By JAMES FINK
jfink@bizjournals.com | 716-541-1611

In three separate deals, Sinatra & Company Real Estate acquired a Pan American Exposition-era hotel and key parcels along busy stretches of the Elmwood Village and Village of Kenmore.

All told, the company will invest more than $5 million to buy the properties and begin a series of renovations. The deals either just closed or will be closing in the next few weeks, said Nick Sinatra, founder.

He bought the former Fenton Hotel on West Ferry Street, which was constructed for visitors for the 1901 Pan-Am Expo. The plan is to renovate the building for 29 market-rate apartments geared to people working at the Buffalo Niagara Medical Campus and elsewhere in the city. The deal also includes two neighboring properties at 1516 and 1526 Main St.

Combined, the parcels account for nearly an acre of land and come with more than 50 parking spots and 18,000 square feet of space for possible retail or restaurant use.

"The Fenton has great bones," Sinatra said. "My plan is to totally reshape what is a major corner in Buffalo."

Sinatra & Company Real Estate is investing $1.15 million to buy the properties, and he estimates spending another $1 million on the renovations. The property had been owned by Barrons of Buffalo LLC, an investment group.

Elsewhere in Buffalo, the real estate firm also acquired the Elmwood Village Apartments from Barrons of Buffalo, at a cost of $1.28 million. The deal is Sinatra's first in the Elmwood Village area.

The apartment complex features 33 apartments, 26 of which are already under lease. Urban Valet Dry Cleaners leases first-floor retail space.

"From a macro perspective, the Elmwood Village area is a very hot market," he said. "From the micro side, each property, each unit has a great upside."

Closer to his Town of Tonawanda home base, Sinatra agreed to buy a series of buildings between 2860 Delaware Ave. and 2914 Delaware from Katz and Rosen Real Estate Co.

The deal is expected to close by mid-January, with Sinatra paying $875,000 for the properties. He pledged to invest another $250,000 in renovations. The project includes four apartments and 13 storefronts with such tenants as Mike's Subs, Watson's Candies and Hofert's Jewelers.