The AM&A's complex is back on the real estate market, for double the purchase price of last year. What started as a rapidly spreading rumor circulating amongst downtown commercial brokers, is now confirmed. Whispers about the building quietly being shopped have been persistent, even before current owner Richard Libby closed on the property last September.
Libby’s New Horizon Acquisitions LLC purchased the landmark at 377 Main Street for $2.05 million. It is now listed with Robert Rocheeld of Century 21 Best, Inc. of Elmhurst, NY for $3,999,999.
Long Island-based Libby had announced ambitious plans for 180 apartments plus ground floor retail in a multi-million dollar renovation project. Libby had also been seeking City assistance in providing parking for the project.
Reuse of the property site has been a goal of City officials and others since the department store closed in 1995. If put on the market, it is unclear if Libby is prepared to proceed with a renovation project if a buyer is not found. Numerous potential buyers have looked at the building in the past but failed to close on a purchase.
Photo credit: Citysky Photography by Nate Farnsworth.