One Seneca Tower contract "expires," deal stalls

Posted at 3:19 PM, Jun 02, 2016

The deal to acquire One Seneca Tower has fallen through.

Local broker Rick Recckio tells 7 Eyewitness News that the prospective New York City buyer didn't meet contract requirements. The contract expired last week.  

According to the Buffalo News, that buyer is NYC businessman Harvey Kaylie. The News reports Kaylie offered $27 million for the property.

This setback comes less than two weeks after it was announced Kaylie and a business partner had signed a contract to buy the 38-story tower. According to the News, the developers wanted to do a $100 million redevelopment of Buffalo's tallest building. Plans were in the works to fill the nearly-vacant building with retail, residential and office space, a restaurant, and an observation deck.

The next step in this purchasing process remains unclear. Recckio says the deal "still has some life" as negotiations continue.