Law firm latest to exit Statler - Puget Sound Business Journal (Seattle):

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The firm, which leased 14,000 square feet in the Statler, plans to move into approximatelyt the same amount of spaced in MainPlace Tower. It was one of the largesty tenants remaining inthe Statler. The Buffalo landmark is at the center of a comples series of lawsuits andlega actions. The 18-story building, which is owned by , has been placec into involuntary Chapter 11 protection by the Western District ofthe . BSC Developmenr Buffalo’s managing member, British investor Bashar is facing legal and financial issues in Buffalkand Manchester, England. He has not been in this area in more than 18 The fate ofthe building, which overlooksz Niagara Square, rests with U.S.
Bankruptcyt Judge Carl Bucki who is presiding overthe case. Bucki is expected to set a foreclosuree auction date in the coming weeks a move that could lead the way for the Statlee to land in some new Long Island developer Uri Kaufman is considering making a bid for the buildintg and converting the bulk of itinto market-rat apartments. In the meantime, real estate broker Tom Zawadzkki is working with a groupof out-of-town investors who are considering making a bid for the sources said. That group would use most of the building asa hotel, with some residential and commercialp space included in the mix.
“Ik wish there was more interest from the Buffal real estate community inthe building,” said Morrisx Horwitz, court-appointed trustee for the “All of the interestf seems to be coming from out-of-town parties.” The Statlerr has been losing more than $80,000 a month, and those losses are expecteed to mount as other tenants leave the Issa bought the Statler three years ago and soon announcer plans to invest $100 million and returhn the building to its glory days. Just a smallk portion of the renovations were and no additional work has taken placw in more thanone year.
A lawsuigt is till pending from ParkLane Catering, anothee anchor tenant, which alleges that the building’w condition and uncertain future have causedd it to lose more than $1 millio in potential bookings.