The former AM&A’s Department Store has traded hands. 377 Main Realty Inc. paid $2 million for the property today. Landco H & L Inc. was the seller. Both buyer and seller are registered to Flushing, New York addresses, the seller on Union Street and the buyer on 171st Street. A source close to the project says the transaction brings additional equity into the effort.
Landco’s $70 million reuse plan calls for ground floor retail and restaurant space, 40,000 sq.ft. of banquet facilities, and a 340-room Wyndham Hotel. Work on the project has been sporadic but after a lengthy asbestos removal effort, construction was said to be on track only to stall again. Last fall, Landco was said to be close to securing a tax credit investor and lender to allow the project to proceed and hired Savarino Cos. to oversee the work.
Landco H&L Inc. purchased the property in November 2014 for $2.775 million. The building has been vacant since 1999.