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November 14, 2016

Bangor block purchase is buyers largest yet

Photo / Laurie Schreiber The six-building block in downtown Bangor that Adam Moskovitz of ANM Properties purchased in a deal that closed on Oct. 26 for an undisclosed sum.
PHOTO / LAURIE SCHREIBER Real estate brokers Pete Laney, left, of C21 Venture Ltd. and John Bonadio of Maine Commercial Realty represent the seller of six buildings on a block on Exchange Street in Bangor, Eaton Tarbell Jr. They're seen here in front of the northernmost building, 33 State St., at the corner of Exchange and State.

BANGOR — An Operation Iraqi Freedom veteran who now buys, restores and rents historic homes in Bangor has taken a leap into his biggest project by far with the purchase of a block of six historic buildings on Exchange Street.

Adam Moskovitz, who started ANM Properties in 2011, finalized his purchase Oct. 26 for an undisclosed sum. The six buildings were listed in July at $1.95 million.

Moskovitz said he’s already been contacted by quite a few potential tenants, and has held first and sometimes second meetings. Most of the interest has been in the 33 State St. bank building and the Nichols Block ballroom building, due to their significant architectural heritage. One of the contacts has been from a Portland-based restaurant business and another from a Bangor business.

“That’s really encouraging, because it reinforces everything I’ve been saying, that people are excited and see the buildings’ potential,” he said.

Moskovitz, originally from Florida, served eight years in the military. His first four years of active duty were in Germany, where he became good friends with another serviceman who was from Maine. After they returned, the friend convinced Moskovitz to join him at the University of Maine. Moskovitz enrolled in adventure recreation-business management, with the idea to start a global adventure tour company.

“I love traveling and have been to many different countries,” he said. “A good chunk was when I was in Germany. Any time we had off, we got into our old BMW and drove as far as we could,” covering much of Europe, living with locals and making connections, which was the heart of his business idea.

“Connectivity is key in life’s journey, because the connections you make bring everybody closer together,” he said.

Moskovitz also joined the Maine National Guard and in 2005 was deployed to Baghdad.

“One of the craziest stories was that, when I was picked and my best friend wasn’t, he ran into the commander’s office and said, ‘If he’s going, I’m going, too.’ So we went together, along with another good friend,” Moskovitz said.

Based in the heart of war, the friends nevertheless returned home unscathed, receiving combat infantry badges. Moskovitz finished school, graduating in 2008. The recession was on — the wrong time to start a vacation business.

“So I had to reinvent myself,” he said. “I saw the rental market was emerging a bit because, even though people were losing their homes, they were moving into rentals.”

In 2011, as ANM Properties, Moskovitz bought his first property, built in 1878 and fitting with his love of historical and architecturally significant buildings.

“They just don’t make houses like they used to,” he said. “Even though a house is maybe outdated on the inside, the bones are normally structurally indestructible.”

Moskovitz acquired over 30 units and two commercial buildings, primarily in Bangor and elsewhere in Penobscot County. He guts them, restores architectural elements like old moldings and floors and renovates to modern standards.

The buildings in the Bangor block, between State and York streets and comprising 52,945 square feet, were marketed as a package by John Bonadio of Maine Commercial Realty and Pete Laney of C-21 Venture Ltd., who represented seller Eaton Tarbell Jr. Moskovitz was represented by his wife, Elizabeth Moskovitz, a broker with ERA Dawson Bradford in Bangor.

“The reason I made the leap was, being a Bangor resident, in the last few years I’ve seen a resurgence and that’s exciting,” he said. “That encouraged me on buying this as an investment opportunity. But it also helps my city. Being part of something like that is in itself an incredible opportunity. My biggest idea is about how it’s going to add value to Bangor, something that’s going to make other people happy and feel that that part of Bangor is coming back to life.”

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