When Joe Caro began visiting cities in search of an investment, Pittsburgh didn't figure to merit much more than a pit stop.

After all, for a well-traveled New Yorker who had visited countries in Central America and South America and many of the major cities and tourist destinations on the East Coast, Pittsburgh didn't hold any special appeal.

"I wanted to check it off the to-do list," he said.

But a funny thing happened on his way to some place more exotic. He fell in love with the Steel City after his first visit in March.

"I'm kind of shocked, too," he said. "It was a surprise to me when I discovered the way it is."

Mr. Caro, 50, liked Pittsburgh so much that he last month bought an eight-story building at 333 Boulevard of the Allies for $495,000 with plans to convert it into apartments and street level retail. He also intends to make his home here.

"I decided this is it. This is where I should be," he said.

He said the skinny structure he purchased near Point Park University would have fetched $20 million to $30 million in the Big Apple. As it is, "it's like I bought New York City at a discount," he said.

Mr. Caro has been utilizing the top floor of the building for an office. But he plans to convert all seven upper floors into loft style apartments -- one per floor, with a mix of one- and two-bedrooms.

There's another four-story structure connected at the back which Mr. Caro intends to use for more commercial space and perhaps another apartment.

His goal is to rent the apartment units at $1,000 to $1,200 a month, among the more affordable options for renters Downtown.

Mr. Caro, self-employed graphic and interior designer, expects the conversion to cost $250,000 to $300,000. He will be renovating every floor and giving the exterior a face lift. He hopes to have the first apartments ready by February.

He also wants to make the complex a green building, with a rooftop garden and energy-efficient appliances. He also plans to utilize solar energy and reclaim used building materials.

"This way I'm helping with the environment and saving a buck," he said.

Mr. Caro, who bought the property under the name Urban Ever-Green Group LLC, said he had searched for investments in a number of other cities before deciding on Pittsburgh. Not only did he see the building as a bargain, he found Pittsburgh to be a "gem" with "very, very friendly" people.

"When a 50-year-old man smiles at a young lady and she smiles back, I like it," he said, adding that the same smile in New York would get you "sued or ignored."

He also was stunned by the entrance into the Golden Triangle through the Fort Pitt Tunnel, which he described as "like a burst of city in your face."

"I'm having more fun here than I've had anywhere," he said.

Mr. Caro also believes Pittsburgh is on the cusp of a major boom, another reason he decided to invest his money here.

"I see trends and I know when everything is going to boom," he said. "This town is definitely going to see a boom. It's going to sneak up on them and one day, they're going to realize, 'Hey, when did this happen?' "