26CornerBlitz Posted May 25, 2016 Share Posted May 25, 2016 @TheBuffaloNews Pegulas buying Cobblestone District building. https://t.co/e7Yw56c4pT Pegula Sports & Entertainment is buying a rough-looking five-story brick industrial building across the street from the First Niagara Center where the Buffalo Sabres play, expanding their real estate presence in the Cobblestone District. The business empire of Sabres and Bills owners Terry and Kim Pegula put the Hi-Temp Fabrication building at 79 Perry St., at the corner of Illinois Street under contract to be acquired from Shelley and John McKendry. The purchase price has not been disclosed, but sources told Buffalo Rising that it will be “north of $4 million” and was prompted by an offer from other developers. The building is assessed at just $255,200, according to city records. Link to comment Share on other sites More sharing options...
RalphOP83 Posted May 25, 2016 Share Posted May 25, 2016 Mario paid $2 mil for his house... Much of the $$ going to those who were swindled by the owner Link to comment Share on other sites More sharing options...
yall Posted May 25, 2016 Share Posted May 25, 2016 The Peerless building? Maybe they are nostalgic for a 1B at receiver. Seriously though, downtown stadium or not, this made sense. The place is a bit of an eyesore and distracts from all of the recent development down there. For years I was hoping Terry or Kim would just offer to pay to paint the damn place. Link to comment Share on other sites More sharing options...
KDIGGZ Posted May 26, 2016 Share Posted May 26, 2016 4 mil for a building assessed at 250k? Jeez I hope Pegula doesn't try and get involved in the Gilmore negotiations Link to comment Share on other sites More sharing options...
LabattBlue Posted May 26, 2016 Share Posted May 26, 2016 The Peerless building? Maybe they are nostalgic for a 1B at receiver. Seriously though, downtown stadium or not, this made sense. The place is a bit of an eyesore and distracts from all of the recent development down there. For years I was hoping Terry or Kim would just offer to pay to paint the damn place. Even worse is the building at the other end of the Cobblestone on South Park which is in disrepair and has an owner who doesn't give a sh*t... http://www.buffalonews.com/city-region/courts/court-orders-13500-in-fines-for-owner-of-deteriorated-cobblestone-building-20150806 Link to comment Share on other sites More sharing options...
Punching Bag Posted May 26, 2016 Share Posted May 26, 2016 (edited) Mario paid $2 mil for his house... Much of the $$ going to those who were swindled by the owner He paid $494,915 in 2012 - check Zillow history http://www.zillow.com/homedetails/5-Woodcrest-Dr-Orchard-Park-NY-14127/66872753_zpid/ DATE EVENT PRICE 05/20/16 Listed for sale $3,000,000 +506% 06/18/12 Sold............... ..$494,915 +163% Edited May 26, 2016 by Koolaid Link to comment Share on other sites More sharing options...
Augie Posted May 26, 2016 Share Posted May 26, 2016 4 mil for a building assessed at 250k? Jeez I hope Pegula doesn't try and get involved in the Gilmore negotiations I have ZERO idea about this site, or the area, but I know assessed values and Zillow have almost NOTHING to do with reality. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted May 26, 2016 Share Posted May 26, 2016 I have ZERO idea about this site, or the area, but I know assessed values and Zillow have almost NOTHING to do with reality. It's all part of revitalizing Illinois St. Buffalo Iron Works is just one example. Look for more similar. Link to comment Share on other sites More sharing options...
Augie Posted May 26, 2016 Share Posted May 26, 2016 It's all part of revitalizing Illinois St. Buffalo Iron Works is just one example. Look for more similar. That sounds really great to me, though I don't really know the area well now. I just know people putting weight in assessed values and Zillow are not using well founded judgment. Link to comment Share on other sites More sharing options...
