Article via Buffalo Business First
By James Fink
Ellicott Development has increased its already vast real estate holdings by acquiring a lower West Side building and is poised to purchase an Elmwood Avenue restaurant.
In separate deals, Ellicott Development — through its 8112 Group LLC affiliate — purchased Pooley Inc.’s headquarters at 207 W. Huron St. Ellicott paid $300,000 for the building.
William Paladino, Ellicott president and CEO, said he is considering a number of options at the site.
“We will repurpose the building for something,” Paladino said. “The bottom line is that this is a good buy for a building in a good location.”
Pooley Inc., one of Buffalo’s oldest industrial supply companies last month, purchased the former Radio Equipment Corp. building on Vulcan Street, located on the West Side, paying $240,000, according to documents filed in the Erie County Clerk’s office. The 26,000-square-foot building, which was constructed in 1955, had been owned by Tracey DeChambeau, Radio Equipment president.
Pooley makes such items as power transmission line equipment, conveyor belting and hose and rubber lines for industrial clients.
Approximately 25 people will work in the Vulcan Street property.
At the same time, Paladino confirmed he expects to close within the next few weeks on the former Nektar restaurant at 451 Elmwood Avenue. Terms were not disclosed.
Nektar owner Stavros Malliaris is selling the property as part of his retirement package. Nektar closed earlier this year.
Tony Cowan, owner of the City Tavern on Chippewa Street, has agreed to lease the restaurant. It will re-open later this year as an upscale eatery.
“This will be more restaurant than bar,” Paladino said.
Malliaris, two years ago, had shifted his Ambrosia restaurant into Nektar, making it a day-long operation serving breakfast, lunch, dinner and late night meals.
Paladino’s deal is the second to take place along that stretch of the Elmwood Village in recent weeks.
Rocco Termini is buying the neighboring Toro Tapas Bar and Faherty’s from Nick Kotrides. Termini is leasing the joint operations to restrauteur Mike Shatzel, who plans to open a brewery and restaurant there.