WHEATFIELD – Frank Budwey is selling his Newfane supermarket to a pair of Rochester investors who will be leasing it to the Tops Markets chain.
The Niagara County Industrial Development Agency on Wednesday approved the transfer of the existing tax break on the store, which has six years remaining, to the new owners, Morgan Newfane LLC.
The co-owners are Angelo Ingrassia and Bob Morgan. Budwey said they are the owners of the buildings that house 17 others Tops stores.
IDA counsel Mark J. Gabriele said there will be no charge or extension in the terms of the payment-in-lieu-of-taxes arrangement that Budwey received to open Budwey’s Marketplace in Newfane in 2009.
Budwey announced in October he was selling his stores in North Tonawanda, Newfane and in Buffalo. He later changed his mind about retiring.
“No more thought of retirement,” he said Wednesday. “I’ve got to get the North Tonawanda store turned around. It took some hits in volume from Walmart.”
But Budwey said that he’s confident he can do it and that selling the Newfane location will help him do so.
“With all my key management personnel not running to three stores, we will all be able to concentrate on keeping North Tonawanda strong,” Budwey said. “I have to keep North Tonawanda strong, because it’s the anchor tenant in the plaza, and once the anchor tenant goes down, the whole plaza goes down.” He owns that plaza on Division Street.
His Buffalo store on Kenmore Avenue was bought by Dash’s Markets in January, but Budwey scrubbed a deal to sell the others to his supplier, Olean Wholesale Grocery Co-Op.
The Newfane store at 2555 N. Main St. has a long history under the Bells, Jubilee and Shur-Fine names before Budwey bought it. Shur-Fine had closed it in 2006.
Budwey said the store’s last day under his name will be July 27. The closing for the sale will be Aug. 4, and the store is to reopen as a Tops location Aug. 9, Budwey said.
The IDA announced that all the employees at the Newfane store, 13 full-timers and 37 part-timers, will keep their jobs. The store’s annual payroll is $763,000.