BUFFALO, N.Y. (WKBW) — Billionaire philanthropist Tom Golisano is expanding his footprint in Buffalo.
7 News has confirmed that Golisano, the former owner of the Buffalo Sabres, has purchased the former Buffalo News building from developer Douglas Jemal with plans to use the building for the Golisano Institute for Business & Entrepreneurship.
"It is confirmed that Tom Golisano purchased the building with the intention of expanding Golisano Institute for Business & Entrepreneurship to Buffalo," said Ian Mortimer, president of the institute, in a statement. "We'll be sharing more details next week."
Jemal also confirmed the sale, saying that the deal was for $10 million and includes the building on Washington Street and the warehouse.
"He's the right owner for the building," said Jemal in a phone interview, "I think it's the best thing to do as part of my urban revitalization plan, reactivating a building that was abandoned. I bought the building to be redeveloped, and it's being redeveloped."
Jemal purchased the Buffalo News building in 2024 for $5.2 million.
The deal expands Golisano's presence in Buffalo. Earlier this year, he announced a $50 million donation to Oishei Children's Hospital, which will be renamed Golisano Children's Hospital of Buffalo in January.
As for Jemal, it's the developer's latest move to part ways with parts of his Western New York portfolio.
According to a report from The Buffalo News, Jemal recently sold the Boulevard Mall to Benderson Development Co.
In June, Jemal stepped away as the operator of the Richardson Hotel in Buffalo.
"I have to cut some branches off the tree to stay alive," said Jemal, noting the continued challenges developers have faced with financing and construction costs since the pandemic.
