Choose your location
Buffalo Business First
Elevated interest rates force re-pricing of billions in CRE debt
Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. <\p> Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. <\p>
The coveted perk that could be critical for workforce development
As the focus shifts from recruitment to retention in a still-tight hiring market, many employers are searching for the incentives that will retain workers. <\p> While perks like four-day workweeks, unlimited vacation and remote work are often in the spotlight, another coveted perk is career development and upskilling opportunities. <\p>
Another round of Tesla layoffs bring local jobs lost to 346
A fifth round of layoffs has been made at Tesla's Buffalo operations, bringing the total jobs lost here to 346.<\p> A Worker Adjustment and Retraining Notice was filed with the state for 27 workers — 26 at the South Park Avenue Gigafactory and one at the service center across the street.<\p>
New buyer sought as 2023 deal for shuttered hospital crumbles
In early 2023, a New York City investor signed an agreement to buy the former TLC Lakeshore Health Care Center in Irving, with plans to convert the former hospital into a residential facility with nursing home care.<\p> Nearly 18 months later, the deal still has not closed and hospital officials say they’re now working with another potential buyer for the Chautauqua County site.<\p>
For James Beard finalist Southern Junction, every night is a test
It’s not easy staying on your toes for nearly 10 weeks. <\p> That’s the situation Ryan Fernandez finds himself in, as he prepares for an Academy Award-like evening June 10 to hear if he has been selected as the nation’s top emerging chef at the 2024 James Beard Awards.<\p>
UB researcher's work could lead to treatments for Alzheimer’s disease
Buffalo-area hospitals can lay claim to a series of innovations over the last 50 years, ranging from developments that led to the first tests for prostate cancer to new methods for treating blood clots and stroke. Today, the region’s physician researchers and clinicians continue to innovate and come up with new ways to treat disease, develop new devices and equipment and create novel ways to deliver care both inside and outside hospitals. This story is part of a package looking at examples of innovation at some of the largest Western New York health systems.<\p> Researchers have been studying the human brain for decades, determining what parts of the brain control different parts of the body. But research from a University at Buffalo neuroscientist has led to new understanding of the formation and retrieval of memories, along with distinguishing between similar experiences.<\p>
Century-old Buffalo home sells for over $1 million
An Elmwood Village home that’s over a century old recently sold for more than $1 million.<\p> Philip and Donna Niswander sold 79 Chapin Parkway for $1.49 million to John and Emily Schaefer as trustees of the Francis Allen 2024 Revocable Trust, according to May 13 filings with the Erie County clerk’s office.<\p>
US airlines sue over federal fee-disclosure rules
It didn’t take long for airlines to fight back after the government targeted extra fees charged to travelers.<\p> Several U.S. airlines, including United Airlines, American Airlines, Delta Air Lines and JetBlue Airways, as well as the airline lobbying group Airlines for America, sued the U.S. Department of Transportation on Friday, protesting a new rule, which takes effect on July 1, that all add-on fees need to be disclosed to airline flyers.<\p>
New defendants named in Five Star Bank's $18.9M 'check kiting' lawsuit
An updated civil complaint in Five Star Bank's lawsuit against Rochester restaurateur Katherine Mott names new defendants and provides new details on the alleged check-kiting scheme that defrauded the bank of $18.9 million.<\p> The new complaint, filed May 8, says Kristina Bourne, Robert Harris, Timothy Larocca and Taylor Pagano acted as "mules" for Mott and "knowingly and wrongfully held, moved, dissipated, disposed of, hid and otherwise concealed millions of dollars in ill-gotten gains."<\p>
D'Youville University halts $100M construction project
Three months after announcing plans for a new $54 million medical school, D’Youville University has halted construction on the project. <\p> The college was in the early stages of preparing the land at 443 West Ave., Buffalo, for a new $100-million, 110,000-square-foot academic center, where the medical school would be housed.<\p>
Amherst, Station Twelve reach tentative agreement in assessment battle
Station Twelve’s owner and the Town of Amherst have reached a tentative settlement in a dispute over the property's assessment. <\p> Petitioner Northtown Property Owner LLC in July 2023 filed a petition in state Supreme Court in Erie County that alleged that the town has overvalued the Station Twelve properties by at least $14.67 million, according to court filings. <\p>
Growing share of real estate agents weigh leaving their brokerages
The Covid-19 pandemic and a recent wave of class-action lawsuits have pushed more real estate agents to consider leaving their brokerages.<\p> Those findings, from the latest annual Agent Priorities Report from Coldwell Banker Real Estate, found while 61% of agents surveyed plan on sticking with their company this year, that’s down from 75% in 2023.<\p>
Airline credit-card reward programs in regulators' crosshairs
The nation's major airlines are drawing heat over their branded credit-card reward programs, with federal regulators targeting consumer complaints that claim many perks don't live up to the hype and sometimes cost more than they are worth. Those findings...
How national developers bankroll multi-million-dollar solar projects
Building a solar farm is a costly, complicated process. It's also a potentially lucrative one, but it typically requires teamwork to put the pieces together.<\p> Catalyze is a large solar company that develops commercial and industrial projects all over the country. Headquartered in Texas, the company has four operational solar projects in Western New York with a total output of 24.6 megawatts. <\p>
Longtime Aurora restaurant is up for lease again
A longtime Town of Aurora restaurant is available for lease once again.<\p> Nearly seven months after Angelina’s closed at 7901 Seneca St. just outside the Village of East Aurora, property owner Gordon Reger has begun shopping the 5.5-acre property around to area brokers.<\p>
Researcher sees promise in new infusion therapies for chronic diseases
Buffalo-area hospitals can lay claim to a series of innovations over the last 50 years, ranging from developments that led to the first tests for prostate cancer to new methods for treating blood clots and stroke. Today, the region’s physician researchers and clinicians continue to innovate and come up with new ways to treat disease, develop new devices and equipment and create novel ways to deliver care both inside and outside hospitals. This story is part of a package looking at examples of innovation at some of the largest Western New York health systems.<\p> Jeff Lombardo has spent 30 years in the pharmacy world working on the clinical side and in academia.<\p>
Buffalo-area malls add tenants from designer sunglasses to jewelry
Many malls regionally and nationwide are mid-transition thanks to an evolving retail market, but at least two in the Buffalo area are adding tenants. <\p> These updates come amid the rise of online shopping, lingering pandemic effects and other local malls closing stores in preparation for redevelopment.<\p>
Buffalo general contractor ranks No. 1 for fifth year in a row
For the fifth consecutive year, Turner Construction Co. topped the annual Buffalo's General Contractors List.<\p> The list is ranked by total gross billing in Western New York, and Turner came took the No. 1 spot with an amount of $245 million — nearly twice the $125.25 million reported total from 2023.<\p>
Red Lobster closes all Buffalo locations
In the face of financial difficulties across the country, Red Lobster has closed all three of its area sites in the Buffalo as well as additional sites in surrounding markets.<\p> The restaurant chain lists as “temporarily closed” sites at 3701 McKinley Parkway in Hamburg, at an outparcel of the McKinley Mall; 4010 Maple Road at North Bailey Road in Amherst; and 7540 Transit Road across from the Eastern Hills Mall in Williamsville. All three are located in high-traffic, high-profile areas.<\p>
Buffalo Business First
5K+
Posts
962K+
Views
The Buffalo region's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.