KINGSTON — A salesman who says he has “a passion for real estate” has spent $1 million to purchase a building in Kingston that houses 30 businesses and apartments.
JANAT Enterprises LLC, a company owned by Jim Fiero, of West Wyoming, purchased the property at 239 Schuyler Ave. last week from Brian J. Selenski of Shavertown.
He said a chance meeting with Selenski’s son led to the deal. He heard Selenski was planning on moving to Florida and was selling his numerous buildings in the region, and Fiero said the three-story, 114,467-square-foot building at the intersection of Schuyler and Spruce was one he had fallen in love with.
“It’s a good location, centrally located; I just love that building. It has a lot of character, a lot of potential,” said Fiero, a Bethlehem native who owns property in the Lehigh Valley and has flipped houses in Harveys Lake and West Pittston.
He said that while he has ideas about modernizing the building, he doesn’t want to affect its charm. The building was built in 1973, a year after the Agnes Flood.
He also said that there are only two or three vacancies in the building and he has no plans on changing the current tenants, which include Vanderlyn’s restaurant, Footsteps Ballet Arts School and Cooper Dance Academy, a boxing gym, karate school, art studio, generator business and various other small business.
As to the $1 million sales price, Fiero said the building was appraised at $1.2 million.
“Based on the cash flow, it’s a good investment,” he added.
The building sits on 1.24 acres and the building, and the property it stands on has an assessed value of $763,700.