Pastore Builders, which identified itself as one of the largest real estate developers in Erie County, has been sold to a New York-based company.
Pastore, which owned and managed more than 1,000 apartments and more than 300 individual self storage units, was sold to Rochester-based Riedman Properties for $62.6 million, according to real estate transfer records.
Riedman is now doing business in Erie as Riedman Apartments. Pastore, which had its offices at 2315 W. Grandview Blvd., Millcreek Township, was founded in 1954 when four Pastore brothers — Carl, Tony, Paul and Don — started building houses in Erie and Millcreek Township.
According to the company’s website, Pastore built its first eight-unit rental building at 42nd Street and Greengarden in 1964.
Until the sale to Riedman, Pastore owned and operated Alpine Village Apartments; Idyllbrook Village Senior Living; Laurel Ridge Apartments; Laurel Springs Apartments; Willowwood Village Apartments, and Winchester Apartments and Townhomes.
The purchase of Pastore Builders was not Riedman’s first move into the Erie area.
In July 2013, Riedman broke ground for the Hammocks at Millcreek, a 270-unit apartment facility with a clubhouse and pool located at 4600 Zuck Road in Millcreek Township.
Founded in 1993, Riedman Companies has specialized “in the development of real estate throughout the Greater Rochester, Buffalo, Finger Lakes, Syracuse and Northwestern Pennsylvania Regions,” according to the company’s website.
The website also says that Riedman designs, builds and markets single-family homes and manages a real estate portfolio of more than 4,000 apartment units.
The company has developed 2,600 housing units of its own and has a commercial and industrial portfolio of more than 600,000 square feet of space, according to its website. A manager with Riedman did not immediately return a message seeking comment.