Two apart­ment build­ings bought for $3.25 mil­lion

The Buffalo News - - BUSINESS - – Jonathan D. Ep­stein – Jonathan D. Ep­stein – Washington Post – Bloomberg News

A group of in­vestors has ac­quired two mixed-use apart­ment build­ings in Al­len­town from a Clarence prop­erty man­ager, pay­ing $3.25 mil­lion last month for more than 30 units.

Ni­cholas B. Tzetzo’s Tzetzo MFR Hold­ings LLC, along with David P. Paul, Lawrence J. Paul and an en­tity con­trolled by Wayne Keller, teamed up to pay $1.625 mil­lion each for 197 Allen St. and 430 Delaware Ave.

They were sold by Pil­lar Real Es­tate Ad­vi­sors LLC’s Michael R. Lorigo, through en­ti­ties named Triple Star Devel­op­ment and Triple Star 430.

The four-story build­ing at 197 Allen, at the cor­ner of Elm­wood Av­enue, fea­tures 10 two- and three­bed­room apart­ments on the up­per three floors, rent­ing from $1,100 to $1,250 per month. The struc­ture, which was built in 1910, last sold in June 2015 for $1.225 mil­lion. A three-story build­ing at 430 Delaware con­tains 22 res­i­den­tial units and two com­mer­cial spa­ces, in­clud­ing 10 stu­dio apart­ments rent­ing for $500 per month and 12 one-bed­room apart­ments av­er­ag­ing $650. The build­ing was con­structed in 1896, and last sold in March 2016 for $1.495 mil­lion.

Med­i­cal build­ing sold

A fam­ily doc­tor in Clarence has sold a med­i­cal of­fice build­ing near his own prac­tice to a Lock­port devel­op­ment firm.

Dr. Michael J. Bloom, a fam­ily doc­tor on Main Street, sold the Clarence Cross­roads Med­i­cal Cen­ter at 9095 Main St., near the in­ter­sec­tion with Sheri­dan Drive, to Stephen Devel­op­ment Prop­er­ties.

The pur­chase price was $1.2 mil­lion.

The build­ing, which houses Di­ag­nos­tic Imag­ing As­so­ciates, LabCorp, Phoenix Phys­i­cal Ther­apy and Clarence Car­di­ol­ogy, is sep­a­rate from Bloom’s med­i­cal prac­tice.

Mil­lion­aires up 279 per­cent

The num­ber of house­holds with a net worth of $1 mil­lion (mea­sured in con­stant 1995 dol­lars, or about $1.6 mil­lion to­day) grew from 2.4 mil­lion house­holds in 1983 to 9.1 mil­lion house­holds in 2016, a growth rate of 279 per­cent.

For com­par­i­son, the total num­ber of house­holds grew by just 50 per­cent over that pe­riod, mean­ing that the pop­u­la­tion of mil­lion­aires grew at more than 5 times the rate of the gen­eral pop­u­la­tion. In 1983 fewer than 3 per­cent of house­holds had a net worth greater than $1 mil­lion in 1995 dol­lars. By 2016, over 7 per­cent of house­holds were worth that much.

Net worth is a mea­sure of a house­hold’s as­sets, such as home value, stocks and re­tire­ment ac­counts, mi­nus debts. From 2013 to 2016 alone, the econ­omy added over 2 mil­lion house­holds with a net worth of $1 mil­lion or more in con­stant 1995 dol­lars.

Stock mar­ket, dol­lar rise

U.S. stocks rose Thurs­day as in­vestors eval­u­ated the out­look for a fi­nal tax bill while the dol­lar ad­vanced for a fourth day and oil re­bounded from its worst sell­off in two months.

The S&P 500 ended a four-day los­ing streak, with in­dus­trial and con­sumer dis­cre­tionary shares among the best per­form­ers in a mod­est but broad rally that saw two stocks gain for ev­ery one that dropped. Gold fell to a four-month low.

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