Brokerage firm also arranges for replacement tenant in former Argosy Café space
Byrnes & Associates, Inc., a Baltimore-based commercial real estate and investment company, has brokered the sale of The Munsey Apartment Building, an iconic Baltimore City structure constructed in 1911 and located at 7 N. Calvert Street, for $22 million. Brad Byrnes, Principal of the Byrnes & Associates represented both the seller, LC3 Investors Baltimore LLC and the buyer, PMC Property Group, Inc. in this sales transaction. Prior to the sale, Brynes & Associates also signed a letter of intent with a replacement tenant for the former Argosy Café which is located on the first-floor level of the building.
The 18-story structure is named after Frank Munsey, the publisher and owner of the daily newspaper Baltimore News, which occupied the commercial office building for many years before being acquired by newspaper magnate William Randolph Hearst, who renamed the paper the Baltimore News-American and moved the enterprise to E. Baltimore Street. It also served as the headquarters for the Equitable Trust Company and home of the city’s first radio station, WEAR.
Featuring an all-white building exterior, the building was converted to a multifamily configuration in 2002 featuring 149 studio, one and two-bedroom apartment homes ranging from 668 to 1,705 square feet of space. During the renovation process, the owners retained the grand entrance way and front door, as well as its distinctive marble flooring. Resident amenities include 64 parking spaces, a state-of-the-art fitness center, business center and community club room.
The former restaurant/café featured sit-down seating for 76 as well as 10 bar seats and an outdoor dining area. The to-be-named replacement tenant is expected to be a seafood concept, although no opening date has been determined. A branch office of M&T Bank is also contained on the ground floor level.
Located adjacent to the Baltimore Circuit Courthouse, The Munsey Apartment Building is situated within the heart of the central business district and is within walking distance to the Inner Harbor area, stadium complexes and numerous dining options. Penn Station is located less than two miles away, with multiple Light Rail and Metro subway stations nearby.
Nearly 45,000 people reside within a one-mile radius of the building, including more than 20,000 households with an average household income approaching $75,000. The daytime population within two miles is nearly 290,000.
“The new owners acquired an extremely well-maintained building with healthy occupancy levels and this represents a sound investment that will increase in value over the long-term,” explained Brad Byrnes of Byrnes & Associates. “Residents continue to be attracted to the site based on its walkability to numerous businesses and cultural attractions and we expect the new restaurant to take full advantage of the strong daytime and evening traffic.”
Byrnes & Associates, Inc. is a boutique company providing a comprehensive array of commercial real estate brokerage, leasing, development and asset management services to institutional and private investors, companies and other owners. The firm focuses primarily onprojects positioned throughout the greater Baltimore metropolitan region, while offering expertise in the multifamily, retail, and commercial office product sectors. For additional information visit www.ByrnesandAssociatesInc.com
