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February 28, 2019

Half of historic Exchange Street block in Bangor goes on the market

Courtesy / ANM Properties From left, 22 State St., 209 Exchange St and 205 Exchange St. in Bangor are back on the market to allow more opportunity for development, seller Adam Moskovitz said.
Courtesy / ANM Properties ANM Properties founder Adam Moskovitz has brought new vitality to three of the six “underutilized” buildings that he bought as a block in 2016 on Bangor's Exchange Street.

Two years after buying a block of six historic buildings on Exchange Street in Bangor, Adam Moskovitz of ANM Properties has listed three of the buildings for sale.

Moskovitz has listed 205 and 209 Exchange St. and 33 State St. with Porta & Co.

“I think the biggest reason for putting them up for sale is that it allows more opportunity for downtown development sooner than later, as I don't have partners and I am doing this myself,” Moskovitz told Mainebiz by email. “I have to slowly go at this project.”

He added that he remains open to leasing space in the three buildings.

Moskovitz started ANM Properties in 2011. The Bangor-based property management firm specializes in luxury apartment rentals, design-build and commercial development. He finalized his purchase of the six buildings for $1.95 million in October 2016.

The entire portfolio, between State and York streets and comprising 52,945 square feet, consists of the Nichols Block building at 187 Exchange St.,195 Exchange, 197-199 Exchange, 205 Exchange, 209 Exchange and 33 State St.

Tenants have since leased most of the space in the three buildings that Moskovitz will retain, he said. They include Thompson-Hamel LLC, a financial planning and payroll-processing firm; the Bangor Arts Exchange; City Drawers, a women's wear and lingerie shop; and a second taproom by Orono-based Black Bear Brewing Co.

Moskovitz said he’s invested close to $1 million in renovations.

The Porta marketing brochure lists the three buildings as ideally positioned for a conversion to multifamily with first-floor retail. The buildings are available together, listed at $1.6 million, or individually. 33 State St., built in 1912, is listed at $650,000; 209 Exchange, built in 1920, at $450,000; and 205 Exchange, built in 1930, at $425,000.

The buildings went on the market mid-January, Charles Day of Porta told Mainebiz.

So far, Day said, he’s seeing interest from a mix of potential buyers from around New England.

“I’m targeting multi-housing developers,” he said. “These buildings are qualified for historic tax credits, so that’s a specific pool of buyers. I’m talking with a couple of groups now.”

One idea, he said, is to have retail on the first floors and residential use on the upper floors.

“There are other developers downtown where that’s happening. It’s a trend,” Day said, citing 28 Broad Street Lofts as an example. The building at 28 Broad St. dates back to the early 1900s and was converted into luxury apartments in a renovation completed in 2016.

“The last couple of years, the trend in downtown Bangor has been to convert some vacant buildings into upscale residential,” Day said. “We see that as the value.”

In 2016, before Moskowitz bought the block, Bangor Community and Economic Development Director Tanya Emery told Mainebiz that, ideally, redevelopment of the “drastically underutilized” block would extend downtown Bangor's surge in new retail, restaurants and living quarters.

That vision is materializing, Emery told Mainebiz in an email update this week. ANM’s redevelopment of the area “has absolutely brought new life to what was a previously relatively quiet part of downtown. The shops, offices, and the restaurant/tap room on the block have brought many new patrons to Exchange Street. The Bangor Arts Exchange has re-energized the third floor ballroom into a venue for art, music, dancing, and performance, creating a totally new element in arts and cultural programming in Bangor.”

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