A second downtown residential conversion project is converting to condominiums. Priam Enterprises is planning to sell the apartments at The Glenny as condominiums. The five-story building at 251 Main Street contains 36 one and two-bedroom units and ground floor commercial space. Rents in the building started at $1,190.
Priam Enterprises renovated the ornate circa-1873 building ion 2016. It is the only five-story building in Buffalo with a cast iron façade. One-quarter of the building’s 36 units are two-story residences featuring open living rooms and large loft spaces that function either as a bedroom or a large second living space. Priam has notified tenants of the conversion project and offered current residents first dibs on the units. Pricing and timing was not provided.
The Glenny was the first of three building redevelopment projects by Priam Enterprises on lower Main Street. Priam also owns the adjacent Roblin Building and the Marine Trust Building at Main and Seneca, rechristend The Marin. The company also owns the nearby Pearl Street Garage at 93 Pearl Street that provides parking for the properties.
Since the developer utilized Historic Tax Credits (HTC) to help offset the cost of rehabilitation, the building could not be utilized for condominiums until the five-year recapture period has ended.
The Glenny is taking a similar route as Warehouse Lofts at 210 Ellicott Street. In 2014, Schneider Development converted that building’s 30 units to condominiums. Sales prices ranged from $215,000 to $365,000. Two years ago the developer repurposed the building’s second floor office space as six additional units that have all sold at prices ranging from $245,000 to $385,000.
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