The South Broadway building where a nearly-century-old music shop is closing has sold to the owner of several nearby properties.
Kolacny Music’s 7,800-square-foot building at 1900 S. Broadway sold on Aug. 15 for $1.5 million to 1900 SB LLC, according to public records.
The buyer also paid $650,000 the same day for the duplex behind the store, at 26-28 E. Jewell Ave., records show. The business had used the space for music lessons.
State records show the purchasing entity was formed by Paul Yaft, whose LinkedIn profile identifies him as chief operations officer of a real estate firm called Alchemy Equity Group.
Alchemy also owns the 1936 and 1938 S. Broadway properties just down the block, records show. Yaft and lawyer Doug Norberg also own the former theater next to Kolacny at 1912 S. Broadway, where neighbors pushed back against loud concerts last year.
Attempts to reach Yaft for comment Tuesday were unsuccessful.
The seller in both deals was siblings David and Donna Kolacny. Their grandfather William started the business in 1930.
The store that sells, rents and repairs band and orchestra instruments announced in the summer that it expected to close by the end of this month.
“We never made a lot of money,” David Kolacny told the Denver Post in August. “Our bookkeeper’s been telling us for the last 10 years that we should probably close – it wasn’t really a viable business.”
Reached at the store by BusinessDen Tuesday, Donna Kolacny said she couldn’t speak to the buyer’s plans for the site at the edge of Platt Park.
“We don’t know what they’re going to do,” she said.
Get more real estate and business news by signing up for our weekly newsletter, On the Block.