Vermont residents buy two prime properties on North Street | Local News

PITTSFIELD – Two Vermont residents recently became owners of a sizable lot of prime real estate located in the 400 block of North Street.

Dennis McIntosh and Catherine Kupperstock, who live in Wilmington, Vermont, spent more than $6 million buying the Greystone Building on the corner of North Street and Maplewood Avenue and the Lloyd Building across the main drag from downtown Pittsfield at 391-401 North St. .

The couple paid $4.75 million for the Greystone building, which contains a mix of apartments and commercial businesses, and $1.5 million for the Lloyd building, which is also a residential/commercial complex. The Lloyd Building is on the corner of Bradford and North streets and also includes a residential entrance at 28 Bradford St.

McIntosh and Kupperstock secured a $3.1 million mortgage on the two properties from NBT Bank, according to documents filed at the Middle Berkshire Registry of Deeds in Pittsfield.

Reached by phone from their home in Wilmington, Kupperstock said the couple would be open to talking about their plans for both properties next week.

The two transactions are listed separately on the register and will be managed by two different limited liability companies. Both properties were previously owned by William Gioielli and Cole Ungar of Skytop Properties in Pittsfield. The pair originally worked for a New York-based real estate company before setting up their own Berkshire-based company, which owns several properties in Pittsfield and the Berkshires.

Earlier this year, Ungar and Gioielli sold a residential/commercial building on Wendell Avenue Extension in Pittsfield that was originally the Wendell Hotel for $3.3 million to two residents of Brooklyn, New York.

Ungar, from the Berkshires, said no North Street properties were for sale, but Skytop decided to sell them after receiving an “unsolicited offer” from McIntosh and Kupperstock.

“They called us for another deal that we already had under contract with another buyer,” Ungar said. “We said we didn’t have anything else available, but they said do you have another property? They made us an offer and it worked.

“They are great people. They were really easy to work with and we are thrilled to have them in the community.

Ungar and Gioielli originally paid $2.27 million for the Greystone building when they purchased it from Whaling Properties in December 2018. According to Ungar, Skytop has invested $1 million in the structure since then.

“We’re value-added investors as a kind of general practice,” Ungar said. “So our main thesis, whenever we look at anything, is how can we improve the building, improve the quality of life and ultimately improve rents, minimize expenses and increase income. . This is something we have done with both properties.

At Greystone, Ungar said Skytop upgraded the structure’s 18 upper-floor apartments and renegotiated and extended leases with the building’s three ground-floor commercial tenants – Dottie’s Coffee Lounge, Mission Bar+ Tapas and Circa, a retro furniture store.

“So from when we bought the property to the time we sold it, I think we’ve doubled the net operating income from the improvement,” Ungar said.

The Lloyd Building’s commercial tenants include Methuselah Bar and Lounge, Shire Glass Smoking Lounge, Allstars Cuts Hair Salon, Radiance Yoga and Terpiscore Dance Center.