A downstate developer who specializes in residential projects expects to sign a deal next week to acquire the languishing Adam Meldrum & Anderson Co. department store complex in downtown Buffalo.

George Fakiris of Nassau County, who has developed more than 20,000 apartment and condominium units over the last 25 years, would like to turn the deteriorating retail complex at 377 Main St. into apartments with some retail on the ground floor. A vacant warehouse behind AM&A's on Washington Street, which was part of the retail operation, also would be rehabilitated for residential use.

Fakiris signed a purchase contract with building owner Richard Taylor in February, kicking off a due-diligence period that expires June 1.
A team of architects and engineers working on Fakiris' behalf has spent a significant amount of time at the building over the past four months. The developer would gut the interior of the 10-story complex to bring it back to life.

Fakiris could not be reached to comment.

George Hamberger of Hunt Commercial Real Estate, who has acted as Taylor's broker since 1999, declined to discuss the status of the deal, but confirmed Fakiris' interest.

"He's the real thing. He's not just kicking the tires," Hamberger said. "This is a project that fits his level of experience and project profile. It isn't daunting to him."

Richard A. Tobe, City of Buffalo development chief, said Tuesday he is aware a potential buyer has been sizing up the downtown landmark.
"We haven't had direct contact with this person but we have been told Mr. Taylor is in discussions with a particular downstate individual," Tobe said.

Taylor and his Carpe Diem Development have faced mounting pressure from City Hall and Housing Court over the deteriorating condition of the dormant building. A court-ordered, April 26 inspection of the complex by the Fire Prevention Bureau labeled the building "a fire hazard" and "death trap."

Housing Court proceedings have been adjourned until June 1, with Taylor's attorney seeking to have Judge Henry J. Nowak recuse himself. But if Fakiris turns his purchase offer into a binding contract, it might not be necessary for the city to push to correct immediate safety concerns and put the structure on the road to rehabilitation.

"The city's position continues to be that we want to see the building restored and returned to productive use, and we would welcome any reputable developer who has the experience and resources to proceed," Tobe added.
Fakiris, whose portfolio includes mostly large-scale projects in the New York metro area, New Jersey and other Northeast sites, is no stranger to controversy. In 1993, he pleaded guilty to federal mail fraud charges for posting more than $100,000 in phony performance bonds on New York state and city contracts. The charges were tied to contracts secured by Apollon Waterproofing and Restoration Corp. of Queens, a business in which he was the principal owner.

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