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Nearly 45% of the 87 market-rate apartments at the four-story building have now been sold, as Ciminelli and its brokers at 716 Realty Group seek to convert the entire building into individual ownership. The process began earlier this year, and 39 condos have either sold or are now under contract, indicating strong interest in residential ownership in a city that has not traditionally had a large condo market.
In just a few months, 716 Realty Group has neared the halfway mark with 39 units under contract at The Bethune condominium project located at 2917 Main Street. Ciminelli Real Estate Corporation is converting the 87 apartments in its Bethune Lofts complex into condominiums. Pricing starts at $145,000 to the low $300’s. The building, adjacent to Bennett High School and one block from the LaSalle light rail station, was converted to residential in 2013.
Buffalo, NY (October 2023) — The newly renovated lobby at Downtown Buffalo’s Lafayette Court Building was the backdrop for an industry event highlighting energy efficient development in Western New York this past month. Coordinated by the Western New York Sustainable Round Table (SBR), a non-profit group demonstrating how businesses can take a lead in integrating sustainability into their ...
BUFFALO, N.Y. — Buffalo is full of historic buildings, but they're not often open or easily accessible for the public to take a look inside.
That's why Explore Buffalo offers free, self-guided tours during Doors Open Buffalo, which is happening on Saturday. There are 27 buildings on the map this year, including City Hall, the Marin Building, the M&T Bank Gold Dome Branch, ...
Patience, planning and diversification are key to navigating a rocky economy that has made real estate development more difficult, according to Paul Ciminelli, president and CEO of Ciminelli Real Estate. "It's real challenging times," he said. "You're looking at the overall economy, and there's a lot of headwinds." Development opportunities are fewer and further between right now as interest ...
When it comes to M&T Bank Corp., Buffalo landlords will go a long way to keep the bank happy. The Lafayette Court Building in downtown Buffalo has a brand new look for its first-floor lobby, after owner Ciminelli Real Estate Corp. spent nearly $5 million on a renovation to modernize the space as part of its effort to secure M&T's second tech hub as the anchor tenant.
Gone are the ...
On a chilly morning in mid-December 2021, Roswell Park Comprehensive Cancer Center officials joined with major donors and politicians in Amherst to slice special shovels into a ceremonial pile of dirt to kick off construction on one of the institution's largest expansions in recent years. It was a day of smiles, though those grins were hidden beneath face masks – a requirement for the event ...
On a 15-acre site in Amherst, adjacent to the Northtown Center ice rink and across Millersport Highway from University at Buffalo’s athletic facilities, developers are approaching the homestretch in the construction of a new medical and surgical complex that is expected to become a destination for orthopedics and sports medicine in Western New York.
In fact, the first services within 716 ...
Newmark Ciminelli’s brokerage services team recently completed two leasing transactions for the multinational financial services company, Wells Fargo. Wells Fargo engaged the team at Newmark Ciminelli to advise them on two of their existing Buffalo-area office locations, which ultimately led to two lease transactions for new locations.
In the Northern suburbs, Wells Fargo chose 9,000 ...
Condos have not typically been a major part of the Buffalo residential market, but that's been changing
with the success of prior efforts such as Jake Schneider's Historic Warehouse Lofts at 210 Ellicott St., which Schneider first converted seven years ago, before adding six more units in 2021. Additionally, developer Paul Kolkmeyer's Priam Enterprises also plans to convert the apartments ...
Ciminelli Real Estate Corp., in a joint venture with Boston-based Gordon Brothers, has acquired a 151,564 s/f research and development building for $18.2 million.
Located at 880 Technology Park Dr., the property brings Ciminelli’s Boston area portfolio to 10 buildings, totaling 830,000 s/f. This latest acquisition comes just months after the joint venture partners’ purchase of 2 Edgewater ...
The property is located at 3 Riverside Dr., adjacent to 6 Riverside Dr., a 78,000 s/f office building the joint venture acquired from the same owner in November 2021.
This acquisition expands Gordon Brothers’ research and development portfolio in the I-93 North market and its partnership with Ciminelli Real Estate, a full service commercial real estate firm.
“Rising demand in life ...
Ciminelli Real Estate Corp. completed its sale of the land within Muir Woods to Aspen Heights Partners of Austin, Texas, for $8.5 million. That will enable the student-housing developer to move forward with its $83.3 million project, a residential complex of cottage and townhouse-style units with two to five bedrooms in each, plus a clubhouse.
Plans for the two-phase project at 1081 N. ...
In the last few years, Ciminelli has made six acquisitions in Massachusetts – including four in the last 12 months. It's purchased buildings in Northborough, Marlborough, Foxborough and Andover. Most recently, the firm teamed up with restructuring and investment firm Gordon Brothers – its second such joint venture–- to buy two Class B office buildings in the northwestern Boston suburb of ...
The companies paid $33.75 million for the complex, which has 210,945-square-feet of office space and 15.38 acres of land.
Ciminelli now has more than 500,000-square-feet of office space in the Boston market, said Ryan Zebro, vice president of investments.
“This acquisition provides us and our partners with an excellent opportunity to convert office properties into research and ...
The sale price was $12,400,000 for the 78,000 square-foot office building and 8.6-acre site.
Ciminelli Real Estate Corporation executives Christopher Neelon, Managing Director – Massachusetts Investments, Boston, MA, and Ryan Zebro, Vice President of Investments, Buffalo, NY, led the transaction for Ciminelli and equity partner, Gordon Brothers.
Zebro stated, “The acquisition of 6 ...
After clearing hurdles such as opposition over the loss of parking and a lawsuit from another developer – that's a big relief for CEO Paul Ciminelli, as well as the city and state officials who backed it.
"It started off pretty controversial, taking a surface lot offline. We had our detractors, and some people were not in favor of that, but I think we got through it," Ciminelli said. ...
The portfolio, totaling 278,294 s/f, consists of manufacturing, warehousing, and office facilities located in the Buffalo, Rochester, and Albany metropolitan statistical areas (MSAs).
In the sale/lease back arrangement, JW Danforth also signed a 20-year master absolute net lease for the properties at closing. The $30.5 million transaction was brokered by Kyle Ciminelli, executive managing ...
Braymiller Market owner Stuart Green said he hopes his new store at the corner of Ellicott and Clinton streets will be ready by "the start of the strawberry season" in late spring, close to the original projected time for completion of the 20,000-square-foot project. He wouldn't give a more precise date.
"It's a bit of a moving target still," he said.
But he's ready to start recruiting a ...
Ciminelli executives Christopher Neelon, Investments, Boston, MA, and Ryan Zebro, Vice President of Investments, Buffalo, NY, led the transaction for Ciminelli Real Estate Corporation. The seller was represented by Roy Sandeman of CB Richard Ellis.
Ciminelli Real Estate Corporation Vice President of Investments Ryan Zebro stated, “The acquisition of 100 Foxborough marks Ciminelli’s third ...