bath double lot...if these are 1000 sqft no more than 20k is really needed, a good bit of money to be made by these folks...I also hope that these wont be completely finished when they sell them, similar to the project in the Elmwood Villiage allowing owners to pick out styles, furnishings and appliances. I will make this my first stop on the housing tour on the 28th! Very excited to see it!! BRO please keep a close eye on this one!
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BADASH
Ya, its to bad since this guy and his comapny decided to make a investment here and the neighbors have been heroes that never give up. Its to bad that Rich Toby and crew can't get their crap together and enforce the laws on bad rooming houses and corner stores. You wanna critisize? Go after them and leave this guy and his dream alone. He's doing something, the neighbors work their butts off and the standstill comes from city hall. I think its called the bad property owner pay off.
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kooksapalooza
RonR, I wasnt attacking what you were saying before. You bring up good points about the availability of housing. But then i have to ask, why would we displace people from their public housing to build 100k places when there are already places available for them in much lower price ranges? wouldnt it make more sense to get those who can afford it out of the public housing and into these 30k houses before we try turning the projects into fancy 100k condos?
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RonR
Kook-
Location..Location...Location.
If you look at real estate values as a heat map, the "Hot Zones" are created by high end homes and retail corridors.
Say these 208 units were converted to market rate townhomes priced at $100-$125k. Add that to the growth on Deleware and you create a "hot zone" of sorts. A reaction of this "hot zone" could be the redevelopment of Niagara St.
As Niagara St expands from empty buildings to actually having productive commerce, the properties on both sides of Niagara St increase in value.
Now the streets like Busti, 7th, Osborne and Prospect increase in value. As we all know the values of these areas are not that high. With increased value comes increased equity for those who own in this area. With increased equity comes increased investment.
People who missed out on the rebirth of Elmwood, could stake a claim on the rebirth of Niagara. I mean if the Niagara corridor can achieve 1/2 of the success of the Elmwood corridor, just imagine the results.
It is a top down approach rather than a bottom up. Sadly it has been proven time and time again in Buffalo the bottom up does not work.
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