Law firm latest to exit Statler - Atlanta Business Chronicle:

sucujovide.wordpress.com
The firm, which leased 14,000 square feet in the plans to move into approximately the same amount of spacw in MainPlace Tower. It was one of the largest tenants remaininhg inthe Statler. The Buffalo landmark is at the cente r of a complex series of lawsuite andlegal actions. The 18-storhy building, which is owned by , has been placed into involuntarty Chapter 11 protection by the Western District ofthe . BSC Developmenyt Buffalo’s managing member, British investor Bashaf Issa, is facing legal and financial issue in Buffaloand England. He has not been in this area in more than 18 The fate ofthe building, whichj overlooks Niagara Square, rests with U.S.
Bankruptcy Judges Carl Bucki who is presiding over the Bucki is expected to set a foreclosure auction date in the cominvweeks – a move that could lead the way for the Statlerf to land in some new Long Island developer Uri Kaufman is considering makinh a bid for the building and convertin the bulk of it into market-rate apartments. In the meantime, real estatee broker Tom Zawadzki is working with a groupof out-of-tow investors who are considering making a bid for the sources said. That group would use most of the buildin asa hotel, with some residential and commerciall space included in the mix.
“Iu wish there was more interest from the Buffalko real estate community in the saidMorris Horwitz, court-appointed trustee for the “All of the interest seems to be coming from out-of-town The Statler has been losiny more than $80,000 a month, and those losses are expectedr to mount as other tenantd leave the building. Issa bought the Statler threer years ago and soon announced plans toinvest $100 million and return the buildinh to its glory days. Just a small portion of the renovations were and no additional work has takenm place in more thanone year.
A lawsuity is till pending from Park Lane anotheranchor tenant, which alleges that the building’s condition and uncertainh future have caused it to lose more than $1 milliomn in potential bookings.