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REAL ESTATE NOTEBOOK
Wilmington building has new owner
By MAUREEN MILFORD / The News Journal
03/19/2005
The only remaining example of a flatiron building in Wilmington has been sold to Bestfield Properties LLC in Wilmington for $1.8 million.
The four-story building at 1600-1608 Delaware Ave. in Trolley Square was sold by Salvatore and Rose Vassalo, who had owned the building since 1977, according to Kevin C. McGonegal, vice president of Bellevue Realty Co. in Wilmington. Bellevue represented the buyer and seller in the transaction.
The 11,000-foot-square beige brick building at the intersection of Delaware Avenue, North Clayton Street and West 16th Street was built in 1921. Originally two stories, the brick, iron and concrete building was constructed by the American Guaranty Trust Co. for its offices, according to John P. Kurth, planning consultant with the city of Wilmington. The cost was $9,500.
At some point, two more floors were added to the building.
The building has been continuously occupied and McGonegal said is it in excellent condition. Bestfield plans to add the property to its portfolio, he said.
"There wasn't a lot we had to do to get people interested," McGonegal said.
The structure has two retail spaces on the first floor that are leased to Ciao's Pizza in Trolley Square and Aztec Copies. On the upper floors, there are 10 apartments.
"I can't think of another four-story walk-up in Wilmington," McGonegal said.
Flatiron buildings were so named because they resembled a clothes-pressing iron when viewed from the top. At one time, there were several flatiron buildings in the state, including one built in Wilmington in the early 1900s at 600 Delaware Avenue. The Hotel Richardson at State Street and Kings Highway in Dover opened in 1882 according to W. Barksdale Maynard, who wrote the soon-to-be published "Buildings of Delaware." It was torn down in 1954, he said.
To submit real estate news call Maureen Milford at 324-2881 or mmilford@delawareonline.com.
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