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Historic office building in federal opportunity zone gets a buyer
Brian Pedersen//October 31, 2019//
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The new owner of a historic, vacant office property in downtown Stroudsburg plans to keep the historic features of the building and occupy it with professional office tenants.
Lamplighter Associates of Cresco sold the building to HFICO LLC for $372,000, said Steve Wilson, associate adviser of SVN Imperial Realty in South Whitehall Township. Wilson represented the seller in the transaction. Rick Golden, a broker of USA Realty in East Stroudsburg represented the buyer.
The 4,800-square-foot office building is at 800 Main St. in downtown Stroudsburg and within a designated Qualified Opportunity Zone, which would benefit the owner, Wilson said.
The federal government enacted the opportunity zone program in 2017 under the Tax Cuts and Jobs Act to encourage investment in distressed urban areas beyond city centers. Last year, Gov. Tom Wolf named several tracts throughout the state, including Stroudsburg.
The program gives investors breaks on federal capital gains taxes in exchange for investment in funds that support small businesses and housing projects in low-income areas.
Investors can avoid federal taxable capital gains on investments in those areas if they retain ownership of a project for at least a decade.
Michael Herzig, the new owner, did not immediately return requests for comment.
Wilson said the property is a typical old Victorian residence the previous owner converted to office space, with much of the interior historical features retained.
“It’s very much in keeping with other renovated properties in the borough,” Wilson said.
