Lockport Union-Sun & Journal — A real estate holding company is looking to assume ownership of Ulrich City Centre.
Lockport Retail Group LLC of Tonawanda received the Niagara County Industrial Development Agency's OK Wednesday to continue existing property tax breaks on the office/retail complex along Walnut and Main streets.
According to its application for Payment in Lieu of Taxes continuance, Lockport Retail Group is a subsidiary of Sinatra & Co., a real estate investment business, formed last year expressly to acquire City Centre. The subsidiary intends to operate City Centre as it is, the application said; presently the complex has 13 tenants.
The apparent sale price of City Centre is $3.5 million. The subsidiary also received exemption from mortgage recording tax on the $2.86 million mortgage it will take to buy the complex.
Ulrich City Centre is under a 15-year PILOT agreement conveying reduced city, county and school tax until 2021. Presently the PILOT schedule has it paying a combined annual tax bill of $36,245, on assessed value of $2.17 million.
Lockport Retail Group is formed by Nick Sinatra, a Tonawanda-born MBA who previously worked for the administrations of Gov. George Pataki and President George W. Bush; Matthew Connors, a former professional hockey player in Sweden and presently Sinatra & Co.'s project manager; and Buffalo-area attorney Terrence Connors.