Nick Sinatra has snapped up another downtown office property to add to his growing holdings, paying $1.39 million to buy an Allentown-area medical office building.
Sinatra & Co. Realty, through Elm-wood North Group LLC, bought the 26,000-square-foot building at 191 North St. on Friday from 191 North St. Medical Building LLC, which is owned by Donald J. Reeves of Buffalo, who owns a real estate company on Summer Street.
The all-brick, three-story building, located near the intersection of Elmwood Avenue just blocks from the Buffalo Niagara Medical Campus, includes 23 office suites and a parking lot with more than 50 spaces. Tenants include dentists, chiropractors, podiatrists, the Elmwood Counseling Clinic, Zenith Medical PC, a Quest Diagnostics blood draw unit, a physical therapy practice and an orthodontics practice.
Built in 1960, it has 8,000 square feet of vacant space right now, which Sinatra plans to fill with other medical tenants.
“It’s underutilized, and so we are going to invest a few hundred thousand dollars to upgrade the space and look to fill the space,” he said. “It’s a great building in a great location. It just needs to be updated and invested in.”
Ronald G. “Gunner” Tronolone, a broker at M.J. Peterson Corp. who handled the deal with Dorothy Stahlnecker, said Sinatra is trying to create “affordable medical space close to the campus.”
“His focus is medical tenants that would like to be near the Medical Campus, without paying a lot of money to be there,” he said.
The property was originally developed a century ago as a residence but was converted into professional offices in 1960, when Buffalo Phoenix Corp. owned it. Darwin R. Martin had granted an easement to Buffalo Phoenix for more parking space in 1959. It was later owned by Stuyvesant Association and then by Reeves, who bought it in 2002 and upgraded the heating, ventilation and air conditioning systems.
“It’s a great property,” Tronolone said. “It’s a good solid building, and based on Nick Sinatra’s track record, it’ll be nicer and better for the future.”