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Trusso downsizing portfolio to go after bigger projects

Published:October 5, 2009, 6:47 AM

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Updated: August 21, 2010, 2:22 AM

Anthony Trusso is trying to refocus his commercial real estate development efforts on larger projects, selling a second smaller property in the city in recent weeks with the unloading of a Delaware Avenue apartment building.

Trusso, through his Flanders Vent LLC entity, sold 430 Delaware Ave. to 430 Delaware Avenue LLC, which is owned by 30-year-old real estate broker Michael Lorigo of Pillar Real Estate Advisors, 336 Harris Hill Road, Lancaster. Lorigo, who paid $480,000, is the son of Ralph C. Lorigo, chairman of the Erie County Conservative Party.

The three-story building has 28 studio apartments and two commercial storefronts. The two businesses currently occupying the space are Next Day

Staffing Services LLC and Zionquest Christian Fellowship.

Lorigo, whose firm is a brokerage, property manager and commercial mortgage financier, said he plans to renovate all of the apartments and commercial space, while putting on a new roof and “addressing the exterior of the retail space” to “bring it up to look more like what the neighborhood has been brought up to.”

In other unrelated recent deals involving multi-family buildings, Frank J. Zambito paid $320,000 late last month to buy a two-story, eight-unit, 6,720-square-foot low-rise apartment building from 360-364 Englewood Avenue Associates LLC. The building is located at 360-364 Englewood Ave. in the Town of Tonawanda.

And Timothy Waterman of Getzville, through Waterman Estates LLC, paid $355,000 in early September to buy a 49- year-old, 5,856-square foot low-rise building with eight apartments at 1964 Hertel Ave. in Buffalo. The previous owners were Augusto and Carmen Gomez.

Trusso, through True Commercial Development, owns a number of office, hotel or motel and industrial properties in the city and the suburbs, particularly between Allentown and downtown Buffalo, as well as three motels in Amherst and the Prime 490 steakhouse, formerly Romanello’s Roseland Restaurant.

Foremost among his portfolio is the Lenox Hotel, a historic building at Delaware Avenue and North Street that dates to 1896 and has 147 rooms. The Buffalo News reported last month that Trusso had put the Lenox up for sale. But Trusso said last week that the Lenox is no longer for sale.

Trusso said he is looking to buy larger properties and sell his smaller pieces. Last December, he paid $3.7 million for the 66,000 square-foot Firstmark Building at 135 Delaware Ave. He has also sold 15 Buffalo residential properties and the former Cloister restaurant parcel earlier last month.

He’s also completing more than $1 million in renovations to the former Lori Building at 392 Pearl St., across from the KeyCenter at Fountain Plaza. Trusso purchased the long-vacant, 40,000 square-foot building in March 2008 for more than $400,000 from a New York City-based investment group.

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