Hungerford Building Owner Seeks Loan to Stop October 29 Foreclosure Auction

The owner of Rochester's Hungerford Building is reportedly trying to secure a construction loan that would pay off about $10.5 million in foreclosure debt before the property goes to auction on October 29, 2026. The Rochester Business Journal reported on October 1 that owner Peter Hungerford is working on financing that would clear the $10,490,036.37 owed to the mortgage holder, citing reporting by The Real Deal, a New York City real estate publication Rochester Business Journal.

The building, at the corner of North Goodman and East Main streets, is one of the best known former industrial properties on Rochester's east side. Whether it sells at auction or is refinanced, the outcome will decide who controls a large adaptive reuse candidate and how soon any construction could begin.

What Happened

According to the Rochester Business Journal, the auction is scheduled for 10:25 a.m. on October 29 in the front vestibule of the Hall of Justice in downtown Rochester, with Michael Rothenberg serving as the court-appointed referee Rochester Business Journal. The property is held by The Hungerford Building LLC Rochester Business Journal.

The report said the owner is seeking a construction loan in the range of $40 million to $50 million and plans about 200 apartments Rochester Business Journal. Those figures come from The Real Deal's reporting as relayed by the Rochester Business Journal. No lender has been named in the coverage reviewed, and no loan closing has been announced.

How It Got Here

• Purchase: Peter Hungerford, a Staten Island real estate investor and a distant relative of the building's original owner, bought the property in 2022 with an $8.2 million mortgage WXXI News.
• Foreclosure filing: The lender began foreclosure in September 2025 Rochester Business Journal.
• Court ruling: State Supreme Court Justice Daniel J. Doyle signed the foreclosure order on September 2, 2026 Rochester Business Journal. WXXI News reported that the judge denied the owner's challenge and removed the building's former tenants from the list of defendants, clearing them of financial responsibility WXXI News.
• Amount owed: About $10.5 million WXXI News.

The two outlets give the lender's name slightly differently. The Rochester Business Journal identifies the mortgage holder as Elizon DB Transfer Agent Rochester Business Journal, while WXXI News refers to Elizon Transfer DB LLC WXXI News.

Condition of the Building

The Hungerford Building was constructed in 1900 by J. Hungerford Smith to make soda syrups and confectionery products WXXI News. The J. Hungerford Smith Co. produced fruit syrups and the syrup for A&W Root Beer there Rochester Business Journal. In recent decades it was known as a home for working artists.

WXXI News reported in September that the building had 36 open code violations, including leaking pipes, an uninspected elevator and broken doors WXXI News. Occupancy had dropped from more than 100 artist studios to fewer than 15, with many of the remaining artists planning to move WXXI News.

Implications for Owners, Developers, Contractors and Subs

• Developers and investors: A foreclosure auction would put a large, mostly vacant mill-style building on a main east side corridor in front of new buyers. Any bidder will need to price in deferred maintenance, code compliance and the cost of a full conversion.
• Lenders: A reported request of $40 million to $50 million against a property carrying about $10.5 million in debt implies that most of the loan would fund construction. Underwriting a conversion of that scale depends on entitlements, a defined scope and a credible budget, none of which have been made public.
• Contractors and design firms: Converting a 1900 industrial building to about 200 apartments is a substantial scope: envelope and masonry repair, new vertical circulation, life safety systems, and full mechanical, electrical and plumbing replacement. No design team or contractor has been named, and no plans have been filed in the coverage reviewed.
• Neighbors and tenants: The remaining studio tenants and nearby businesses face continued uncertainty until the ownership question is settled.

What to Watch

• Whether a loan closes and the debt is paid before October 29.
• If the auction proceeds, who bids, and whether the lender takes title.
• Any site plan, zoning or historic review filings with the City of Rochester for a residential conversion.
• City enforcement on the open code violations.

Bottom Line

The Hungerford Building is a little more than three weeks from a court-ordered auction over about $10.5 million in debt Rochester Business Journal. The owner's reported plan for a construction loan and 200 apartments has not been confirmed by a lender or by any public filing, so the auction date remains the firm milestone to watch.

Image credit: Kevin Oklobzija, Rochester Business Journal. Image from the source article.

Sources

• Rochester Business Journal, Report: Hungerford Building owner wants to pay off foreclosure debt: https://rbj.net/2026/10/01/hungerford-building-owner-pay-off-foreclosure-debt-rochester/
• WXXI News, Judge clears foreclosure of Hungerford Building: https://www.wxxinews.org/local-news/2026-09-11/judge-clears-foreclosure-of-hungerford-building