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Thread: One Seneca Tower goes up for auction at 3 p.m.

  1. #1
    Tony Fracasso - Admin
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    One Seneca Tower goes up for auction at 3 p.m.

    One Seneca Tower goes up for auction at 3 p.m.

    The bidding at Thursday’s 3 p.m. foreclosure auction for Buffalo’s tallest office building could be a quick, non-event.The mortgage holder, LNR Partners, is widely expected to win the auction because it is owed $91 million for the 850,000-square-foot building – which is 95 percent empty – and is now worth less than $20 million, according to recent appraisals.
    http://www.buffalonews.com/business/...-3-pm-20151001


    I wonder what the final price will be.


    This comment was interesting.

    alan long an hour ago
    Multi-purpose building is the only possible chance for this to survive, and even then is questionable.
    First few floors (where building spans out towards street) = Department Stores, a grocery store (where your purchases go down a conveyor to the parking garage below - seen it in Florida), shops, a brewery, restaurants, bowling alley, fitness center. (People living downtown need something).
    Top 2 floors = visitor experience center. add glass floor panels that expand out over the building like the Sears tower in Chicago (I know not nearly as tall), a mid level restaurant and bar with great views, historical pictures/info describing the city as you walk around.
    other 30 or so floors = Condos (10 floors), apartments (8 floors), Offices (6 floors), and the remaining floors TBD by people far more intelligent than me.





  2. #2
    Tony Fracasso - Admin
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    One Seneca Tower sold to mortgage holder for $28 million

    One Seneca Tower has been sold, for $28 million, to the firm that held its mortgage.

    The mortgage holder, LNR Partners, started off the bidding for the property at $6 million.

    About 75 people were present in the tower’s auditorium for the auction.

    The lender was widely expected to win the auction, because it is owed $91 million for the 850,000-square-foot building – which is 95 percent empty – and is now w
    http://www.buffalonews.com/business/...llion-20151001

  3. #3
    Tony Fracasso - Admin
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    One Seneca Tower developer: 'It's going to evolve'

    Washington developer Douglas Jemal is pursuing tenants for One Seneca Tower that would create "hip places" he hopes would be a draw for downtown, but has no signed leases or firm commitments in place.

    Jemal on Wednesday expressed high hopes and confidence about restoring vibrancy to the 38-story office building and the area around it, without harming other buildings as some rival landlords and developers have feared.

    "Creativity is what I do. Designing is what I do. I want to make sure I do it right," Jemal said. "I'm not looking to go in there and beat up the office market because I bought it so cheap. I'm looking to make a flagship location for the whole downtown. I want the water to rise for all of Buffalo."
    http://buffalonews.com/2017/08/02/do...ime=1501697312

  4. #4
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    We discover today that his grand plan for the concourse is already being downsized while still on the drawing board. The reality of western New York's decay must be finally setting in. Probably a shock to someone from an area where redevelopment takes place almost overnight as an almost organic process.

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