AMB Real Estate Holdings has closed on 1054 Elmwood Avenue, more commonly known as the “We Never Close” building. A previous post incorrectly noted the building would not see significant changes, but AMB has big plans in store for the building. The corner building has a prominent two-story brick storefront/apartment addition along Elmwood with an older home at the rear and is located within the Elmwood West Historic District. The HD is only state and national, not local.
Plans call for a full face lift, including painting the existing storefronts and making any necessary masonry and clapboard repairs to both the storefront building and the home at the rear. We Never Close will stay in place and continue their operations, but in a more welcoming and attractive setting. AMB plans for new landscaping and plants to liven up the corner and make it more inviting. “I’ll be taking the apartments from their current dilapidated condition and bringing them up to the current standards of market rate units,” said Adam Backus, owner of AMB Real Estate Holdings. “I want to bring the building up to the same level as others along Elmwood Avenue, if not better.” If past performance is any indication, expect good things from this rehab, which is follows up the transformation AMB wrapped up at 78 Tracy Street.
AMB purchased the building for $800,000, which works out to be $118 per square foot. “It’s pretty comparable to other recent sales on Elmwood Avenue and actually a little bit less,” said Backus. Work will start as soon as next week as painters will be on site working on the storefront and house. Exposed brick lovers need not worry, the brick isn’t going to be painted over.