Construction

First National

Owner

Manny Hanny Development Corp. (an affiliate of Savarino Companies)

The First National project was the historic renovation of the long-abandoned 1915 First National Bank building and adjacent former Siegel’s Shoes building in downtown Olean, New York. Developed, built, and managed by Savarino Companies.

The 10 story First National building, known locally as the  “Manny Hanny Building” because its former occupant Manufacturer’s Hanover Bank houses 21 market-rate luxury apartments on floors 2-10. The former bank floor and mezzanine will house commercial, event, and art spaces.

The two-story former Siegel’s Shoes building was renovated into class A office space. Funding sources included federal and New York State Historic Tax Credits, federal New Market Tax Credits, Downtown Reinvestment Initiative (DRI) grant from New York State Empire Development Corporation, and private financing.

Project Details
Location

Olean, New York

Cost

$10,000,000

Start Date

11.01.2020

Completion Date

02.01.2022