March 18, 2019
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Three buildings go up for sale in downtown Bangor

Linda Coan O'Kresik | BDN
Linda Coan O'Kresik | BDN
Three buildings are for sale on the north end of Exchange Street in downtown Bangor.

A developer who has recently been reviving a long-quiet stretch of downtown Bangor has put three of his properties on the market.

Adam Moskovitz, the owner of ANM Properties, purchased six buildings along Exchange Street in the fall of 2016 and has since found commercial tenants for more than half of them, including Black Bear Brewing Co., the financial planning firm Thompson-Hamel, several arts organizations and the lingerie shop City Drawers.

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Most of those tenants are in the southern half of the interconnected block, commonly known as the Nichols Block, which ends at York Street.

But the northern half, which includes the prominent former headquarters of Bangor Hydro Electric Co. at the intersection of State and Exchange streets, remains mostly vacant.

Now, that northern half is on the market for a listed price of $1.6 million, according to a brochure from the brokerage firm Porta & Co. Alternatively, the three adjoining properties can be sold individually.

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They include the three-story building at 33 State St. first built in 1912; another three-story building at 209 Exchange St. from 1920; and a single-story building at 205 Exchange St. from 1930. All three used to be owned by Bangor Hydro, according to city records.

When Moskovitz first bought the six properties in Oct. 2016, the listing price had been $1.95 million.

Moskovitz is still willing to find tenants to lease those spaces, he said, but putting them on the market is a way to generate more commercial interest in them. The end result of either leasing or a sale is development in Bangor’s downtown, which Moskovitz said he supports.

“Putting them up for sale just makes more sense overall,” he said. “I think some people get deterred if it’s just for lease, and some people just want to lease. They don’t want to own. For me, it doesn’t matter. Either is a way to continue the forward progress.”

One of those buildings, 209 Exchange St., already has one tenant, the lingerie shop City Drawers. It has a five-year lease on its first-floor space, which has its own street address of 213 Exchange St.

If the building is sold, “the new owner would have to honor” that lease, Moskovitz said.

Overall, Moskovitz said he’s invested hundreds of thousands of dollars into improving the block since his company acquired it in October 2016. Among other improvements, he’s had to upgrade the electrical work, implement fire safety measures and seal off some of the buildings from each other.

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The city also recently made its own improvements to that block as part of a larger project to replace water, storm water and sewer systems and repave the roads in downtown Bangor. It installed heating pipes under the Exchange Street sidewalks to melt the snow along the pedestrian walkways. Business owners there can opt to connect their heating systems to the sidewalk pipes as a test case for properties elsewhere in the city.

 



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