Worcester development firm buys four Park Ave. properties for $3M
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A 6,170-square-foot building at 226 Park Ave. was one of four buildings purchased by a Worcester-based firm.
Four adjacent properties on Park Avenue in Worcester have been purchased by a Worcester-based firm for $2.75 million, as a financial services firm occupying one of the buildings is moving its operations to West Boylston.
The four parcels, located at 216, 222, 224 and 226 Park Ave. near Elm Park, were sold to JAE WOR LLC in deals finalized on Jan. 8, according to Worcester District Registry of Deeds records. JAE WOR is an entity owned by Joseph Charpentier and Anna Szeto, both of Worcester, according to Massachusetts Secretary of the Commonwealth records.
The property at 216 Park Ave. was sold by Westborough-based Flint LLC, while 222, 224 and 226 Park Ave. were sold by Worcester-based Oakley Properties.
JAE WOR plans to convert the 6,170-square-foot building at 226 Park Ave. being utilized as an office space back into a residential building. FMG Financial Services, a company based out of that office space, will move its operations to 171 West Boylston St. in West Boylston, according to a press release from Worcester-real estate brokerage Kelleher & Sadowsky Associates.
The rest of the properties are already residential buildings; the property at 216 Park Ave. contains three units, while the building at 222 Park Ave. is a single-family home and the building at 224 Park Ave. is a three-family building. The four properties were given a tax assessment value of $2.12 million, according to City of Worcester property records.
In addition to these four properties, JAE WOR owns five other residential properties in Worcester on Maranda Street, Southbridge Street, and Valmor Street.
Jim Umphrey and Jay Umphrey of Kelleher & Sadowsky Associates were the brokers in the transactions of 222, 224 and 226 Park Ave.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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