Former Bangor YMCA building back for sale — at almost 70% markup

Posted Jan. 08, 2012, at 12:20 p.m.

BANGOR, Maine — Three months after the former Bangor YMCA building at 127 Hammond St. was purchased for $370,000, it’s back on the market — at a significantly increased asking price.

The 1.71-acre parcel of land and two-story building, which was bought by Newport entrepeneur Greg Lovley in October, is now being relisted by Trundy & Company Real Estate — but it’s now 1.6 acres and the price tag is $625,000, representing a 68 percent increase over the original sale price. What is not being resold is a 0.11-acre lot located alongside or adjacent to Court Street.

The entire parcel and 51,000-square-foot building were first put on the market by the Bangor Y for $725,000 in July.

According the city of Bangor’s assessing office, the 41-year-old former Bangor YMCA building is valued at $2,898,400 and the property is valued at $320,000 — computing to about $63,000 in taxes each year for property that Bangor used to collect only $1 a year on due to its ownership’s nonprofit status.

The current listing for the property by Realty of Maine describes it as having “endless possibilities” with a gym, pool, offices, commercial kitchen, multiple showers, a sauna, basketball court, weight room and an 80-vehicle parking lot. The ad calls it a “brick structure in very good condition just waiting for someone with a vision.”

Lovley is a developer who owns several businesses in the Newport-Palmyra area, including the Newport Entertainment Center, a gas station, motels and eateries. He also owns several apartment buildings in Greater Bangor and the warehouse on the corner of Hammond and Hildreth streets formerly occupied by Marden’s Surplus and Salvage and later Old Town Canoe.

Similar articles:

ADVERTISEMENT | Grow your business
ADVERTISEMENT | Grow your business