buffalo

Cheese Heir Gets Estate Back From Young Hedge Funder

Another tale of hedge fund woe has led to a quickie auction. WGRZ in Buffalo, New York tells the story of the most expensive estate in Erie County which recently went up for auction and ended up back in the hands of its original owner. Last year 22-year-old Michael Wilson, said to be a hedge funder from Cleveland, bought a huge estate on Boston State Road in Hamburg from John Russo, one of the heirs to the Sorrento Cheese company. He paid more than six million dollars, putting down two million dollars and arranging for a mortgage of more than four million dollars with Russo.

In May, Wilson was supposed to make a one million dollar payment on the mortgage but didn't. Russo started foreclosure proceedings. In July, FBI agents seized Wilson's computers, records and documents. Wilson hasn't been charged with a crime yet but it's believed that he may have taken money from investors to make that $2 million down payment on the estate. The estate, which is actually two separate homes of around 15,000 square feet each, was auctioned off and no one else bid so the homes reverted to Russo who got to keep the $2 million. The two homes will eventually be put back on the market.

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Tags: buffalo, hedge funds, HedgeFunds, sorrento

Avant, Buffalo's Most Expensive Condos

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

What is expensive for a condo unit? It depends on where you are. In Buffalo, New York, a new condo building with an average asking price of $777,000 has become the most expensive group of condominiums ever built in the Buffalo area. The Avant project is located in the former Dulski Federal Building and includes 28 units, the most expensive of which costs $1.73 million. The Buffalo News reports that less than one percent of all dwellings in Erie and Niagara counties sold in 2008 went for $500,000 or more and just three condos sold for over a half-million dollars.

The $85 million Avant project has floor-to-ceiling windows, granite countertops and high-end finishes. Residents will pay fees ranging from $492 to $1,483 per month for enclosed parking and a fitness center with a pool and conference rooms. The building also includes a hotel, restaurant and office suites.

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Tags: avant, buffalo, new york, NewYork

Decadent Room Service for Pets at Lowell New York

by Tracy Chait (RSS feed) —

Filed under: Luxury Travel & Hotels, Pets

Among amenities like 24-hour multi-lingual concierge service and Selene marble baths, the Upper East Side's Lowell New York does not neglect your pampered pet when it comes to luxe service. Room service is available around the clock for pup and owner alike, and the pet menu serves up such dishes as filet mignon tartar and buffalo marrow. Custom orders can be prepared on a whim, and if it's just a snack that's in order, the hotel has gone to the trouble to import Pure Fish Skin Chews from Iceland.

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Tags: buffalo, filet mignon, FiletMignon, hotels, lowell new york, LowellNewYork, pet room service, PetRoomService, pets, travel with pets, TravelWithPets