The new owner already built studios into a building he owns. That's not a terribly expensive investment these days. He can stream the content to the transmitter relatively expensively via the internet. The transmitter site is in an old industrial area of Niagara Falls that isn't likely to cost a lot in taxes. I'm not sure of the condition of the tower or transmitter at this point, but neither one is a huge expense these days, especially if you're not in a hurry. A new AM solid state is available for under $10K - and likely a lot under $10K for the power WJJL needs. It's a single tower, not an array, and that makes things a lot simpler.
I don't know if he'll make money, but he can probably serve up enough brokered content that he won't lose it. There are other fees and paperwork that have to be attended to, but much of it can be done by office personnel during "slack time". The cost of talent these days is going up thanks to minimum wage rises, but one spot per hour ought to cover that - even at "a dollar a holler". You might even find talent willing to broker their show and sell their own spots in order to pay for the airtime - which could be a win-win.
It may be a vanity project for the new owner, but it's not likely to cost him a bundle. Niagara Falls might even appreciate having a local station interested in their audience again.