BUFFALO, N.Y. (WBEN)....Despite putting two more of his signature local holdings on the market, developer and real estate investor Douglas Jemal says he has not lost his desire to do projects in Buffalo.
Jemal confirmed that he has had some offers made on a hospitality package deal that include the opulent, 28-room Mansion on Delaware boutique hotel and the 28-room Roycroft Inn, a tony East Aurora boutique hotel. The two are being offered as a package deal.
The "for sale" sign on both are the latest where Jemal is shedding some of his Buffalo area commercial real estate holdings but retaining ownership of others including the former HSBC Atrium.
"I'm getting rid of some ancillary properties but keeping others," Jemal said.
Jemal said neither the Mansion on Delaware or the Roycroft are under contract, but strong interest is there.
Jemal acquired the Mansion on Delaware in November 2022, paying $3 million and the Roycroft Inn in April 2024, that he bought for slightly more than $1 million.
Both the Mansion on Delaware and Roycroft Inn remain open and are fully operational.
As for interest in both, potential buyers are there, Jemal said.
"But, it is never over until the fat lady sings and she's not singing yet," Jemal said.
If both are sold, Jemal's lone hospitality-based local real estate holding will be the Hyatt Regency Hotel in downtown Buffalo.
That, too, could be sold if the right deal comes along.
"None have," Jemal said. "Anything could be sold, if the right price comes along," Jemal said.
In terms of downtown Buffalo, Jemal is hopeful he can land public sector financial support to help him pencil out what could be a $200 million-plus redevelopment effort.
One year ago, talks appeared to stall and Jemal expressed varying levels of frustration.
Now, Jemal remains hopeful that some deal can be crafted.
"If you are serious about bringing downtown back, then you have to bring back the Statler," Jemal said.
The century-old, 18-story landmark that overlooks Niagara Square could see at least 200 apartments and a 200-room hotel anchor the project along with office, retail and special event space.
Some work started but the project remains stalled until the public sector financing package can be secured.
"It's impossible to understand why the government won't help me with this project," Jemal said.
Jemal fielding offers from Mansion and Roycroft but no contracts are signed.
Jemal fielding offers from Mansion and Roycroft but no contracts are signed.
