Sign In
Upcoming Event
Free Newsletter
Landmark East End properties sold to Rochester real estate investor
The Hiram Sibley Building (foreground) and Fitch Building are among three East End buildings and several adjacent parking lots sold in a package deal that was finalized on Friday. (File photo by Ben Jacobs)
The Hiram Sibley Building (foreground) and Fitch Building are among three East End buildings and several adjacent parking lots sold in a package deal that was finalized on Friday. (File photo by Ben Jacobs)
Landmark East End properties sold to Rochester real estate investor
Listen to this articleThe landmark East End properties seized through foreclosure proceedings a year ago have been sold to a Rochester real estate investment firm.
The Hiram Sibley Building, Valley Building and Fitch Building, along with several adjacent parking lots, were purchased by two limited liability companies for $6.05 million.
FLG East And A LLC paid $5.325 million for all but one of the properties in the package while FLG Valley LLC paid $725,000 for the Valley Building at 337-339 East Ave.
Blake Gianniny, a member of both LLCs, signed the documents filed with the Monroe County Clerk’s Office on Friday. Gianniny is a partner at FGB Property.
GV Rochester Mixed Use Holdings, LLC, an entity affiliated with the former lender on the properties, was the seller. M360 Advisors of Ladera Ranch, Calif., foreclosed on the properties in July of 2023 after East/Alexander Holdings LLC and Louis Masaschi failed to make the required payments.
The lender, through M360 Community Development Fund LLC, then submitted the only bid at a foreclosure auction — of $8.3 million — in August of 2023.
Anchor Real Estate Advisors in January listed the properties as a package for $8.3 million and there was immediate strong interest, said Joe Rowley Jr., partner at the brokerage.
“We had several offers right away and we ended up doing a call for offers,” Rowley said.
FLG East And A submitted the winning proposal, working with ESL Federal Credit Union to secure financing.
“They were lightning quick and I was really impressed with how they did it,” Rowley said of the buyer.
Foreclosure papers were filed in February of 2021 after East/Alexander Holdings and Louis Masaschi defaulted on payments on the buildings and parking lots. At the time, the borrowers owed $18.2 million in principal and interest to M360. By the time the foreclosure was finalized, the balance owing —including back taxes, legal fees and accruing daily interest of $4,525.24 — had soared past $19 million.
Rochester developer Thomas Masaschi was the previous owner of the properties through a series of limited liability companies he managed. But as he began to encounter financial issues regarding real estate borrowing and development, he transferred ownership of the East End properties to his brother, Louis, in August of 2019.
A judgment for $11,361,457.14 was issued against East/Alexander Holdings, Louis Masaschi and two affiliated LLCs in January of this year.
[email protected]/(585) 653-4020
e
