A vacant shell for years, the Newberry building in Cobleskill has new owners.
Brothers Gerard and John Nolan purchased the village landmark from the Ioannou family last Wednesday.
They didn't disclose the price, but the sale also includes the adjoining parking lot.
The three-story building has three commercial storefronts facing Main Street. The Nolans plan to open a bar and restaurant on one side, have a bagel store on the other and rent out the middle space.
Their plans also call for renting offices on the ground floor and renovating the 13 apartments on the upper floors.
Cobleskill Codes Enforcement Officer Mike Piccolo estimated there had been two or three suitors for Newberry's over the years.
Most were scared off by the scale and expense of the rehab.
The Nolans aren't scared. Gerard Nolan said he'll slash costs by doing the renovations himself.
"I've been doing this all my life in Brooklyn, Manhattan," said Mr. Nolan, who lives in Preston Hollow.
"Is it a challenge? Money's the challenge. The work is easy. But an average person would walk up the steps and turn around and walk out."
He estimated would cost about $600,000 to restore the building.
And while Newberry's may look to the uninitiated that it's ready to topple onto the sidewalk, Mr. Nolan doesn't believe so.
"It needs a lot of work, but it's as strong as the day it was built," he said. "Structurally, it's in good shape."
Gerard Nolan will do the work; John Nolan, who lives in New York City and runs a restaurant there, will operate the restaurant in Newberry's when it's ready.
And "ready" should be in a couple of years, Gerard Nolan said.
He wants to restore the building to its original look, and to that end, Mr. Piccolo is looking for old photos of it.
Mr. Nolan also wants to work with the village's Historic District Review Commission on the restoration.
Mr. Nolan isn't a newcomer. He owns houses at 433 West Main Street and 152 Washington Avenue, and Mr. Piccolo has been impressed with the work there.
"I think they'll do a good job and be an asset to the community," Mr. Piccolo said. "These guys are old-school. They'll work their butts off."
Cobleskill Partnership Inc., the downtown improvement group, has been interested in Newberry's for years. Members worked unsuccessfully with past owners or potential buyers, trying to find someone to restore the building.
Now they have the Nolans to work with.
"We welcome new owners who are investing in the building and the community," said Vice President Brian Kaiser, CPI's most active Newberry's advocate.
"We'll work with them any way we can to bring a village landmark back up to speed."
Newberry's was built about 1871 and it's believed to have housed the post office at one time. The building is called "Newberry's" because a Newberry's 5-and-10 was there.