LYNN — The historic Masonic Hall has been sold for the second time in the past six months.
Rick Costa, president of New Boston Companies LLC, a Chelsea-based real estate company, purchased the 64-68 Market St. building last week from Swampscott developer Charles Patsios for $1.5 million, according to the Essex Registry of Deeds. Patsios had acquired the property in April for $1.1 million.
Costa, who purchased the property under the entity Market Street Investment LLC, said he plans to transform the four-story brick building into three floors of an undetermined amount of market-rate apartments, with a first-floor commercial use. The current first-floor tenant, Jerusalem Discount Furniture, will remain, for now, he said.
“I currently own and operate quite a few properties in Lynn,” Costa said. “It’s just something I saw and I love the historic design of the building. We’re looking forward to working with the city to revitalize the downtown area.”
The entire building will be rehabilitated, but Costa said he was unsure how much the project would cost because it’s in the design phase. The building is currently vacant, except for the furniture store, he said.
“It’s another person looking to invest significant money into the downtown,” said James Cowdell, Economic Development and Industrial Corp. of Lynn executive director.
Before selling the building, Patsios was considering several uses for it, including a boutique hotel and function hall, office space or other professional leasing options. The developer and city officials had cited a need for a hotel because there are none in Lynn.
Patsios said he opted to sell because he has a “pretty full plate” in Lynn and decided he didn’t want to move forward with the project.
Built in 1880, the high Victorian Gothic architectural style property is listed on the National Register of Historic Places. The 23,000 square-foot building is assessed at $560,600, according to the land records.
The Masonic Hall was occupied by the freemasons for around a century before it was sold in April. Patsios had purchased the property from the Lynn Masonic Temple Association, which is comprised of three divisions of Massachusetts Freemasons: Mount Carmel Lodge A.F. and A.M., Golden Fleece Lodge A.F. and A.M. and the chapter.