QCity Posted May 26, 2016 Share Posted May 26, 2016 He paid $494,915 in 2012 - check Zillow history http://www.zillow.com/homedetails/5-Woodcrest-Dr-Orchard-Park-NY-14127/66872753_zpid/ DATE EVENT PRICE 05/20/16 Listed for sale $3,000,000 +506% 06/18/12 Sold............... ..$494,915 +163% Zillow is complete BS. I know the saga of that house -- Mario paid 2 large and indeed some of that money went to the victims of that crooked lawyer. http://www.nfl.com/news/story/09000d5d829fe681/article/mario-williams-buys-mansion-from-disgraced-lawyer Link to comment Share on other sites More sharing options...
Augie Posted May 26, 2016 Share Posted May 26, 2016 Zillow has become a useful tool in finding available sales and rentals. It remains complete garbage when it comes to determining value. They have never been inside these properties. So, sure throw out a value, give or take 50%. Or more. Link to comment Share on other sites More sharing options...
BuffaloBill Posted May 26, 2016 Share Posted May 26, 2016 Nice crib but not sure who has the coin to buy that place... Link to comment Share on other sites More sharing options...
BADOLBILZ Posted May 26, 2016 Share Posted May 26, 2016 @TheBuffaloNews Pegulas buying Cobblestone District building. https://t.co/e7Yw56c4pT They probably should have just bought up all the bad property cheap and at once early on. Now that the slumsters think there are big plans for everything they are going to cash in on property that is really only of any value because of what the Pegula's have done around it. No good deeds go unpunished.......WNY is notorious for opportunists blocking progress.......fortunately the Pegula's have the cash to risk. I don't think Donald Trump would charge $4M for that building. Link to comment Share on other sites More sharing options...
iinii Posted May 26, 2016 Share Posted May 26, 2016 I have ZERO idea about this site, or the area, but I know assessed values and Zillow have almost NOTHING to do with reality.Exactly Link to comment Share on other sites More sharing options...
K-9 Posted May 26, 2016 Share Posted May 26, 2016 4 mil for a building assessed at 250k? Jeez I hope Pegula doesn't try and get involved in the Gilmore negotiations Assessed value is a different value than market value. Assessment if for tax computation. Link to comment Share on other sites More sharing options...
Augie Posted May 26, 2016 Share Posted May 26, 2016 I trust the Pegulas to be smarter than the average TBD Bear. And you know what? If he messes up by like, you know, maybe a BILLION dollars, he's still in good shape. I'd love to know the bigger plan, but I trust the planners. Link to comment Share on other sites More sharing options...
BADOLBILZ Posted May 26, 2016 Share Posted May 26, 2016 I trust the Pegulas to be smarter than the average TBD Bear. And you know what? If he messes up by like, you know, maybe a BILLION dollars, he's still in good shape. I'd love to know the bigger plan, but I trust the planners. I heard a great line in a movie once.......when you reach a certain level of wealth the money just flows back at you relentlessly.........that's really the way the top of our economy works now. In Ralph's prime our country wasn't AS wealth friendly......tax rates were once astronomical by comparison and if your business went stagnant you could lose a lot of your wealth relatively quickly. I think that old school worry played a part in his decisions wrt the payroll later in life. Unfortunate for most but if just a few have to have all of it I am glad it is people who care so much about Buffalo and it's sports fans. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted May 26, 2016 Share Posted May 26, 2016 That sounds really great to me, though I don't really know the area well now. I just know people putting weight in assessed values and Zillow are not using well founded judgment. Illinois is an old fashioned cobblestone street right next to the FNC/Key Arena parking ramp. All the buildings are old warehouse/industrial. Buffalo Iron Works is the first warehouse turned night spot. I have to imagine the Pegulas want to add to that. Link to comment Share on other sites More sharing options...
iinii Posted May 26, 2016 Share Posted May 26, 2016 Chump change for Pegs Link to comment Share on other sites More sharing options...
Punching Bag Posted May 26, 2016 Share Posted May 26, 2016 Chump change for Pegs Smart people who earned their money rather than inheriting it don't overpay when they do not need to. Link to comment Share on other sites More sharing options...
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