Deal of the Week: Investor Seals a Deal for Historic Envelope Magnate's Mansion
Dmitry Zhivotovsky decided that an historic mansion built in Worcester, Massachusetts, for an envelope-making magnate 140 years ago would be a good addition to a portfolio of properties he already owns in the city.
Last Friday, the Nashua, New Hampshire-based real estate investor paid $1.1 million, $150,000 below asking price, for the empty building that had been converted to office space long ago. He confirmed that he paid cash for the building.
He owns apartment buildings in Worcester that date to the late 19th century along with Worcester Market, which was built in 1914 for a grocery supply company.
“I like Worcester,” Zhivotovsky said. “It’s a nice place, nice architecture.”
Whitcomb Mansion, as it's locally known, had been on the market for months. Its uniqueness required a buyer who appreciated the building’s architecture and history.
“It’s not traditional in any way, shape or form,” said Will Kelleher, the listing broker on the property, who has now sold the building twice. “It’s like a museum.”
The building has stained glass windows everywhere. Antique furniture throughout the three-story, stone building came with the sale. It also has a carriage house, common for houses of its time.
“It’s beautiful inside,” Zhivotovsky said. “It’s in excellent shape, like it was built yesterday.”
The 9,000-square-foot mansion was built in 1879 for George Whitcomb, the founder of a company that grew to selling a third of all envelopes in the country, according to the 1977 application putting the mansion on the National Register of Historic Places.
A local architect, Stephen Earle, had designed the mansion in the Queen Anne style. A round turret rising on one corner is one of the features defining the style.
After Whitcomb died, his children donated the house to Memorial Homes for the Blind in 1918, which later donated the building to the Age Center of Worcester.
Karin Branscombe bought the building in 2002 to house her Quaker Special Risk insurance agency. Branscombe did extensive restoration work on the building to ensure it was as close to pristine as possible.
After 17 years, she moved the agency in August to Mercantile Center, a 674,000-square-foot, mixed-use development in downtown Worcester that includes renovated office buildings and a shopping mall converted into office space.
As the new owner, Zhivotovsky now is trying to find a business that will lease the entire building, perhaps an accounting firm, law firm, or another insurance agency.
LoopNet publishes new "Deals of the Week" every other Monday. Click here for the entire series.
