Besides Haverhill, Lupoli Companies Sells Interest in Lowell Apartment Building for $33.3 Million

Salvatore N. Lupoli previews the top floor of The Heights where Bosa will be located during a 2019 tour. (WHAV News photograph.)

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The Lupoli Companies, which sold its downtown Haverhill properties for $25.7 million, also recently sold off its interests in a Lowell apartment building for $33.3 million.

According to the Middlesex North Registry of Deeds, the 165 Thorndike Street Corporation, associated with developer Salvatore N. Lupoli, was sold Feb. 22 to AG Palmdale Real Owners, a Delaware limited liability company with offices in Irvine, Calif. The same company paid $25.7 million to buy Lupoli’s “Heights” building, 160 Merrimack St.; a commercial building at 127-133 Merrimack St.; 162 Merrimack St.; and 192-194 Merrimack St., all in Haverhill. The Haverhill sales took place March 30, according to the Southern Essex District Registry of Deeds.

In a statement to WHAV Monday, the Lupoli Companies said it would continue to manage the Haverhill properties. “As a result of a resounding success with The Heights at Haverhill, the Lupoli Companies have been contacted and have entered into an agreement with some large-scale investors that want to invest in Haverhill, MA—now and in the future,” the statement said.

Lupoli Companies paid its first installment last Friday of $125,000 toward the $1 million bid to purchase the Herbert H. Goecke Jr. Memorial Parking Deck and surrounding parcels on Merrimack Street in Haverhill, said Shawn Regan, communications director for Mayor James J. Fiorentini. The plan calls for 370 residential units in five separate buildings, 51,000 square feet of retail and restaurant space and a 616-space parking garage.

The company made the final two payments of $112,666 each in February and March on a mortgage extended by the city. It was for the sale of the former Riverfront Promenade Parking Lot, between Haverhill Bank and Rent-A-Center. The Lupoli Companies of Lawrence bid $701,000 to buy the property.

The Haverhill Heights building houses Northern Essex Community College’s Lupoli Family Culinary Arts Institute, a MassHire office operated by the college and 42 luxury apartments. It is also planned as the location for an Italian restaurant called “Bosa” and a rooftop bar called “Bosa Bar.”

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