The historic Dun Building - a downtown Buffalo landmark - is being sold with the new owner planned to convert much of the building into market rate apartments.
McGuire Development Co. has agreed to acquire the iconic Pearl Street building with plans to renovate its second through 10th floors into a total of 36 market rate apartments. The renovation on the $10 million project could start later this year or by early 2026, at the latest, said James McGuire, president of the Cheektowaga-based development company.
"The location and history were two key factors," McGuire said.
Hunt Commercial Real Estate's Alan Hastings brought the building to McGuire after its current owner, Priam Enterprises' founder and president Paul Kolkmeyer put the Dun Building on the local commercial real estate market this summer.
Hastings said several parties were interested in the building.
McGuire has agreed to pay $1.85 million for the Dun Building, with the closing set for Oct. 3.
"We are ready to go," McGuire said.
Kolkmeyer bought the Dun Building in 2013 and considered bringing apartments into it, but those plans remained in the long term development phase. He paid $1.35 million for the building, according to Erie County Clerk's records.
"Covid changed things," Kolkmeyer said.
Built in 1894 and designed by the famed Green & Wicks architect firm, the building was named after its developer and owner, Robert Dun, president of R.G. Dun Co. R.G Dun Co. was the predecessor to what is now Dun & Bradstreet, the nation's oldest credit reporting agency.
The building, highly regarded for its "Renaissance Revival" architect and yellow brick facade, was one of the first steel-framed skyscaper developed in downtown Buffalo.
McGuire said initial plans call for each of the upper floors (floors between 2 and 10) will have a single two-bedroom unit, one studio and two one-bedroom units, according to preliminary designs created by the Buffalo architecture firm of Carmina Wood Design.
The deal is the second in a week involving a downtown building where McGuire Development was a central figure. McGuire along with businessman James Jerge and the estate of the late Mark Croce sold a West Huron building to New York City interests for $32.4 million.