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6 HARTFORDBUSINESS.COM | NOVEMBER 15, 2021 Deal Watch By Michael Puffer Special to the Hartford Business Journal J oseph Klaynberg and a partner have added or renovated 559 apartments to Hartford's downtown over the past decade, making him one of the city's busiest developers. Those investments took a hit in 2020, as COVID-19 pushed occupancy rates in Klaynberg's "Spectra" apartments below 80%. Klaynberg's partner – New York- based Girona Ventures, led by Jeffrey Ravetz – sold its half-share of four downtown Spectra buildings amid the downturn. But Klaynberg says Hartford's promise is far from tapped and is pursuing several new developments. "I believe so much in Hartford," Klaynberg said. "I said: 'No, I am staying,' I'm not leaving Hartford; I plan to do more." That determination and drive has fueled Klaynberg's success. He has a history of seeing and seizing opportunity. In 1979, Klaynberg decided to leave his native Belarus for America, seeking an escape from anti-Semitic discrimination. He was chief engineer Setting the Mark From Belarus to New York, apartment developer Klaynberg makes big bet on Hartford Property Units Construction costs Development costs Year delivered Spectra Pearl I (101 Pearl St.) 157 $23,600,000 $29,000,000 2020 4 Spectra Pearl II (111 Pearl St.) 101 $16,000,000 $21,600,000 2020 5 Spectra Park (100 Trumbull St.) 108 $3,179,198 $31,738,005 2020 Spectra Plaza (5 Constitution Plaza) 193 $15,800,000 $23,600,000 2016 of a 200-employee construction company at the time. Klaynberg traveled to Austria, then Italy as he waited for his visa application to be processed. He had a master's degree from the Moscow State University of Civil Engineering but took jobs as a construction laborer in order to eat. At 25, Klaynberg arrived in America with the equivalent of $140 in his pocket and again took a job as a construction laborer. In seven years, Klaynberg worked his way up to a junior partner with a New York-based construction company. Then, in 1987, he launched Wonder Works Construction Hartford apartment portfolio Source: Wonder Works Construction Wonder Works Construction Corp. with four employees. Today, he has 80. Current pipeline Although the pandemic has brought setbacks to many businesses, Klaynberg has been able to hold his own. Last year, Klaynberg's partner – Girona Ventures – sold its half of the Spectra Hartford apartment buildings to parking mogul Alan Lazowski and prominent developer Marty Kenny. Occupancy rates in those buildings have since rebounded to above 96%, Klaynberg said. Wonder Works is pushing ahead with several new Hartford development proposals, this time without partners. Klaynberg plans to purchase two city buildings – a decommissioned city firehouse on Pearl Street and a former municipal building across from City Hall on Main Street – by the end of this year. Wonder Works negotiated a $360,000 price for the firehouse and $425,000 for the municipal building. The company will pay another $160,000 over five years for a parking lot behind the municipal building. Klaynberg's designs call for 41 apartments in the municipal building and 40 in the firehouse. The projects' combined development costs are estimated at $17.1 million. Klaynberg said he intends to build an apartment building of up to 120 units on the parking lot behind the municipal building, with hopes to break ground in 2023. He also recently submitted a proposal to the city to purchase a former city school at 110 Washington St., and remodel it into 70 loft-style apartments. "We've been interviewed by the city but not awarded the project yet," Klaynberg said. Local assists Klaynberg and Ravetz completed four projects in Hartford with combined development costs of $105.9 million since 2016. But Klaynberg's company and most of its work is rooted in New York. Wonder Works' Spectra Plaza development in Constitution Plaza converted a former hotel into modern apartments. PHOTO | CONTRIBUTED Joseph Klaynberg's Wonder Works Construction development firm has built or renovated 559 apartment units in downtown Hartford since 2016. HBJ PHOTO | MICHAEL PUFFER