A prominent block in the heart of Bangor’s downtown is up for sale.
The Stetson Block — which includes two 100-year-old buildings at the corner of Hammond and Central Streets and houses retailers and restaurants like Bahaar Pakistani Restaurant, Giacomo’s and Bagel Central — hit the market on June 20 for $ 1.29 million.
Its co-owner, Paul Cook, of Bangor, is also finalizing a deal to sell one of his other downtown properties, the six-story 27 State St. building for nearly $1 million, which houses several retail tenants, including the Yankee Cobbler and the Cornerstone Barber Shop.
The sale of the Stetson Block, which was built in 1914, would be the latest million-dollar real estate deal in downtown Bangor. Another large block of buildings along Exchange Street sold for $1.95 million in October.
According to city records, Cook bought the Stetson Block at 31 Central St. in 1999 for $460,000. His purchase of the State Street building was part of a $1.65 million real estate deal in 2002 that also included the Coe Block at 61 Main St. between Cross and Columbia streets, and 60 Main St. across the street, which he has since sold.
A local investor agreed to buy 27 State St. a few weeks ago, Cook said. The property sold for slightly less than its $949,000 asking price, but he declined to say the exact amount.
Cook and his partner, Ridgefield, Connecticut-based Couri and Company LLC, decided to sell off some of their pricier downtown properties in part because they typically require “a higher level of management attention,” he said.
The owners have not decided whether to sell the Coe Block. Cook plans to keep the office building at 15 Main St., between Hammond and Cross streets.
The Stetson Block and 27 State St. were both built after the Great Fire of 1911, which destroyed much of the downtown, according to Dick Shaw, a Bangor historian.
“Bangor was rebuilding real fast. It was wanting to get on with the new 20th century Bangor,” Shaw said. “After the Great Fire there was fear that there would be another so there was little wood on the inside and the walls were made very strong and over 100 years later here they are.”
Cook has an ownership stake with nearly 40 commercial and residential properties throughout the greater Bangor area with various business partners and co-owns the property management company Maine Real Estate Management LLC, he said.