North Adams' New Kimbell Building Taken at Foreclosure Auction
NORTH ADAMS, Mass. — The iconic New Kimbell Building on Main Street went to foreclosure auction on Tuesday after the owner fell behind on both mortgage payments and property taxes.
Mortgage-holder MountainOne Bank was the only bidder at the auction, taking the historic building for $1,248,000. It was held in the entrance lobby at 85 Main by Daniel P. McLaughlin & Co. Auctioneers LLC.
The New Kimbell Building, better known as 85 Main St., was purchased by PKC Capital LLC for $1.65 million from 85 Main Street Nominee Trust in 2021.
PKC Capital LLC, which transferred to 81-91 Main Street LLC in December, still owed $1,124,316 to MountainOne at that time, according to documents on file with the Registry of Deeds.
As of Friday, the owners owed $133,517.33 in back taxes and interest to the city of North Adams dating back to fiscal 2023. A tax-taking was filed on Oct. 28, 2024.
The city lists the principal as Charalabos Bakalis of the state of Florida. Bakalis, as KCS MATERIALS LLC, also owns 306 Union St., which went into foreclosure last year. Work was done on the exterior of the apartment building some years ago but then halted, and the city filed a tax taking in 2024. A for-sale sign recently appeared on the property.
The block that encompasses 81 to 91 Main St. was built in 1908 by two daughters of Jenks Kimbell, owner of the "old" Kimbell building that had been the city's first commercial livery.
It's been the home of notable businesses over the past century, including Apothecary Hall and McClelland's. It currently hosts a variety of accounting, investment and insurance firms, and offices on two floors. MountainOne Insurance and Investments has taken over much of the first floor. The bank occupies the adjacent building.
The top four floors have been empty for years and are blocked from public access. The property is assessed at $1.12 million and contains an estimated 55 units.
Tags: auction, foreclosures, Main Street,
