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Unmaking of a building

Want to see a building come down really fast? Here's your chance.

Uniland Development Co., which is building a new 12-story office and hotel tower in downtown Buffalo, has posted a new video online that documents the demolition of the former Delaware Court Building on the site at 250 Delaware Ave.

The video, which also shows the work to prepare the site for construction, uses time-lapse photography from February to May 2014, taken from the top of a building across the street at 70 West Chippewa St.

The video can be found here.

The Amherst-based developer plans to release additional videos in the future to capture the construction of the new mixed-use building, which will become the corporate headquarters for Delaware North Companies when it is completed in the fall of 2015. The building will include Class A office space, a 120-room hotel, ground-level retail, and a five-level parking ramp.

 

Been there, done that with Olean building

City officials in Olean were hoping that Carl and William Paladino might be willing to repurchase the old Manufacturers Hanover Bank Building in the heart of the downtown, but for the developers, it’s “been there, done that.”

The owners of Buffalo-based Ellicott Development Co., who have a long history with the seven-story landmark building, turned down the city’s outreach because they have too much else going on, William Paladino said.

The two-tone brownstone building at the corner of North Union and West State streets was previously owned by the Paladinos, who “bought it, sold it, got it back, and sold it again,” he said. At one time, there was talk with a partner, Olean businessman Louis Magnano, of redeveloping it into a boutique hotel, but not now.

“We have been asked about it, but at this point, we’ve sort of just said no,” he said. “We just have so many other things going on in our own backyard that to go down there, we just don’t have the time and resources at this point.”

Built in 1915 at 101 North Union St. and alternatively called the First National Bank Building or Park Centre Tower, Olean’s tallest building has been vacant for nearly 20 years.

It was acquired by Southern Tier Environments for Living in 2004 for $150,000, with hopes for attracting a bank or other commercial business or retail store to the first floor and either office space or apartments on the upper floors. Allegany-based Kinley Corp. was also slated to redevelop it.

But those efforts never materialized, and the building has suffered vandalism over the years, prompting city leaders to seek a solution. It is currently owned by the Olean Urban Renewal Agency, which is “still looking for a developer for the property at this time,” said Olean Mayor William J. Aiello.

- Jonathan D. Epstein

Clean-up work to start at Delaware Court site after gas station leaves

Uniland Development Corp. is planning to start clean-up of its Delaware Court Building site at Delaware Avenue and Chippewa Street, now that the gas station on the property is leaving.

The Valero station at Chippewa and S. Elmwood Avenue will be vacating by the end of this week, enabling Amherst-based Uniland to proceed with environmental remediation work to prepare the property for a new use.

The gas station is at the far western end of a property that is mostly occupied by the two-story Delaware Court Building that curves around the corner of Delaware and Chippewa. The building, whose first floor has long housed restaurants, bars and retail, is often discussed as the possible site for a new headquarters building that would be constructed for Delaware North Companies, which is currently the lead tenant at the KeyCenter at Fountain Plaza but is reviewing its options for new space elsewhere in the downtown area.

 

-- Jonathan D. Epstein

 

 

 

Buffalo Niagara region home sales surge

The action's hot and heavy in the local real estate market. At least, that's the word from the Buffalo Niagara Association of Realtors.

The trade group says both pending sales and closed sales are up so far this year, as are prices. Homes are selling fast, with multiple offers and bidding wars in many cases. And as the demand takes homes off the market, the inventory isn't being replenished as fast because homeowners aren't listing as many homes for sale. So prices are being pushed up.

The result: It's a seller's market, says MJ Peterson's Phil Aquila.

Aquila says he's not worried about the slowing inventory, which has been falling both locally and nationally for months. As long as sales and prices are up, he's happy.

-- Jonathan D. Epstein

College living can be dream or nightmare

If you checked out Monday's MoneySmart edition, you probably read Stephen T. Watson's piece, Living off campus. If you have a child in college or are studying yourself, living arrangement decisions can lead to major headaches or, if you make bad ones, daily nightmares.

In today's institutional structure, students have never had more living options. There are dorms, on-campus and off-campus apartments, and each venue offers a unique environment. It's important to remember that each place offers its own benefits and conveniences. According to a former University at Buffalo graduate, your decision should be based on what you like and what you think you can handle.

Lucas Hammill, a 23-year-old from West Seneca who graduated from UB in 2011, lived in the dorms at UB, off-campus on Merrimac St. in the University Heights, and in an on-campus apartment at Hadley Village during his four years at the university.

