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Business investment is up locally, Hedge fund sells former Rite Aid for $2.56 million and Lockport construction company wins tax breaks

From Business Today:


There has been an uptick in business activity in the area, according to the Buffalo Niagara Enterprise. The business recruitment and retention agency is claiming 14 new project "wins" for the last year. That's an increase of 55 percent over the previous year, but still lagging behind numbers posted before the recession.

For the BNE's fiscal year, ending in June, the region won $472 million in new investment. The previous year had just 9 wins, for a total of $11.8 million in new investment.


 A New York City Hedge Fund sold a former Rite Aid pharmacy in Getzville for $2.56 million. The seller, Frad Holdings LLC, is owned by Fortress Investment Group--one of the largest hedge funds in the world. The 2.43-acre parcel is at 2545 Millersport Highway, the site of the 10,908-square-foot drug store. It was sold to an entity called 2545 Getzville LLC.

Two publicly-traded private equity funds owned by Fortress manage $41.7 billion in assets.



Two Lockport companies have won tax breaks from the Town of Lockport Industrial Development Agency. Mulvey Construction was granted a 10-year tax abatement by the IDA for its new 14,800-square-foot building in Ulrich Business Park on Davison Road. It will start with an 80 percent tax exemption next year, which will decrease by 5 percent per year through 2021.

The company builds and furnishes fast food restaurants. The company had been recruited by Wheatfield to take a paymentin-lieu-of-taxes agreement from the Niagara County IDA.

Who is getting hired, promoted and honored?

Is it Casual Friday where you work?



Real Estate | The Economy
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