Thursday, April 30, 2009

Buffalo Statler For Sale

Release: April 30, 2010  

For information: 716-833-6111  

The Statler Towers, Buffalo’s flagship historic downtown hotel on Niagara Square, is being newly offered for sale through local businessman Howard Goldman. As a public service, Goldman, the owner of a neighboring property, is voluntarily marketing the building through the Web site , and will also be advertising the hotel through other media.

Goldman said, "I am grateful to Morris Horowitz, court-appointed bankruptcy trustee, for the opportunity to help Buffalo's favorite building find a new owner. When a successful bidder at the auction failed to secure financing and complete the transaction, the bankruptcy estate ran out of money and there were no resources to begin a sales campaign. That is why I offered to invest a little bit of my own effort to get the word out with some guerrilla marketing. I believe in the Statler.

"The tremendous love for this building has caused many of us in the community to panic a little and over-sell the value of this property.  This creates a tremendous buying opportunity for someone with a fresh set of eyes. The closing of the Statler as a business was not the fault of the building itself -- it was an unfortunate result of an owner's external financial debacles."

A grand hotel built in the 1920s, the Statler was most recently sold in a bankruptcy auction for $1,300,000. The buyer, William Koessler, had been a former tenant but after winning the auction, fell short on the financing. Prior to that auction the hotel had been owned by British developer Bashar Issa.

The Statler has features that Goldman emphasizes have potential without necessarily requiring the type of full restoration that 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. It is well within the realm of possibility that Buffalo's Statler Towers can have a future to match its glorious past.

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