NewHavenBIZ

26 n e w h a v e n B I Z | S e p t e m b e r 2 0 2 2 | n e w h a v e n b i z . c o m W h a t ' s T h e D e a l ? By Hanna Snyder Gambini W hen the New Haven landmark Harold's formalwear building sold in 2016, it was not likely that another clothing retailer would move in. e building's 19 Elm St. location – near the train station, Wooster Square, downtown business- es and Yale University – made it a prime site for residential units, then and now. Previous owners Jacob and Josef Feldman, who bought the property for $1 million in 2016, had applied for and gained approval for various residential developments that never came to fruition. Earlier this month, they sold the property for $4.85 million to Gorjian Assets LLC, BBH Properties LLC and 19 Elm Property LLC. e buying limited liability com- panies, state records show, are con- trolled by Kevin Gorjian, Behrouz Ben Hakimian, and Rex Hakimian, respectively, who are all connected to New York City-based e Hakimian Organization, which touts itself as a developer of luxury residential, office and hotel properties. Ben Hakimian is listed as the com- pany's founder and president, accord- ing to the company's website. Representatives from e Hakimian Organization could not be reached for comment. Brad Balletto, who represented the seller and procured the buyer in the Aug. 10 deal, said the new own- ers plan to move forward with an approved and shovel-ready 96-unit multifamily development. Balletto, senior vice president of in- vestments at Northeast Private Client Group, said the Elm Street site is a prime location for mixed-use residen- tial development since New Haven is seeing growth in high-paying jobs in numerous sectors, including biotech and life sciences. "e downtown New Haven market has seen strong rent growth in recent years, and this growth is projected to continue through 2025," Balletto said. ere has been a lot of added residential supply, "but I think there will continue to be added demand," he said. is is believed to be the Hakimian Group's first development in Con- necticut, with dozens – roughly 50 or 60 – towers built in Manhattan, Balletto said. "is is not their first rodeo by any means," he said. Balletto said he is not certain of the developers' timeline, but anticipates it's their "intention to move as quickly as feasible." Approved amenities include a roof- top terrace, full gym, community club rooms, elevators and bicycle parking. The first floor has city approvals for multiple office/flex commer- cial spaces geared toward creating a collaborative business incubator environment. Targeted renters will be Yale graduate students and professionals working downtown and commuting nearby, Balletto said. The 9,600-square-foot building sits on a half-acre downtown. Balletto said the property attract- ed many interested buyers, some local, some from out of town, and all of whom wanted to stick with the multi-unit development plan. 4 Circle Drive, Wallingford. PHOTO | COSTAR Wallingford daycare building sold A commercial building that was the home of a childcare facility in Walling- ford has been sold. Pumpkin Patch Properties sold 4 Circle Drive, a 14,800-square-foot mixed-use commercial building, to RMS Development for $670,000 in a July 22 deal. RMS, or Residential Management Services Inc., is a Berlin-based non- profit that provides residential sup- port and other services to individuals living with developmental disabilities, according to its website. e property is the former location of Almost Home Childcare. It is not known what new business will occu- py the property, but town regulations dictate a similar use. Realtor Tony Vitti, of Orange-based Colonial Properties Inc., represented Pumpkin Patch in the deal, along with Attorney omas Lynch with Lynch, Trembicki, and Boynton in Milford. e buyer was represented by Woll- man Realty LLC and attorney William Bowles in Higganum. 65-145 Furniture Row, Milford. PHOTO | COSTAR Mass. general contractor opens Milford location A Massachusetts-based general contractor and civil subcontractor is hanging a shingle in Connecticut with a new Milford office. United Civil Inc. has signed a three- year, 12,000-square-foot lease at 65-145 Furniture Row valued at $198,500, according to brokers John Bergin and Carl Russell of H. Pearce Real Estate, who negotiated the deal. e lease extends United Civil's presence into Connecticut, adding to its operations in New York and Massachusetts. e company specializes in perform- ing underground utility, sitework, con- crete infrastructure, and other specialty civil services throughout the Northeast. Bergin and Russell represented the landlord, American General Life Insur- ance Co., while Bergin also represented United Civil in the deal. 96 Frontage Road, East Haven. PHOTO | COSTAR Smoke shop coming to East Haven Colonial Properties recently secured a long-term lease deal for a new smoke shop site in East Haven. Colonial Properties designated broker and President Michael Richetelli represented the landlord, Partners 95 LLC, in leasing more than 1,750 square feet of retail space at 96 Frontage Road, East Haven. e 10-year lease has a total value of more than $300,000. e tenant, 96 FR CORP, is planning to open a smoke shop in between a Dunkin' Donuts and Boston Market restaurant. The Staples location at the Shoreline Plaza. PHOTO | COSTAR Branford's Shoreline Plaza sells for $18M e Shoreline Plaza in Branford, with 77,000 square feet of retail space, sold in mid-August for $18.95 million. Frank Hird, broker and vice pres- ident at Branford-based O,R&L Commercial, represented the seller, A&A Properties LLC of New Haven. Hird also procured the buyer, Ham- den-based Executive Two Hundred LLC and principal Joseph Moruzzi. e plaza has two buildings in- cluding a 37,000-square-foot retail site with tenants that include Coast- al Wine & Spirits, Shoreline Prime Meats & Deli, County Ob/Gyn and Amity Physical erapy. Another 40,000-square-foot building contains InShape Fitness and Staples. e property sits on 7.8 acres at 91- 103 North Main St., in the center of Branford's retail corridor along Route 1 and Cedar Street. Movie theater sold to childhood learning center The Cine-4 movie house at Flint Street and Middletown Avenue in New Haven was sold Aug. 8 for $1.3 million by Branford-based Soffer Associates to the Friends Center for Children early Harold's site sold, again, for New Haven residential development An aerial view of the former Harold's formalwear property on Elm Street (outlined), with State Street seen on the left. PHOTO | CONTRIBUTED

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