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.
–While I was a member [ life -long ] of the ‘Y’ – I witnessed a measurable decline in leadership / focus and common sense by ‘those in charge’- – until the ‘politically correct’ decision to have the Y ‘W’ –become the focus de jour ended the tenure of a once great institution- –
It was clearly undervalued when first offered for sale – but that is in keeping with the consistent ineptness of the current decision makers —
A tragic ending to a noble mission –
couldnt have said it better myself.
The national organization isnt even known as YMCA anymore, just the Y
The national organization isn’t even know as YMCA anymore, just the Y……
Is being ignorant different than not knowing? OR is not knowing being ignorant? Either way David you don’t know what you are talking about. Look it up.
Personally, I was glad to “see” the “C” disappear…
Couldn’t live up the Christian morals and ethics, eh?
A lot of kids no longer do; and as a result the character building aspect of participating in the YMCA has largely disappeared. Now it isn’t any different than a town rec. dept.
Wasn’t always that way.
How you played the sports and how you regarded your opponent and the care of your body were as, if not more important than winning or losing.
As Maine churches lose membership, crime of all kinds continues to climb and societal breakdown is common, i.e. divorce rates, abandoned children, law suits, etc. Learn how to live like a Christian even if you aren’t one or suffer later.
“Learn how to live like a Christian even if you aren’t one or suffer later. ”
Well said, except you should have said “true Christian”.
Lovely is a developer. Did anyone expect anything less?
Nope!
I have seen this happen again and again. Buy low and then sell higher. Lovely knew what he was doing….smart business!
Yeah, but he’ll never sell it. The building is falling apart and smelly.
This is just an aside. Tiger Woods ex bought a property in Florida for $12,000,000.00, then decided she didn’t like it and had it bull dozed. Go figure.
That’s what you can do if you get a $100 million divorce settlement. She is going to build a new home on that lot.
Wait till he gets his tax bill (its no longer tax exempt).
He bought the building and started to work on the inside but instead ran in to things that were not in his favor to fix, yes he might be a great real estate person but even then some think before fixing. I know i would. That building was not taken care of real well at all
they’ll be selling the second st building soon under the current leadership, so Mr Lovely get ready to write another check
And why do you say that memberships have increased alot lately. Mike is a great ceo. they just need to clean up the place a little and hire new help
I used to work side-by-side with Mike, at a former employer we both shared. He’s a good guy, his wife is lovely, and he has vision and energy. I wish him well. I haven’t been to the Bangor Y for several years, since I moved to the Belfast area. The Y in Bangor (YW, that is), as I remember it, was somewhat dirty and run-down, esp. the men’s locker rooms. But the pools were great. I really liked the weight room. A little cramped, but it had a nice vibe to it.
I keep meaning to take an advantage of the reciprocity agreement between Maine Y’s, and visit the Bangor Y again. Haven’t yet, but, I should. Soon.
Yes Your right Mike is awesome, work side by side with him sometimes but not always. He is great
You should stop by and see it now. Since the remodel it’s great!!! Mike is also great to work with.
I know… It would make a great fitness club…Oh wait, a non profit already tried that….
A snowballs got a better chance in hell than Lovely does in completing a sale for anything close to a half million.
particularly with that tax bill!
First I dont know the person who now owns the building. But clearly he has business a business mindset. Clearly he saw an opurtunity to buy a building cheap which is good for him. So what if he wants to turn a profit. He is a business man. Poorly tasted article BDN sounds like your boss who own the papers or your supervisors are jealous because a business man and gonna make a killing on this one…
Unless he doesn’t sell it. It sounds like if he’s just looking to sell it, that it could be a poison pill until he unloads it with that tax bill.
The story is that they even sold the place the first time, much less are trying to sell it again.
Anyone else curious why they are not selling the .11 acre lot….?
NOT knowing the property. In the past, I’ve seen a small portion carved out for a cell tower. They lease out the property at about 20k or more per year. Truely, passive income.
Other than giving the occbang protesters something else to whine about, what exactly is the point of this story???
It’s woefully incomplete.
Unfortunately, I think that building will sit empty for years.
You are very right Bangorian. In today’s market the won’t get many offers at that price. Even Penobscot County didn’t bite at the original price. Lovely also owns the former Baldacci’s restaurant and the building in front of it on Broadway. Those have been vacant for 3 or so years. The front one only gets used when the Republirats use it to promote one of their losers.
Are you saying Republicans are worse than Democrats. I dont think, look what democrats have done lately Nothing
If the historical YMCA in Augusta that was torn down a few months ago is any prediction of the Y in Bangor, then yes, it will be torn down and used for parking.
Can anyone verify the age of the building ? I know that it is more than 41 years old.
A property is only worth what someone will pay for it. No doubt, the City’s assessment is based on a cost approach value which doesn’t work very well in appraising white elephants. We’ll see next April 1 whether the Assessor recognizes the requirement of assessing at no more than market value.
A good many sharp area business poeple have invested in old buildings downtown with mixed results. Just for prides sake, you won’t see anyone with the ability to buy this building give Mr. Lovely any kind of sizeable profit. Perhaps it just close enough to the new downtown post office for the Postal Department to buy it for extra space. They make bad decisions all the time.