The Tonawanda Armory

Listing Price: $1,795,000

Lease with Option to Buy: $15,000 monthly. Additional Lease prices are available. Please contact us for further information.

City of Tonawanda current taxable valuation: $149,100

City of Tonawanda Full Market Value estimate @ 73%: $204,200

Assessed valuation in 1990 when used by the National Guard: $813,600

New York State’s assessed price at the time of sale in 2003: $830,000

Property related taxes are approximately $6,000 per year.

There is a 20% tax credit applicable to capital expenditures on the property for the first 2 years of ownership.

For the last 2 years, utility costs for heat, electric power and water have averaged approximately $1,100 per month. However, this cost would necessarily rise if the building were completely occupied and utilized year round.

What Does Historic Significance Mean To A Potential Buyer?

The New York State Office of Parks, Recreation and Historic Preservation (OPRHP) listed the building on the National Register of Historic Places in 1993 (NR Number 93NR00514). Under state and federal law, therefore, the building is "historic". This determination means two basic things to a potential buyer:

The Federal Rehabilitation Tax Credit may be available for rehabilitation work: There is a federal tax credit available to owners of historic buildings who are rehabilitating them for income-producing purposes. Simply put, the rehabilitation tax credit equals 20% of the amount spent in a certified rehabilitation of a certified historic structure. This program has been very successful across New York State, providing a financial edge for owners and developers of historic buildings. The tax credit certification process is fairly simple, consisting of a three-part application that 1) certifies that the building is historic, 2) documents existing conditions and proposed work, and 3) documents the completed project.

A preservation covenant will be attached to the deed. This covenant identifies significant historic features, materials, spaces, and other characteristics of the building that will need to be retained or carefully treated during any proposed work. This does not mean that the building cannot be changed. Please note that these are not "restoration" standards, but rather, standards for rehabilitation. Rehabilitation implies that a degree of change is occurring at the building, and provides for a level of flexibility.

The property must be historic (Listed on the National Register).
The property must be used for income-producing purposes (Tax-exempt entities may take advantage of the credit by forming a limited partnership with a for-profit entity and maintaining a minority ownership interest as a general partner).
Rehabilitation expenses must meet or exceed the "adjusted basis" of the property. The basic equation for calculating adjusted basis is as follows: The value of the property, minus land value and minus any depreciation already taken, plus any capital improvements already made, equals the adjusted basis.

This is a voluntary program, and an owner can elect not to participate. However, it can be a source of significant financial aid for redevelopment and rehabilitation projects. For more detailed information about the program, please visit the National Park Service’s Investment Tax Credit website at http://www.cr.nps.gov/hps/tps/tax/index.htm.

Information concerning sources of funding and financial incentive programs
Formal and informal consultation on material, design, accessibility, program and other issues that may arise during the rehabilitation or ongoing use of an historic property. Assistance can take place at a site visit, by phone, traditional mail, or email.
Advise on repair or replacement of historic materials
Conditions assessments
Source lists for materials, suppliers or consultants
Information on best practices and alternative approaches to material or overall building issues.