NewHavenBIZ

n e w h a v e n b i z . c o m M a r c h / A p r i l 2 0 1 9 | n e w h a v e n B I Z 37 of locations on Elm Street in New Haven and on Boston Post Road in Guilford. Bill Lincoln, president of Hawley Lincoln, says he is now sharing space at 424 Elm St. with the Celen- tano Funeral Home. "By sharing space, we now have access to three large chapels and a large parking lot," Lincoln says. "We are also sharing the tax burden." Geenty first listed the funeral home and neighboring house in November 2017, with the initial asking price at $1.425 million. e group expected the property to attract law firms and wellness practices, as it would be ideal for them due to its size. Geenty says they thought it "would be in high demand" and could attract as many as 10 po- tential buyers immediately. at expectation didn't pan out, however, so the price was dropped in Febru- ary 2018 to $1.1 million, in hopes of appealing to investment buyers. e price change almost imme- diately generated interest, and the realty group showed it to at least 18 different investors. ey fielded four written offers, the first offer coming in within three weeks of the drop in price. An initial potential buyer dropped out of the process without moving to a contract so they kept showing the property. One written offer was too low. ey also received three verbal cash of- fers, but for below $800,000. At one point, a non-profit organization was interested, Geenty says. Ultimately, the former funer- al home and three-family rental property closed for $1.06 million in February 2019. "We were pleased with the sale price, and the seller was pleased too," Geenty said. "I think everyone got a fair deal all around." Nick Mastrangelo, a real estate agent with Coldwell Banker, repre- sented Freeman in the deal. Mastrangelo says his client has been practicing as a chiropractor for many years, and she saw an op- portunity to buy when the build- ing where she has been a tenant would no longer be available. "She seized the opportunity to buy the former funeral home," Mastrangelo says. "She plans to have complementary businesses in the building also. It is nice someone was able to use an iconic location." n The former Hawley Lincoln Funeral Home at 493-501 Whitney Ave., New Haven. W H AT ' S T H E D E A L Enhance Your Business Career with an MBA From Southern • Traditional evening program with concentrations in accounting, finance, healthcare administration, international business, management, and marketing • Accelerated weekend program with hybrid format of online and Saturday classes can be completed in 17 months • Faculty with real world business expertise and strong business connections Flexible. Affordable. Professional. For more information, visit SouthernCT.edu/mba

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