Thursday, July 29, 2010

Buffalo Statler Towers Volunteer Sales Effort Status Report

When I first got involved, the Statler was for sale - but wasn't exactly for sale because nobody knew it was for sale. Sales information was nowhere to be found on the Internet. People naturally assumed that the Statler was not sellable because there were no qualified buyers appearing. The Statler was being scheduled for abandonment. Creating the website and a free Loopnet ad brought in qualified buyers from near and far. This fixed the matter of the sale's secrecy. 

Over the next several weeks, there was a series of arcane seller issues. There were also questionable obstacles: interference, threats, and intimidation from entrenched interests. That has been fixed.

There was an obstacle to the buyers that has also been fixed. A public mindset had been established that the Statler was a 100+ million dollar total restoration project.  I emphasized a much more modest business plan to the buyers. The Statler has potential without necessarily requiring the type of full restoration that owner, Bashar Issa, planned. The Golden Ballroom played host to lavish weddings and parties as recently as several months ago. The Statler has been an uninterrupted going concern since 1923. Businesses occupied the building until several months ago. The Statler can bring back tenants one by one, slowly over time, build to suit according to market demand, and steadily build on the already accomplished restorations.   This modest business plan has been made practical by the city’s lowered tax assessment. 

Fortunately, I did not run out of persistent qualified buyers to help advance the process each time to the next breakdown. We are closer than ever. I am confident that we will arrive soon - but we aren't ready to drive around without the toolbox.

8/2/2010 Update: 

No comments:

Post a Comment

Buffalo Bloviator Classic