BUFFALO, N.Y. — Summer is typically the busy moving season, but if you were waiting for the warm months to look into leasing one of downtown Buffalo's newest apartments, you might be too late.
"We have twelve apartments in the building, currently we have eleven leased," Megan Sykes of BRD Construction said earlier this week at the new Piano Factory Lofts on Pearl Street. "We have one that is still vacant, but we have three showings today. So, maybe no more vacancies!"
BRD has owned the building, which was originally built as a piano factory and warehouse in 1870, for the past three decades. The company, which has its offices on the first floor, decided it was the right time to redevelop the top floors into upscale apartments with in-unit washer/dryers, modern kitchens, a gym, and a rooftop patio. Rent ranges from $1475 for a one bedroom apartment to $1550 for a two bedroom unit.
"They filled up really fast. We used a couple different platforms to get the word out that the apartments were available and we've had great response," Sykes said.
"Right now there is not a lot of availability in the lofts downtown. So when something comes up, there is a waiting list, they move," said Realtor Brian Szkatulski of Hunt Real Estate. "So, the traditional moving season has traditionally been spring and summer, and that trend has definitely been a little different. Definitely a little different the past couple years."
Szkatulski says downtown apartments are a popular option with people who may be frustrated by the competitive buyers' market, or are relocating to Buffalo for jobs at the medical campus.
"For them coming in, it kind of makes sense, because they don't have to worry about the maintenance of a home," he said. "They can kind of get to know the area and find out what fits for them."
Proximity to the medical campus is a big attraction at another one of the city's newest apartment complexes. A rare new build in the historic Allentown neighborhood, Nineteen North opened in December with thirty-nine apartments. The First Amherst Development property is now 80% occupied.
"People love all of the amenities the apartments have, being able to park under the building in a secured parking garage that's covered from the elements, and being in brand new construction with all of the modern amenities," said First Amherst Development President & CEO Ben Obletz.
Remaining units are priced between $1,495 to $2,895 per month. The apartments feature in-unit washer/dryers, granite counters, and luxury bathrooms.
"It's becoming the new standard for luxury apartments downtown, it's what people have come to expect to see," Obletz said. "This project I like to think takes it to the next level as far as high end market rate apartments."
A few blocks away, Ellicott Development is leasing luxury apartments in its massive 500 Pearl project, which encompasses the former Buffalo Christian Center, along with newly built hotel and event space. Each apartment has a spacious private patio offering impressive views of the city.
"We're really dubbing ourselves to be an entertainment complex and a destination for Buffalo," Sarah Bishop, Ellicott's Corporate Director of Sales and Revenue, explained. "So with the apartments, you get two parking spots in the garage, you have private elevators to your apartments, and then you get use of the hotel pool, fitness center, and then their sauna."
This summer, the high rise will also add a bowling alley, rooftop bar, and additional restaurants on the ground floor. Even with rents ranging from $2,800 to almost five thousand dollars, ten of the twelve apartments are already leased.
When asked if he thinks the market for luxury apartments in downtown Buffalo will pop soon, realtor Brian Szkatulski said, "in real estate, it's really if you build it they will come, and they keep building it, and they keep coming. So I don't know if it will ever pop, as long as Buffalo keeps on the upswing, keeps developing."
Szkatulski's advice to anyone looking to move into a loft apartment downtown is to contact a realtor for assistance knowing what's going to become available and when.