Northern Kentucky real estate investment firm Appelman firm is moving its corporate headquarters to the heart of downtown Cincinnati.
Months after selling their Erlanger headquarters to German tech firm Blum Novotest, Appelman Properties purchased the historic Lyric Piano Building at 632 Race St. in downtown Cincinnati for $895,000, CEO Josh Appelman told LINK nky.
The firm’s investment arm, Appelman Capital, is also moving into the building’s second floor.
“That’s going to open us up to a totally different economy, so to speak, just by being in a in the niche of things,” Appelman said.
The firm will finish moving into the building in February 2024, Appelman said. Renovations are ongoing.
Appelman Properties is maintaining their presence in Northern Kentucky. Currently, they operate their property management division out of an office building in Newport.
The Lyric Piano Building was constructed in 1919. Lyric Piano was a subsidiary of the Ralph Wurlitzer Company, a firm that manufactured and sold musical instruments. As sales declined through the Great Depression era, the company reorganized the business, eventually closing their Cincinnati store in 1937.
Over the years, the building’s streetfront retail space was home to a number of restaurants — the last being Hardee’s which closed in 2007. Going forward, Appelman said he plans to use the first floor as a retail space. Appelman Properties purchased the building from the Preview Group architecture firm.
The four story, 4,800-sqaure-feet building features Venetian Renaissance style columns and a multi-arched balcony. It’s historic facade caught Appelman’s eye.
“The facade is incredible,” Appelman said.
Additionally, the building neighbors the former Macy’s Headquarters property which is set to undergo millions of dollars worth of renovations. The former office building is set to transform into a 341 unit residential building. It has sat empty since 2020.
Appelman said the renovations to the former Macy’s Headquarters also played into his decision to purchase the Lyric Piano Building.
“I feel like it’s on the onset of growth with what’s happening downtown,” he noted.
