The last of three Elmwood Village properties that Ciminelli Real Estate Corp. had put up for sale several months ago near the site of its proposed residential development project has finally been sold.
A Watertown investment group bought the apartment building at 588 Potomac Ave. from Ciminelli for $250,000. The group, M&V Ventures, is registered to Michael Yonkovig, the owner and president of Brownell Abstract Corp.
Built in 1925, the 2,511-square-foot brick-and-wood apartment house has three floors and three units.
The sale comes three weeks after Ciminelli sold two other nearby apartment buildings – one at 721 Ashland Ave. and the other at 584 Potomac – to a pair of downstate investors for a total of $1 million. The buyers, Matthew Hornstein and Maximilian Polsky of M2 Acquisitions LLC, plan to make repairs, upgrades and capital improvements as needed to the two buildings, which are both three stories in height with a total of 14 apartments.
Ciminelli had acquired the three Elmwood Village houses along with eight other properties from longtime owners Donald and Lori Leone, with plans for its $40 million Arbor + Reverie project that would include two five-story buildings with 97 residential units, eight retail spaces and 150 parking spaces. As part of the plan, Ciminelli had initially intended to demolish the three homes to incorporate the properties.
But it reversed course amid community outrage and opposition to the overall project, and instead planned to renovate them as stand-alone multifamily homes. Eventually, officials decided the developer didn't need the properties at all, so they relisted them in October as part of an effort to defuse tensions with the community.
Meanwhile, the entire Arbor + Reverie project is currently on hold.