He noted the biggest difference between on and off campus living was the level of freedom and the speed of his social life. In the Heights, he was within walking distance of all the Main St. bars that become like a second home to many college students in the area. It's where they meet people and unwind on the weekends. 

The ability to walk to and from the bars takes drinking and driving almost completely out of the equation. It's not a secret that college students tend to get their money's worth when it comes to drinking while in school, but doing it responsibly is not only important for their safety, but the safety of everyone in the neighborhood.

Hammill said the most luring advantage of off-campus housing is the price. While living on Merrimac St. he only paid $250 a month and that's with utilities. Compare that to about $450 a month at the Towne Apartments at Chestnut Ridge and about $400 a month to rent a place at Campus Manor, and you can see why roughly 2,500 students a year choose to live in University Heights.

"Not that I hated living on South [Campus] on Merrimac St., I loved it, but I got a bit tired of cleaning up after parties," Hammill said.

On North Campus there was always less temptation to party and more time to devote to school work, Hammill said.

Off campus can be more dangerous, though. While Hammill talked about always feeling safe during his time in the Heights, he never felt comfortable walking alone. In fact, he said he never walked alone on the other side of Main St., calling the activity on Lisbon St. "much worse." In a report by The Spectrum - the independent student newspaper at UB - in April 2011, former editor in chief Andrew Wiktor chronicled some of the safety issues in "Reaching New Heights," including the hazardous living conditions of some houses in the Heights.

No matter where you choose to live, Hammill said a person's experience will almost certainly depend on his or her roommates. While in the freshman dorms his first year, he said it was the loudest experience he had at UB. After he moved back on campus his senior year to live in the junior/senior-only Hadley Apartments, he said it was much more calm and conducive to a healthy academic environment.

The people you end up spending your time with in and out of the dorm/apartment will shape your college experience. Getting involved in activities and school clubs is a great way to meet people and to learn from others' mistakes. For instance, if you have a friend who lived off campus last semester and has a few stories to tell, that could help you make a decision on where to live.

Wherever you end up living, try and base it off of you and what you like. The last thing you want to do is get stuck living with bad roommates or in a house falling apart around you.

Email: mparrino@buffnews.com

 

 

Has government regulation gone too far?

Foreclosure

The Consumer Financial Protection Bureau is in the process of defining a "qualified residential mortgage," which determines what makes a loan safe. It requires banks to retain 5% of the risk on non-QRM loans it securitizes before packaging and selling them to investors.

The risk retention requirements were called for in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The rule is an attempt to correct market practices that led to the housing crisis: allowing people to buy more house than they could afford with no financial stake in whether they were able to repay their loans or not.

But critics are saying the regulation will do more harm than good, cutting perfectly capable borrowers out of the market or into higher cost loans.

Singletary

"I want to be sure that our government fixes whatever broke the housing market," writes Michelle Singletary, a syndicated columnist who appears in The Buffalo News. "But if borrowers have to wait to save up a 20 percent down payment to qualify for the best mortgage deal, we will be putting home ownership out of the reach of a lot of people, particularly low- to middle-income borrowers."

She's not alone in believing the regulation could negatively affect low-income families and people of color

The Woodstock Institute, a non-profit research and policy organization, said the idea behind the so-called "QRM" is a good one, but that "unfortunately, regulators went overboard in defining [it]."

It sees other problems, too.

Foreclosure

"Lenders may raise prices to compensate for having to retain some risk and it may crowd out smaller lenders who can't afford to retain risk, shrinking the mortgage credit market," writes the Woodstock Institute. "More importantly, a 20 percent down payment doesn’t significantly lower the default rate."

The National Association of Realtors is against it. So is the Center for Responsible Lending. The Mortgage Bankers Association, too.

Where do you stand on the issue? If larger down payments aren't the answer, what is?

 

 

Elmwood Avenue apartments.

From Business Today:

Lafayette

The Lafayette Avenue Presbyterian Church will convert its office space and former school into about 23 market-rate apartments. The added income would help support the struggling church, whose congregation has gotten smaller and smaller throughout the years. The church has lined up a construction loan and long-term mortgage from Evans Bank and will also use historic tax credits and invest some of the congregation's money to finance the work.

Homesales

Check out what real estate sold for in Erie and Niagara counties in today's real estate listings.

Who is getting hired, promoted and honored?

 

From MoneySmart:

The lessons people learned during the Great Depression stuck with many of them throughout their lives--even when times got better. The lessons from the Great Recession have been a bit more fleeting. Get a refresher course on thriftiness in today's MoneySmart from a true depression-era pro.

