Buffalo, NY – July 04, 2016 – Buffalo’s most famous skyscraper One Seneca Tower has always evoked an interest in investors and this time leading downtown realty developer Philip Ruthen has proposed his offer to transform the landmark tower into a high-profile multi-use building. The managing partner of esteemed NY-based property investment & development firm Global Capital Partners, is bidding for the building for the 3rd time and in 2016 he has offered a deal of $50 million for the skyscraper & adjacent parking garage. At present One Seneca Tower is under the ownership of LNR Properties. Built in the year 1972, the tower is 96% empty now since the Phillips Lytle and HSBC left it back in 2013.
An additional $100 million is proposed for redevelopment. The dominant 38-story tower is reportedly to be converted into both a commercial & residential space with a rooftop restaurant, a hotel at the bottom floor – with high profile condominiums & office space in between.
“Buffalo shows a pretty stable market at present & it’s a great border town that we find really interesting. The best part is that we would have the opportunity to phase it out – when you can build out around thirty condos & they perform well – you could always build thirty more,” stated Ruthen who added that it would take around 5 years to transform the entire building as per his plans.
The former Hobart College graduate, Ruthen has spent a fair share of his career in property projects across NY city, near Greenwich, Florida and Connecticut. From magnum mansions reaching up to 35,000 sq.ft to beach-front multi-family buildings to restaurants, he has worked on all. Besides, the 46-year-old real estate developer has even invested in several operating companies. With another office in Hong Kong, GCP has had great investments in the Asian scene but now it’s mainly focused on the States, Canada & the Caribbean.
If the proposal gets approved, it would be the biggest venture for Ruthen till date. Global Capital Partners holds extensive expertise in development & construction and mostly deals with multifamily & hospitality projects, that can assure both money & experience. In particular, the adaptive reuse of existent old buildings such as this 1.2 million sq.ft. tall Buffalo tower is quite a big deal for it and Ruthen also.
“People just do not realize what an excellent building this is,” Ruthen added speaking further on One Seneca.
A big admirer of Buffalo’s Midwestern nature, he especially likes the city residents who are deeply committed to the community. “The great bit is that it has got a certain Midwest quality and we feel there is an amazing community spirit here. People are really proud as Buffalonians and we bet that this very feeling would readily translate into a property worth investing.”
To know more about the proposal and Global Capital Partners, please visit the official website or contact them below.
Company Name: Global Capital Partners
Contact Person: Philip Ruthen
Address:98 Cutter Mill Road, Suite 466S, Great Neck
Country: United States