404 deals closed on Dec. 31 as both commercial and residential transactions raced to meet their year-end deadline such as the former Club Marcella building. The 404 deals represented just north of $90 million in true dollar values. Not a record but a steady amount and a snapshot that 2024 was a solid year when it came to real estate deals.
Stephen Hunt, a broker with Hunt Commercial Real Estate, explains.
“To me, it’s about tax rates and the possible changes of the calendar year,” Hunt said.
Among the high-profile deals that closed on Dec. 31:
• Seneca Gaming Corp. paid $1.3 million for the former Club Marcella building at 106 Michigan Ave. - and the building is just across from Seneca Buffalo Creek Casino. Seneca Gaming will use the nearly 10,000-square-foot building as a dealer and employee training center.
ª The Town of Amherst paid $5.725 million for 33 acres of Maple Road land that was once home to a gun club. Amherst will use much of the land for softball diamonds and other sports fields.
• Investors paid $5.6 million for an industrial property along River Road in the Town of Tonawanda.
• A multi-tenant office complex on Cleveland Drive in Cheektowaga sold for nearly $500,000.
Hunt said expect to see more deals closing in the coming weeks and months.
“Very narrowly I still have an apprehension about retail and office viability, you have to have a special project or unique location to have much enthusiasm,” Hunt said.
By all accounts, look for a lot of commercial and residential deals to take place if consumer confidence spikes up.
