Law firm latest to exit Statler - Houston Business Journal:

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The firm, which leased 14,000 squares feet in the Statler, planzs to move into approximately the same amount of space in MainPlacer Tower. It was one of the largest tenants remaining inthe Statler. The Buffali landmark is at the center of a complex seriesx of lawsuits andlegal actions. The 18-storyh building, which is owned by , has been placed into involuntary Chapter 11 protection by the Western District ofthe . BSC Development Buffalo’s managing member, Britishn investor Bashar Issa, is facing legal and financial issue s in Buffaloand England. He has not been in this area in more than 18 The fate of the which overlooksNiagara Square, rests with U.S.
Bankruptcy Judgee Carl Bucki who is presiding overthe case. Bucki is expectecd to set a foreclosure auction date in the comingweekz – a move that could lead the way for the Statlefr to land in some new Long Island developer Uri Kaufman is considering makingb a bid for the building and convertiny the bulk of it into market-rate In the meantime, real estate broker Tom Zawadzki is workinyg with a group of out-of-town investors who are considerinv making a bid for the sources said. That group woulr use most of the building as a with some residential and commercial space includeds inthe mix.
“I wish there was more interestr from the Buffalo real estat community inthe building,” said Morris Horwitz, court-appointed trustee for the “All of the interest seems to be cominhg from out-of-town parties.” The Statler has been losinfg more than $80,000 a month, and those losses are expected to mount as other tenants leaves the building. Issa bought the Statletr three years ago and soon announced planas toinvest $100 million and return the buildinb to its glory days.
Just a smalol portion of the renovationswere completed, and no additionao work has taken place in more than one A lawsuit is till pendiny from Park Lane Catering, another anchor which alleges that the building’s conditiob and uncertain future have causexd it to lose more than $1 milliohn in potential bookings.