$500,000 Elmwood Apartment Complex Sold In Buffalo, New York

The sale of a three-unit apartment complex in the heart of the Elmwood Village serves as a snapshot of how the neighborhood and urban hamlet remains a destination of choice within the region and, more specifically the City of Buffalo.

According to an April 12 filing in the Erie County Clerk's Office, Stephen Boyd paid $500,000 for the circa-1900 era, three apartment building at 1049 Elmwood Ave., buying it from investors Kareem Farghaly and Thomas Muraca.

Cassandra Whitney, a broker with M.J. Peterson Real Estate Corp., who represented Farghaly and Muraca, said the building went on the market on Jan. 30 of this year and was under contract by Feb. 8. At least two other parties expressed an interest in the building.

The building sold for its $500,000 initial asking price.

READ MORE: [PICS] $1,000,000 Home That Just Sold in Buffalo, New York

“The location is awesome and the building is loaded with potential,” Whitney said. “The Elmwood Village always attracts interest.”

Boyd will be living in one apartment and leasing the other two units.

Therese Deutschlander, Elmwood Village Association president and owner of Thin Ice Gift Shop (719 Elmwood Ave.) said the quick sale and interest from multiple parties further demonstrates the strength of the Elmwood Avenue district.
“It is a constant draw,” Deutschlander said.

Deutschlander said as an added bonus, Boyd will be living in one of the apartments.
“You always prefer an owner-occupied scenario,” Deutschlander said. “And, the sale proves - again - that individuals are still looking to be part of the Elmwood Village fabric.”

Check out the pictures of the complex below.