The 1950’s brought decline to the once prominent Graystone Hotel. In 1958, the 104 room hotel was sold at auction after a mortgage foreclosure by the Buffalo Savings Bank. The hotel was sold for $81,000 to a group of local businessmen, including a hotel manager, property management executive, and an architect. Since then the building has suffered a series of degradations of use, shifting through a long list of unfit owners that sat back and watched as the building crumbled. The US Department of Urban Housing and Development rented out space in The Graystone Hotel in the 1980’s and into the 90’s, before it closed its doors for good. Despite its condition, The Graystone Hotel is listed on the National Register of Historic Places.
After traveling through limited liability ownership for the next decade, Carl Paladino and his Ellicott Development Company (EDC) purchased the property for $150,000 in 2002, with plans to renovate. Original plans to redevelop the property into a luxury apartment building were abruptly halted in 2003 when a large section of roof collapsed during interior demolition work. One worker was seriously injured, and after 7 years, the hole in the roof has yet to be fixed – opening the entire building up to Buffalo’s wintery elements, which have no doubt increased the property damage of the hotel.
In 2011, Ellicott Development Company finalized plans to redevelop the property into 41 apartments with one and two bedroom configurations. The first floor will be redeveloped into commercial space. The company website states that “the redevelopment of The Graystone Hotel will offer updated, contemporarily designed and equipped units, all at affordable rental rates with heat included. With interior clean-out well underway, finished units are expected to be available for occupancy by early 2012.”
As 2012 comes to a close, we are still waiting for this renovation to begin… will this be another Buffalo historic site left behind? Or will renovations one day restore the Graystone Hotel to its original glory?
Take a look at the history of the Graystone Hotel in its prime, here.