It's beginning to look a lot like Christmas out there:

 

 

Deputies called in.

From Business Today:

ECIDA

Seven sheriff's deputies stood sentinel at the Erie County Industrial Development Agency's board meeting Monday. The board had requested security to discourage outbursts from members of the Occupy Buffalo movement, who have attended and disrupted two previous meetings. Erie County Executive Mark C. Poloncarz said the show of force was "overkill." But the sheriff's office said it received an anonymous call saying Occupy Buffalo had planned to create a disturbance, so it sent more deputies in response to the call.

Graystone

Developer Carl P. Paladino will receive tax breaks on a $5.3 million project to convert the Graystone Building into 42 apartments. The Erie County Industrial Development Agency agreed Monday to approve nearly $213,000 in sales and mortgage tax breaks for the project. Paladino has received a host of financial incentives to restore the vacant building, including including $1.2 million in historic tax credits from the state.

Wilmers

Compared to a year ago, profits were flat for the first quarter at M & T Bank Corp, the Buffalo-based parent of M&T Bank. Per-share earnings fell. Despite higher loan and fee revenues and lower credit costs, the purchase of Wilmington Trust Corp. resulted in higher operating expenses. The company had net income of $206 million. Per-share profits fell by 5.7 percent, to $1.50, from $1.59 a year ago.

Hochul

 Rep. Kathleen C. Hochul, D-Amherst is proposing the Workforce-Ready Educate America Act, which would give employers a $1,000 tax credit for each student placed in qualified training program. The legislation is intended to bridge the gap between unemployed graduates and companies with unfilled positions.

Who is getting hired, promoted and honored?

 Esperanza Spalding will perform at UB tomorrow night:

 

 

Solar Liberty extends reach.

From Business Today:

OffCampusApartments

College students looking for off-campus housing are warned to read leases carefully and not succumb to high-pressure sales tactics. One UB student's experience with a misleading salesman is indicative of a larger problem around campuses in Western New York and across the nation, experts said. Critics said housing students is such a lucrative business that some for-profit companies take advantage of inexperienced teenagers.

SolarLiberty

Solar Liberty was recently named the largest solar power installation company in New York State for 2011, based on its number of systems installed and kilowatt capacity. But the thriving business was actually created out of the owners' desire to bring power to developing nations. The business allows its owners to donate equipment and funds to the Solar Liberty Foundation, a nonprofit serving developing countries.

Lawsky

Benjamin Lawsky is the first superintendent of the New York State Department of Financial Services, tasked with regulating banking and insurance. Business reporter Jonathan D. Epstein was able to sit down with him and ask some pressing questions about his new role in Sunday's BizTalk Q&A.

Who is getting hired, promoted and honored?

From MoneySmart:

Debit

Prepaid debit cards are the single fastest-growing non-cash method of payment. But many of them come with so much fine print, even the savviest customers may have a hard time figuring out what the real costs are to use them. In a recent story, Consumer Reports magazine warns of hidden fees that can nickel and dime a user to death.

Happy Dyngus Day!

 

Making it in Buffalo

From Business Today:

RadiantHeat

Gary Hydock is taking another shot at the radiant heat business. He has acquired an East Side building, on Northampton Street near Genesee Street, and brought in some investors. Modular Radiant Technologies will market the panels to businesses, which Hydock believes are ready to drastically cut their heating costs. Hydock bet on radiant heat in the past with GCS Radiant, but that company folded in 2009 when customers began cutting back home-improvement spending.

 Pfeiffer

A vacant former food plant in Wilson has a new owner. The former Pfeiffer Foods plant on Lake Street has been sold to Lawta Properties LLC for $419,000. Lawta owns and leases several parcels in Wilson, on most of which it grows corn. It did not respond for comment as to what the new site would be used for. Pfeiffer Foods was Wilson's largest private employer, employing 150 people to make salad dressing. Those jobs were consolidated to another facility in 2009 and the building has sat empty for three years. 

Loans

Businesses in Cheektowaga may be eligible for a low-rate loan from the Cheektowaga Economic Development Corp. The agency is offering five-year loans with a 0.5 percent interest rate to manufacturing, warehousing and wholesale distribution companies in the town to help them create jobs. Retail and service trade companies might also be considered. According to the job creation requirements, at least half of the jobs must go to workers who currently have low to moderate incomes. For more information, call 897-7200, Ext. 6, or visit Cheektowagadevelopment.com. 

Who is getting hired, promoted and honored?

The weather forecast calls for a high of 57 degrees and mostly sun:

 

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