In a deal that has been in the works since late last year, real estate investor Nick Sinatra has closed on the late 1800s former Phoenix Brewery building in Buffalo.
Sinatra, according to documents filed in the Erie County Clerk’s office, paid $1.78 million for the 50,000-square-foot Washington Street warehouse that sits near the southern edge of the Buffalo Niagara Medical Campus. The building had been owned by local antiques dealer Joseph Parlato.
Initial plans call for as many as 40 apartments to be developed inside the building. The building’s primary tenant base will be workers in the Buffalo Niagara Medical Campus as well as those employed in the central business district.
Sinatra expects to formally file plans for his development with Buffalo officials later this spring.
All told, Sinatra said he will be investing $5 million in the project and will be applying for state historic tax credits to help with the financing. The property was toured last month by representatives from the New York State Office of Parks, Recreation and Historic Preservation as a prelude to securing the tax credits.