NewHavenBIZ

n e w h a v e n b i z . c o m | J u n e 2 0 2 2 | n e w h a v e n B I Z 27 W h a t ' s T h e D e a l ? By Greg Bordonaro, Liese Klein and Michelle Tuccitto Sullo A Whole Foods-anchored retail plaza in Fairfield has sold for $57.8 million, according to a brokerage firm involved in the deal. e 82,000-square-foot King's Crossing shopping center at 330-350 Grasmere Ave., which contains three separate buildings, sold in May. e buyer was Boston real estate investment manager TA Realty. e seller was Nuveen Alternative Holdings LLC, which lists a New York City business address, state records show. Developed in 2011, King's Crossing is 97 percent leased with tenants that include Whole Foods, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle, according to brokerage firm JLL, which represented the seller in the deal. e shopping center sits on 10.5 acres and last sold in 2012 for $57.5 million, according to CoStar. East Haven retail property sells for $7M An East Haven retail property an- chored by East Haven Builders Supply has sold for $7 million. e 58,008-square-foot property at 193 Silver Sands Road sold in April. e buyer was Tenet Equity Fund- ing SPE I LLC, which is controlled by Nicholas Eggert, who lists a Scottsdale, Arizona business address, state records show. Eggert is the CEO and co-found- er of Tenent Equity, which is a real estate investment company with the same Arizona address. e seller was Rossano Realty LLC, which is controlled by Paula A. and Antonio M. Rossano. e property was built in 1998 and sits on 9.53 acres. Downtown New Haven mixed-use apartment property sells for $2.2M A downtown New Haven mixed- use apartment building that formerly housed Fornarelli's Ristorante has sold for $2.2 million, property records show. e 10,158-square-foot property at 99 Orange St., sold in April. In addi- tion to ground-floor retail space, the three-story property has nine apart- ment units above. e buyer was Orion WP LLC, which is controlled by Danuta and Emmanuel Tamiolakis, who list a Westport busi- ness address, state records show. e seller was BCT-099 LLC, which traces back to another LLC with a Bridgeport mailing address, according to state records. No principal is listed in the state record. e ground-floor space was previ- ously occupied by Fornarelli's Risto- rante before it moved to downtown Hartford. e property was built in 1900 and sits on 0.08 acres, according to CoStar. It previously sold in 2017 for $2.13 million, records show. Its appraised value is $1.7 million, city records show. Historic Elm City apartment building, former Hotel Taft, fetches $52.5M A historic residential building in downtown New Haven, which has hosted presidents and famous actors, recently sold for $52.5 million, city records show. Par Ta LLC of Elmsford, New York, purchased the property at 265 College St., the Ta Apartment Building, on April 14 from Ta Realty Associates. Par Ta LLC is an affiliate of Paredim Partners LLC, a regional owner and manager of apartments and commer- cial properties throughout Connecticut and the Northeast, according to David A. Parisier, managing director with Paredim. As part of its purchase, the buyer took out a $49 million mortgage on the property. Liberty Bank was the lender. e broker representing the seller was Victor Nolletti of Institutional Property Advisors, according to Pari- sier. e city assessor's office currently appraises the property at $26.3 million. It last sold in the mid-1990s for just $3.2 million, city records show. e building features 194 apart- ments, including studio, one- and two-bedroom units, and 18,000 square feet of retail space. Before being converted to apart- ments about four decades ago, the building had been a hotel, the Hotel Ta, which opened in 1912. Former President William Howard Ta lived there while he taught at nearby Yale University, according to the listing. Eatery debuts on Long Wharf; Fusco residential tower plan on hold (for now) A veteran New Haven restaurateur debuted his newest Italian concept at the former Lenny & Joe's Fish Tale on Long Wharf Drive in May, signaling that an ambitious plan by Fusco Corp. to build a residential tower on the site may be on hold due to flooding concerns. Valentin Stakaj, owner of Adriana's in New Haven and La Lupa Ristorante in North Haven, launched his new- est Italian eatery at 501 Long Wharf. Completely revamped from its days as a budget seafood stop, the new restau- rant has more than 200 seats and an enlarged bar overlooking the water that seats 33. e menu will be small and feature Italian-inflected meats, pastas and seafood with daily specials highlighting seasonal ingredients, Stakaj said. Prices will be moderate and meals will come with sides, he added. Named "Il Gabbiano" — Italian for "seagull" — the space features lots of marble, steel and glass to reflect the New Haven Harbor vista outside. Stakaj's investment and long-term plans for 501 Long Wharf throw doubt on the future of an ambitious residen- tial development on the property trum- peted not long ago as a new "gateway to New Haven." Developer Lynn Fusco made a splash last year when she presented plans to the city to build a pair of 10-story buildings on the 3-acre waterfront par- cel that would house nearly 500 mar- ket-rate rental apartments, along with retail, a park and sculpture garden. New Haven officials lauded the proj- ect as critical to unlocking growth in the long-stagnant area, and the city's alders unanimously endorsed zoning changes in November in support of the project. Even so, concerns about sea level rise, flooding and storms persisted throughout the approval process. e state Department of Energy and Environmental Protection issued an advisory report recommending against the project late last year due to risk of storm surges and related flooding at the site. Fusco pledged to work with the state to reduce flooding risks, but little has been heard about the project so far this year. Fusco's attorney on the project, Matthew Ranelli, said the residential project was "ongoing." n Whole Foods-anchored shopping plaza sells for $57.8M PHOTO | COSTAR 330-350 Grasmere Ave., Fairfield. 193 Silver Sands Road, East Haven. PHOTO | COSTAR 99 Orange St., New Haven. PHOTO | COSTAR The Taft Apartments at 265 College St., New Haven. PHOTO | CONTRIBUTED Valentin Stakaj at his new Il Gabbiano Italian steakhouse at 501 Long Wharf Drive. PHOTO | LIESE KLEIN

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