West Street property sale in Keene totals nearly $4 million

The sale includes the purchase of three buildings on West Street.

Keene’s tight housing market is one reason local leaders are weighing a possible residential conversion of one of three recently sold West Street buildings once owned by NGM Insurance Co. The city has been dealing with limited apartment availability and a shortage of homes, while statewide prices have continued to rise faster than income levels.

The transaction includes the large former Main Street America building at 55 West St., a four-story, 130,000-square-foot structure that is 76 years old and sold for $2.7 million. Also included were 100 West St., which sold for $700,000, and 86 West St., sold for $300,000. The total purchase price was nearly $4 million.

Jack Franks, chief executive officer of Avanru Development Group, said Thursday that he and Dick Anagnost, a partner in Revo Casino and Social House in Keene, completed the deal and are still deciding what to do with the properties. He said turning 55 West St. into apartments remains under consideration, but that no final plan has been set.

Franks said the city’s housing shortage is an important factor in the review process, noting that available units remain scarce and that demand has shifted as more people work from home and office needs have eased since the COVID-19 pandemic. He also said any redevelopment of the larger building would require extensive demolition, rehabilitation, and redesign work before it could be adapted for residential use.

NGM Insurance Co. had already been preparing to reduce its footprint in Keene. Janet Masters, a company spokeswoman, said earlier that most of the company’s 192 employees often work remotely, making the large office unnecessary, though the insurer still intends to maintain a presence in the city.

Under the new arrangement, the company will lease space in the 24,000-square-foot building at 100 West St., which is expected to be renovated. Cheshire County will continue leasing the 3,600-square-foot building at 86 West St.

State housing data underscores the pressure facing the region. New Hampshire Housing reported that the median sale price of a single-family home in the state reached $565,000 in June 2025, up 68 percent from June 2020. Over the same period, median household income rose 33 percent. A National Low Income Housing Coalition report last year ranked New Hampshire as the 12th most expensive state for renters, with the average fair market rent for a one-bedroom apartment at $1,401 per month.