LOCKPORT, N.Y. — Leaders of the YMCA Buffalo Niagara were hopeful the sale of a former branch in Lockport, which opened in 1926, could provide some cash to fill gaps in funding during the pandemic.
But despite early assessments valuing the 33,360-square-foot building at $1.5 million, and a reassessment to $350,000 last summer, the final sale price was considerably lower at $25,000. The sale to ISGM Holdings closed Sept. 4.
So what happened? John Ehrbar, YMCA president & CEO, said the appraisal did not match demand in the area. Potential buyers considered the lack of parking for a landlocked building at 19 East Ave. and the amount of work required to update the three-story building to meet accessibility standards.
