Two apartment buildings bought for $3.25 million
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.