Schrute Properties LLC Acquires 42-Unit Multifamily Building From William Paladino For $5.2M

The transaction involved a multifamily asset located at 24 South Johnson Park in Buffalo. The property, known as The Graystone, consists of 42 units and was sold for $5,200,000, resulting in a price per unit of $123,810. Originally constructed as a hotel in 1897, the building underwent renovations in 2014 to convert it into apartments.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,200,000
• Units: 42
• Price Per Unit: $123,810
• Buyer: Schrute Properties LLC
• Seller: William Paladino - Ellicott Development
• Broker: Robert Stewart - Pyramid Brokerage Company
• Date of Transaction: 09/19/2025

William Paladino, representing Ellicott Development, completed the sale of the historic apartment building to Schrute Properties LLC. Robert Stewart served as the broker for this transaction, facilitating the deal in the Buffalo market and contributing to a growing trend of multifamily acquisitions in the region.