North Adams' New Kimbell Building Sold for $1.3M
NORTH ADAMS, Mass. — The New Kimbell Building on Main Street has changed hands again — this time to the family of an iconic Saugus restaurant.
A limited liability company listed as 81-91 Main Street North Adams MA acquired the six-story structure on Oct. 27, according to documents on file at the Registry of Deeds. Dennis Wong of Stoneham and Gregory Hayward of Lynn are listed as the managers of the LLC.
The names on the MountainOne Bank mortgage are siblings Robert W. Wong and Linda W. Chu, listed as co-trustees of the Madeline C. Wong Irrevocable Trust.
The Wong family owns the landmark Kowloon restaurant on Route 1, founded by their late parents William and Madeline Wong. The 1,200-seat venue is reportedly set to be demolished and replaced by two mixed-use buildings and much smaller restaurant.
It's not clear what that has to do with the New Kimbell Building, better known as 85 Main. The six-story, 118-year-old structure went to a foreclosure auction in February and mortgage-holder MountainOne was the only bidder.
The LLC was assigned the auction's bid for value — $1,248,000 — and the Wongs took out a mortgage of $1,150,000 from MountainOne.
Only the bottom two floors are in use; the upper levels have been empty for some time. The property is assessed at $1.12 million and contains an estimated 55 units.
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.
This past May, 48-52 Ashland St. was purchased by Wong and Hayward for $260,000. The Ashland Street property was transferred for $1 through a quitclaim deed to Berkshire Assets Group LLC, of which Wong and Hayward are also managers.
Berkshire Assets Group also over the last four months has purchased multi-family units at 376 Union St. and 138 Church St.
