The historic Market Arcade, a downtown Buffalo architectural landmark, is poised to return to private ownership.
The Buffalo Urban Renewal Agency will consider a $1.4 million offer from Sinatra & Co. Realty to acquire the Main Street building when its directors meet Thursday morning. Sinatra's offer was the most aggressive of several presented to city of Buffalo officials since last summer, when BURA decided to sell the building. BURA's directors are expected to approve the deal, which then will need a sign off from the Buffalo Common Council before a closing date can be set.
City officials said they'd like to close the deal this spring.
According to BURA documents, if the deal closes, Sinatra & Co. will relocate its offices from Delaware Avenue in Kenmore to the Market Arcade's fourth floor. That relocation could be completed by early fall.
The deal comes as BURA signed a lease with Muzarek's Bakery to open a satellite location in the building's first floor.
It is well-known in local real estate circles that Sinatra & Co. has been eyeing the Market Arcade for a while and their interest piqued when BURA put the "for sale" on the circa 1892-era building last August.
Sinatra & Co. has a diverse real estate portfolio ranging from suburban shopping plazas and commercial storefronts to holdings in the Elmwood Village and near the Buffalo Niagara Medical Campus.
Tentative plans call for Sinatra & Co. to renovate the building and working with the existing tenants to keep them in place. Among the building's tenants include Visit Buffalo Niagara, the Buffalo Fiscal Stability Authority, Perfetto's restaurant and the Flynn Battaglia architectural firm.
The building has had a number of owners over the past 122 years, with the Buffalo Urban Renewal Agency taking title to it in the mid-1980s.
The deal is only for the 65,000-square-foot, four-story building and not the adjoining Irish Classical Theatre building or the 16-apartment Market Arcade apartments that neighbor the structure.