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Highest closing costs, tax breaks for apartments, but restaurants must wait...

From Business Today:

101MeadowRdBuffalo

New York State has the highest mortgage closing costs in the country. Total closing costs in the state average $6,183 per a $200,000 mortgage. Texas has the second highest closing costs, coming in at $4,944. But our low cost, high value homes still make for a great deal, experts said, in comparison to the rest of the country. The average closing costs nationwide total $4,070. That's up 8.8 percent from last year, according to Bankrate.com.

Bethune

 

The $15.6 million project to renovate the long vacant Bethune Hall on Main Street won $685,000 in sales and mortgage tax breaks from the Erie County Industrial Development Agency Monday. Ciminelli Real Estate plans to convert the former University at Buffalo Architecture and Design building into 87 one- and two-bedroom apartments. The building, at 2915 Main Street, was originally built for the Buffalo Meter Co.

 Termini The Erie County Industrial Development Agency did not approve tax breaks for two restaurants planned by developer Rocco Termini. Termini wants to convert the former Horton Coffee Co. building at 338 Ellicott Street into a family restaurant and the former Golden Swan Cafe and Grille at 437 Ellicott Street into an Italian restaurant. Andrew J. Rudnick, the chairman of the agency's policy committee, said its adaptive reuse eligibility guidelines need to be revised, as the program was not intended to include restaurants.

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