Young Development buys Orchard Park apartment complex

A West Seneca real estate developer was the winning bidder at the auction of a fully occupied Orchard Park apartment complex this week, offering to pay $5.65 million for the Provincetown Apartments.

Young Development topped the bidding for the 71-unit apartment complex at 10-75 Provincetown Lane, which includes nine identical buildings. Including the 5 percent buyer’s premium, Young will pay $5.93 million, or $82,000 per unit.

In all, 27 people presented deposits of $100,000 to register as participants, “so it was spirited bidding,” said auctioneer Cash Cunningham of Cash Realty & Auctions, which conducted the sale.

The 112,536-square-foot complex, located on 9.1 acres, has 70 two-bedroom units and one four-bedroom unit. Each building has a full basement with storage units for each apartment, plus six separate garage buildings with 18 spaces in all.

The complex was owned by Industrial Realty & Funding of Cheektowaga, run by Brian Schectman, which has sold several other properties recently, but would not discuss the Provincetown sale prior to the auction.

Young, which has done other real estate development projects in Orchard Park, owns an adjoining complex behind Provincetown. Founded in 1984 and owned by Bryan A. Young, the company has built, managed or maintained apartment complexes, senior living communities and commercial properties.

Neither Schectman nor Young could be reached for comment.

email: jepstein@buffnews.com

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