Developer Douglas Jemal rejected the online bids made for the Walter J. Mahoney Building and instead will keep the historic downtown Buffalo property.
In an exclusive interview, Jemal said the online bids were low, and he decided to redevelop the five-story, Court Street building when economic conditions improve. Just four bids were received, and none crossed the $2 million mark.
“I think it's a fabulous asset in a great location,” Jemal said. “It's just, unfortunately, a sign of the times today when it comes to getting things done. But you know, hopefully this will change soon, and we'll get up and going again.”
Jemal bought the building in October 2021, paying $4.1 million, with plans for a boutique hotel. But chalked up economic factors for the delay. Jemal said those plans are still on the table.
“I'm open to any suggestions at all, maybe putting it back for lawyers. Maybe that's a better idea at the present time,” he said. “So, it's fluid. I'm a businessman. I'm open to any suggestions.”
Jemal, however, said he remains very bullish on the Buffalo market.
