Ciminelli Converting Bethune Loft Apartments Into Condos
This apartment building conversion to condos is happening right here in Buffalo, NY.
Led by Real Estate Salesperson Steven Persico, 716 Realty Group presents Ciminelli Real Estate’s Bethune Lofts for sale. Currently, this 87 unit apartment building will be converted to 87 condominiums as approved this month by NYS attorney general via an offering plan. Details are here: www.bethunecondos.com. Lippes Mattias LLP led by Brad Randaccio has run point on the legal application process which started back in 2020. The building will remain both for sale and for rent as purchasers come forward and current leases of the building are honored. Subject to the offering plan, approximately 14 units need purchasers to come forward to initiate the closing process. Given the hot rental market in North Buffalo, many of these units’ price points will make purchasing a possibility for many that previously chose a luxury apartment over a single or multi family home which is more common in the area. City wide, currently there are limited condominiums on the market per the Multiple Listing Service. None of them are located in or around the hot North Buffalo area of Main Street and Hertel Avenue. Located close to subway access and between both The University at Buffalo South Campus and Canisius College down Main, demand is expected to be high for these units starting from the mid-100’s up into the high 300’s.
“We thought that the timing was right,” says Ciminelli, “there is nothing for sale at that price point in North Buffalo. The building always had strong occupancy. It is close to Hertel and is transit-oriented development with the LaSalle station across the street. We priced appropriately for the market.”
A model is available for viewing staged by Designed to Sell WNY Inc. and is available for private tours with Steven Persico and the 716 Realty Group sales team. Additionally numerous model open houses are being offered. For the latest schedule visit www.bethunecondos.com.
Special financing will be required given the conversion process and already many local banks including Northwest Savings Bank, Bank on Buffalo, Five Star and others – have committed to financing the project.
About the Author and Broker:
Gregory Straus started building his real estate business in 2013, trademarked 716 Realty Group in 2017, and is the Real Estate Broker and CEO of 716 Realty Group WNY, which is the fastest growing brokerage in WNY and also the most supportive for its 75+ people that work at 716 across 10 office locations all around WNY.
Additional Resources: https://www.buffalorising.com/2023/02/bethune-lofts-condo-sales-begin/