The Niagara Falls Reporter has learned that Youngstown businessman Richard Hastings has reached an agreement to sell a total of 38 properties in Niagara Falls owned by companies he is affiliated with for what sources say is in the low $3 million range.
Of the 38 parcels involved, 23 of them are located on Main St. including the former Jenss Store at 1819 Main, and the properties are eventually expected to come under the control of the state’s USA Niagara for development purposes.
Sources say the sale is being made to a kind of middleman for the acquisition by USA Niagara, and could be completed within a few weeks. The properties have been on the market for some time by Hastings through the real estate company Hastings Cohn.
The real estate company has in the past cited the lack of Main Street traffic as a stumbling block to development in the Main Street area. We’ll keep you posted.
Hastings declined to comment for this story.