Hartford Business Journal

7 HARTFORDBUSINESS.COM | APRIL 25, 2022 Sale of Front Street Lofts apartments signals investor interest in downtown Hartford By Greg Bordonaro gbordonaro@hartfordbusiness.com D owntown Hartford's Front Street Lofts apartments, built in 2015 as the first residential component of the city's Front Street Entertainment District, have sold for $35.3 million, the Hartford Business Journal has confirmed. The 121-unit residential, mixed-use development was sold last month to Front Street Lofts Ventures LLC, which is controlled by Shlomo Katz and Shloime Rosenberg. They share a Lakewood, New Jersey business address, state records show. Katz and Rosenberg, operators of SRK Management LLC, have been active investors in Connecticut. In January, they paid $18.5 million for a recently built luxury apartment development in New Haven. A year earlier they paid $50 million for the "Westville Village" apartment complex, also in New Haven, according to the New Haven Independent. As part of their Front Street Lofts purchase, the buyers took out a $29.1 million mortgage from Greystone Servicing Co. LLC, land records show. The seller of the Front Street Lofts was Greenwich-based HB Nitkin Group, which was the overall developer of Hartford's Front Street Entertainment District. Michael Freimuth, executive director of the Capital Region Development Authority (CRDA), said the deal is a good sign for the Hartford apartment market. "While we have attracted developers to downtown Hartford, this represents a bit of a change in that we're now seeing investors purchase stabilized multifamily properties in the downtown and it shows that the downtown housing market held firm during COVID," Freimuth said. The other most recent major downtown apartment deal occurred in December 2020, when parking magnate Alan Lazowski partnered with longtime realty developer Marty Kenny to acquire a 50% ownership stake in the four large Class A Spectra apartment buildings, which contain a combined 554 mostly market-rate apartments. Freimuth said occupancy rates for most downtown apartment properties remain above 90%, and hundreds of new units are expected to hit the market this year, including the first 270-unit building of the North Crossing development, located next to Dunkin' Donuts Park. Bigger picture Front Street is part of the larger Adriaen's Landing revitalization development that also includes a number of shopping and entertainment options, in addition to the Connecticut Convention Center, Connecticut Science Center, Hartford Marriott Downtown and 81 Arch St. apartments. It cost about $36 million to develop The Lofts apartments, which marked the second phase of the overall Front Street project. It houses 15,000 square feet of street-level retail space and five stories of apartments. Retail space is occupied by Starbucks and UConn's Barnes and Noble bookstore. The building features market rate apartment units, a fitness center, roof-top deck, pet bathing station and balconies in select units. The apartments were partly funded by a $12 million state grant provided by CRDA's predecessor, the Capital City Economic Development Authority. Completion of the 53-unit, 81 Arch St. apartments in 2019 marked the fourth and final phase of the Front Street project. Front Street Lofts in downtown Hartford. PHOTO | COSTAR Future of former Hartford College for Women campus uncertain after $1M sale By Michael Puffer mpuffer@hartfordbusiness.com T he University of Hartford has sold a 10.4-acre campus on Asylum Avenue that was once home to the Hartford College for Women. Future plans for the property, however, remain uncertain. The $1 million sale of three adjacent properties was recorded March 14, according to city assessing records. It includes the properties at 1265, 1283 and 1315 Asylum Ave. The buyer — Great Neck, New York-based Hartford Gardens LLC — was formed in February, according to state business records. Its principals include Boston Holding LLC, of Great Neck, and William Goodman, also of Great Neck. Goodman lists a Great Neck address shared by Goodman Capital LLC, an entity that, on its LinkedIn page, describes itself as an "integrated real estate investment firm specializing in value-add and distressed debt opportunities in the New York City and Long Island markets, focusing on multifamily, mixed-use and commercial real estate assets." Attempts to reach William Goodman were unsuccessful. University of Hartford Vice President for Marketing and Enrollment Molly Polk said the former Hartford College for Women campus has been for sale for years. The school has continued to strategically invest "millions" into the main West Hartford campus, she said, including the debut last year of the Francis X. and Nancy Hursey Center for Advanced Engineering and Health Professions. Proceeds from the sale will be deposited into an endowment supporting the Women's Advancement Initiative, which continues the legacy of the Hartford College for Women, Polk said. "We are very happy the proceeds will directly benefit our students and pleased to see the historic property in the hands of new owners for development," Polk said. Polk said she does not know the new owner's plans for the property. She said ongoing leases with the Capitol Region Education Council's Montessori Training Center Northeast, as well as the Farmington Valley Transition Academy, will be honored. Hartford Gardens, on March 9, took out a $2.4 million mortgage from Hartford Servicing LLC, using the Asylum Avenue addresses as collateral. Both entities share the same Great Neck address. The former Hartford College for Women campus hosts several college-style buildings dating to around 1920. The University of Hartford acquired these properties in 1991. According to an archived post on the University of Hartford website, the Hartford campus had previously hosted townhouse accommodations for 26 graduate students; a graduate program in architecture; the University of Hartford Center for Professional Development; and the university's Entrepreneurial Center, as well as the nonprofit Construction Institute. The Montessori Training Center Northeast currently inhabits two of three floors of Butterworth Hall at 1265 Asylum Ave. The third floor is not updated and vacant, according to staff. Courtney Reim, operations manager of the training center, said it has offered professional training in the Montessori technique to adults, as well as diplomas and degrees, at the Asylum Avenue site since 2017. The training center operates in conjunction with the University of Hartford, she said. Reim said her organization is hopeful it might continue to operate at the Asylum Avenue site. "We do love our home and are looking to stay," Reim said.

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