'American Hustle' building owners buy Chestnut St. site for $1.9M
Photo/Grant Welker
A vacant office building on Chestnut Street in Worcester has been bought by the same owner of two adjacent buildings on Main Street.
A Worcester development company run by the same family who owns the Central Building has bought a sprawling 300,000-square-foot office property on Chestnut Street for $1.9 million.
The transaction, which closed Oct. 16, puts the Chestnut Street building into the hands of the Krock family, which owns the adjacent Commerce Building at 340 Main St. and the Central Building at 332 Main St. Part of the movie "American Hustle" was filmed at the Central Building, which was purchased by Janet and Barry Krock four decades ago and is now part of the development group with their children Aaron Krock and Kathryn Krock Parvin, and Kathryn's husband, Kevin Parvin.
The Commerce Building features a mix of office uses across nine floors. The Central Building is being renovated into 55 mixed-income residential units with the help of a $3.7-million permanent loan and $1.4 million in workforce housing funding from MassHousing.
An entity controlled by the Krock family, Chestnut Street Properties LLC, bought the Chestnut Street office building from Paul Revere Life Insurance Co., part of the insurance company Unum, Registry of Deeds records show. The property is listed as 18 Chestnut St., 3 Harvard St. and 0 Chestnut St. Kathryn Krock Parvin is listed as Chestnut Street Properties' manager with the Massachusetts Secretary of State's office.
The office building, which was built in 1922, according to city records, was last assessed by the city at $4.5 million.
CORRECTION: An earlier version of this story incorrectly said the Central Building's funding came from MassDevelopment.
WBJ Web Partners
Most Recent
Most Recent
0 Comments