PHH Mortgage parent ready to sell


A mortgage center in Western New York, which is the parent company of PHH Mortgage, has finally confirmed its intention to split or sell off its mortgage and auto fleeting leasing businesses.

According to February 11th fourth-quarter earnings release of PHH Corp., it has retained Kirkland & Ellis LLP, Centerview Partners LLC and J.P. Morgan Securities LLC to “assist in exploring ways to maximize shareholder value through the separation or sale of the company’s fleet business, mortgage business or both.”

The splitting o...

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Cold December a blip on Buffalo housing market

Buffalo Niagara housing market

The only downside to the Buffalo Niagara housing market in 2013 was the sales slump in the final month.

According to the report from Buffalo Niagara Association of Realtors, there was a decrease with the number of single-family homes sold in December which fell 2.5 percent to 790 compared with 798 for the same month in 2012.

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Big Ditch, AMS and North American Salt projects OK by ECIDA


The Erie County Industrial Development Agency has approved a number of projects this year including the addition of a road salt operation, a call center relocation and more jobs to Elma, and the a creation of a downtown Buffalo microbrewery.

With an exceeding of $12.3 million of private-sector investment of the projects, this could result in more than 210 new jobs created.

The ECIDA board of directors approved the incentives this Wednesday morning with each package receiving unanimous support. Moreover, a “clawback” provision was passed by the agency, requiring accountability to recipients of incentive packages.

Check out the full details below to see the list of developments that moved forward during Wednesday’s meeting:

[Buffalo Business First]

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Plaza Group takes title to Amherst site

plaza group

A prominent, local real estate investor has recently purchased a small Millersport Highway building that was briefly owned by a First Niagara bank affiliate.

According to documents filed in the Erie County Clerk’s office, the 3,750-square-foot building at 392 Millersport Highway  has been acquired by a company that is headed by developer/investor Ron Alsheimer – Plaza One Group Inc. – for the price of $252,500.

First Niagara Rea...

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Revised Freight House headed back to Buffalo planners

Revised Freight House

The Buffalo Planning Board was presented with a slightly tweaked version of the Freight House Landing Project that was reviewed last January 28, 2014.

There were some minor changes from the revised plan including the initial plan of having four elevators down to two and moving the building a few feet more to the north.

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New Bill Regarding Foreclosures


Companion bills in have been introduced in both the New York State Senate and Assembly in a multi-pronged effort to reduce the increased number of real estate foreclosures.  These bills put more of an onus on banks and other financial institutions.

State Sen. Tim Kennedy, D-Buffalo, is pushing for the bills, which will require financial institutions to notify those property owners whom have fallen behind on mortgage payments of a number of resources, services, and agencies that they can work with to help that resolve their situation.

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