Buffalo, N.Y. (WBEN) - Not to be lost in the deal that saw former Buffalo Sabres' owner B. Thomas Golisano buying the vacant Buffalo News building is the impact the deal could have not only on Downtown Buffalo, but for the city and region as well.
That's the opinion of commercial real estate insiders who believe the impact - both from a downtown psyche but also from a spin off effect - could run very deep.
"It's a big win-win, not only for downtown but for the entire region," said Steve Carmina, president and founder of Carmina Wood Design and Buffalo Place Inc. chairman. "And when someone as smart as Tom Golisano makes this level of investment, it opens eyes."
Golisano, through his Golisano Business COE Inc., paid $10 million for the five-story, 167,000-square-foot building and adjoining warehouse at the corner of Washington and Scott streets. Golisano bought it from developer Douglas Jemal, who paid $5.2 million for the property in 2024.
"It was just a straight deal between two businessmen," Jemal told WBEN.
Golisano will anchor the News building with his Golisano Institute of Business and Entrepreneurship - mirroring a similar high-end training program he started in his native Rochester.
Potentially, the institute could see as many as 250 - or more students - enrolled in each semester.
"The spin off from that will be felt in downtown," said Ed Mills, a broker with J.R. Militello Realty.
Golisano is considering other uses for the building to augment the institute, which will remain as the anchor tenant.
"No matter what he does, it will help downtown," Carmina said.