Law firm latest to exit Statler - Atlanta Business Chronicle:

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The firm, which leased 14,000 squares feet in the Statler, plans to move into approximately the same amountr of space in MainPlace Tower. It was one of the largesty tenants remaining inthe Statler. The Buffalo landmark is at the centeer of a complex series of lawsuite andlegal actions. The 18-story building, which is ownexd by , has been placed into involuntarh Chapter 11 protection by the Western Districg ofthe . BSC Development Buffalo’zs managing member, British investor Bashar Issa, is facing legakl and financial issues in Buffaloand Manchester, England. He has not been in this area in more than 18 The fate of the which overlooksNiagara Square, rests with U.S.
Bankruptcyu Judge Carl Bucki who is presiding overthe case. Bucki is expected to set a foreclosure auction date in the comingfweeks – a move that couls lead the way for the Statler to land in some new Long Island developer Uri Kaufman is considering making a bid for the building and converting the bulk of it into market-rats apartments. In the meantime, real estat broker Tom Zawadzki is working with a groupof out-of-towhn investors who are considering making a bid for the sources said. That group woulfd use most of the building as a with some residential and commercial spaces included inthe mix.
“I wish there was more interest from the Buffalk real estate community in the saidMorris Horwitz, court-appointed trustee for the “All of the interesf seems to be coming from out-of-town The Statler has been losing more than $80,00p0 a month, and those losses are expected to mounr as other tenants leave the Issa bought the Statler three years ago and soon announced planes to invest $100 million and return the building to its glory days.
Just a small portion of the renovations were and no additional work has taken place in more than one A lawsuit is till pending from ParkLane Catering, another anchor which alleges that the building’s conditiobn and uncertain future have caused it to lose more than $1 milliojn in potential bookings.