BUFFALO, NY (WKBW) - To help finance renovations to a pair of buildings, BryLin Hospitals Inc. has sold its Delaware Avenue real estate where the structures sit to a local investment group.
The buyer of the buildings located at 1255 Delaware Ave. and 1263 Delaware Ave., respectively, is Psyrus I LLC, an investment group one of whose partners includes E. Paul Hettich, the hospital's CFO and senior vice president.
Psyrus I LLC paid $3 million for the two buildings, according to documents filed in the Erie County Clerk's office.
Mark Nowak, BryLin director of marketing and public relations director, said funds from the sale will be used to renovate and upgrade the two buildings. While Psyrus owns the real estate, BryLin will continue to operate the facilities.
"This was just a way to infuse some capital into the hospital," Nowak said. "The buildings needed some upgrades."
The 1255 Delaware Avenue building is used as BryLin's corporate headquarters while the neighboring 1263 Delaware Avenue Building is the base of an 88-bed acute care psychiatric hospital.
The deal comes just a few months after a 36-acre Genesee Street property that once housed a BryLin suburban operation was sold to businessman, David Derkovitz, who will use it as his private residence and the base for his own business. Derkovitz bought that property for $199,000 from Beal Bank, which held the mortgage.