Downtown Residential Market Continues to Stir
The currently hot downtown housing market has prompted the owners of the Ansonia Centre apartments at the corner of Main and Tupper to put the property on the market. Hunt Real Estate has the 'condifidential opportunity' listed on its web page, but the description is too detailed to hide the true identity of the building in question.
Excellent Opportunity to purchase a residential/commercial building in downtown Buffalo. Fully leased. Steps to the Theatre District, Chippewa, Buffalo Medical Campus, & the Central Business District. Close to Metro Rail & bus lines. 57 apartments. Studio, 1 and 2 bedroom apartments. Plus 22,321 square feet of commercial space. Beautiful architectural detailing. Ample off-street car parks. Chance of a lifetime to purchase a prime investment property or convert to condos! --Hunt Commercial Real Estate.
Elliot Lasky, owner of Forbes Homes Inc., and Michael Jospeph of Clover Management purchased the facility in 1993 at auction for $1.5 million. Current asking price is rumored to be $4 million, but still a bargain compared to the $5.8 million in public in private funds used to renovate the complex in the mid-1980's as one of downtown's housing pioneers. Clover Management recently renovated the Sidway Building at the north end of the block into residential lofts and has unveiled plans for a mid-block, four-story condominium project. Given the current state of the downtown housing market, an affordably-priced condo conversion could be a quick seller. Keep an eye on this one.
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