EASTON, Pa. (May 5, 2015) – Unity Bank has funded Spartan Holdings LLC acquisition and renovation of 101-103 Northampton Street, a mixed-use commercial and residential building in Easton’s downtown historic district. Property owner Peter Georgoutsos soon will rename the property The Penn Building, paying tribute to the city’s founders.
“I really think Easton is to the Delaware River what Hoboken is to the Hudson River,” said Georgoutsos, a resident of Asbury, N.J. “The building sits right there on the river as you come over the bridge from Phillipsburg and it’s like a beacon for the city. I saw the property and felt its potential was unlimited much like Easton itself. I hope to own more properties in Easton.”
Georgoutsos also owns Van-Go General Contracting, a company with 26 years of experience in historic renovation. The Elizabeth Cady Stanton House in Tenafly, N.J., home of the renowned women’s rights leader, was one of the company’s many noteworthy historic renovation projects.
In a departure from his role as a contractor, Georgoutsos decided to renovate and own the Northampton Street property as an investment. The building consists of two commercial units, which are leased, and seven rental apartments, all with river views. The rental units include two one-bedroom and five two-bedroom apartments, two of which are currently available.
A Warren County resident for about 10 years, where he restored an 1830s farmhouse, Georgoutsos, 50, had been a customer at Unity Bank’s Washington branch for several years.
“I have really enjoyed the community bank experience at Unity so it was only natural that I turned to them to help fulfill the dream of owning and restoring this property,” he said. “We couldn’t have asked for more in a banking partner.”
Over the last year, the building’s interior has been completely renovated, including new kitchens and bathrooms, fixtures, floors, appliances, countertops, doors, tilework, custom trim, as well as electrical and plumbing upgrades. The common areas, including vestibule, stairwells, and laundry room, have also been completely renovated. The building exterior has also undergone extensive renovations, which will be completed in the next three months, with the building façade repointed and painted. The property owners have also received city approval to bring back the building’s historic Victorian porch and bluestone patio.
“The project is a great investment in downtown Easton,” said Unity Bank President & CEO James A. Hughes. “We wish Pete all the success in the world with this beautiful building. Unity Bank is proud to be a part of this type of community reinvestment through our Commercial Lending Department.”