BUFFALO, N.Y. (WKBW) — A prominent piece of downtown Buffalo real estate near KeyBank Center and Canalside is now on the market.
Developer Douglas Jemal has listed the former HSBC Atrium building at 95 Washington Street for sale or lease, marking the first active listing of the property since he purchased it in 2022 for $9 million.
The asking price is now $50 million.
CBRE Upstate New York is handling the listing, which includes the roughly 270,000-square-foot office building, parking for more than 600 vehicles, and nearly eight acres of property.
WATCH: Douglas Jemal lists former HSBC Atrium in downtown Buffalo for $50 million
Jemal told 7 News on Tuesday that putting the property on the market is a business decision driven by current development and financing economics.
“Where the financial world is today, it doesn't pay to develop anything which I originally had planned on the land, and the economics just don't work for me, so I decided to sell it,” Jemal said.
Jemal stressed that the decision is not part of a larger move, but rather a reflection of the current economic environment.
“There's no big picture move. It's just driven by where the economy is today. Things just don't pencil out and make sense to finance, I'd rather not keep carrying them,” Jemal said. Despite his decision to sell, Jemal believes the property still offers significant potential for its next owner.
He said the site could appeal to someone interested in developing the land or converting the existing building into a hotel or residential development.
