News: Brokerage

ECIDA approves $1.38 million tax abatement package to aid Orchard Park senior housing development

The Erie County Industrial Development Agency's (ECIDA) board of directors approved $1.38 million in inducements to assist construction of Eagle Crest Senior Village in Orchard Park. The board approved a package that includes approximately $1 million in property tax savings, along with more than $300,000 in sales tax abatements, and $79,000 in mortgage recording tax savings. "It is a great project supported by the town board that will provide much needed senior housing to an underserved portion of the Southtowns," said ECIDA COO Al Culliton. RM3 Holding, LLC, a subsidiary of Calamar, a North Tonawanda commercial development and construction firm, plans to build a 90-unit independent senior living complex. The 82,000 s/f, two-story facility will be located on a 24-acre site along Weiss Ave. In researching demand for senior housing in the Southtowns, Calamar said it estimates the "over 60" population of the town, Hamburg and West Seneca will increase from a current 27.9% of the population, to over 34% in the next five years. Calamar developed the 110-unit Woodlands Senior Village in North Tonawanda in 2008, and is also weighing a similar 110-unit senior development in the town of Hamburg. The ECIDA board also approved a $65,000 tax abatement package for Windham Professionals, Inc. The national debt recovery company is planning a $740,000 upgrade of its East Aurora office to accommodate a significant new collection contract with the U.S. Department of Education. The Massachusetts-based firm had contemplated servicing the new Department of Education business from an office in Tennessee. Windham, which will grow its local workforce from 80 to 200, will purchase a range of new equipment, computers, and furniture for its 300 Gleed Ave. office. The ECIDA also continued its efforts to support Buffalo's Joint Schools Construction Board by approving a tax exempt bond package for phase four of the $1.45 billion public schools modernization program. The board approved a bond amount not to exceed $360 million for the next phase of school renovation and expansion. The agency board also approved a $175,000 operating assistance loan for Ttarp Industries, located at 336 Scajaquada St., in Buffalo. Ttarp designs and manufactures automatic steel-rule die cutting systems, laminating equipment, vertical band saws and horizontal splitters.
MORE FROM Brokerage

Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence

New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced