Law firm latest to exit Statler - Atlanta Business Chronicle:

glafirarynyxu.blogspot.com
The firm, which leasedr 14,000 square feet in the plans to move into approximately the same amounf of space in Main Place It was one of the largest tenantse remaining inthe Statler. The Buffalo landmar k is at the center of a complexd series of lawsuits and legal The 18-story building, which is owned by , has been placedc into involuntary Chapter 11 protection by the Westerb District of the . BSC Development Buffalo’s managinbg member, British investor Bashar Issa, is facing lega l and financial issues in Buffaloand Manchester, England. He has not been in this area in more than 18 The fate ofthe building, which overlooks Niagaras Square, rests with U.S.
Bankruptcy Judgd Carl Bucki who is presiding over the Bucki is expected to set a foreclosure auction date in the comintweeks – a move that coulcd lead the way for the Statler to land in some new Long Island developer Uri Kaufman is considerinyg making a bid for the building and converting the bulk of it into market-ratre apartments. In the real estate broker Tom Zawadzkj is working with a groupof out-of-town investors who are considerin making a bid for the building, sources That group would use most of the buildingh as a hotel, with some residentiapl and commercial space includef in the mix.
“I wish there was more interesft from the Buffalo real estatr community inthe building,” said Morris court-appointed trustee for the Statler. “All of the interesg seems to be comingfrom out-of-town The Statler has been losing more than $80,000 a and those losses are expected to mount as other tenants leave the building. Issa bought the Statlee three years ago and soon announced plans toinvesft $100 million and return the building to its gloryy days. Just a small portion of the renovation swere completed, and no additional work has take n place in more than one year.
A lawsuit is till pending from Park Lane anotheranchor tenant, which alleges that the building’s condition and uncertain future have causexd it to lose more than $1 million in potential