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Downtown Rochester apartment building sells for $2.7M
Excelsior Communities plans to convert three floors of commercial space into 30 new apartments at the Residences at the Columbus Building. (File photo by Kevin Oklobzija)
Excelsior Communities plans to convert three floors of commercial space into 30 new apartments at the Residences at the Columbus Building. (File photo by Kevin Oklobzija)
Downtown Rochester apartment building sells for $2.7M
Listen to this articleExcelsior Communities has finalized the purchase of a 13-story apartment building in downtown Rochester.
Columbus Building Apartments LLC, an entity managed by Excelsior Communities, paid $2.7 million to 50 Chestnut Ventures LLC for The Residences at the Columbus Building.
The deed on the 75-unit property was filed Friday with the Monroe County Clerk’s Office.
Headquartered on Alexander Street, Excelsior Communities now owns 10 multifamily communities in Greater Rochester, including Brighton Village, The Deco at Medical Arts in Rochester and Waters Edge Apartments in Webster. The firm also owns two multifamily properties in Maryland and one in suburban Buffalo.
Excelsior Communities received approval in June from the County of Monroe Industrial Development Agency (COMIDA) to assume terms of a PILOT agreement.
50 Chestnut Ventures is affiliated with Trason Global Realty, a Syracuse-area real estate firm owned by Daniel Elstein. Elstein acquired the Columbus Building in 2020 from majority owner DHD Ventures, which renovated of the nearly century old building in 2016.
COMIDA had revoked the PILOT in 2018, three years after issuance, due to nonpayment of terms, but it was reinstated following Elstein’s acquisition of the property.
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