Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 12, 2023 23 Building Ideas That Work... Building Ideas That Work... Contact us at 860.482.7613 or visit us at BorghesiBuilding.com 2155 East Main Street Torrington, Connecticut 06790 © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing ™ is a division of BlueScope Buildings North America, Inc. When looking to construct a new place of worship, Borghesi Building & Engineering Co., Inc. will guide you in defining your project using a balance of goals, budget and timeline. Providing quality and reliability with design and energy efficient construction. With over 80 years of experience our processes will help your dream to be realized. JEWISH COMMUNITY CENTER, WEST HARTFORD GRACE CHURCH, NEWTOWN SIKH TEMPLE, SOUTHINGTON POWER 25 | REAL ESTATE Amanda Faroni-Sheehan A manda Faroni-Sheehan has been involved in several high- dollar deals over the past year, with a major focus on the Waterbury apart- ments market. In total, Faroni-Sheehan — vice president of commercial investments and multifamily sales for Oxford Realty Group with Vanguard Private Client Group — helped broker $37 million in deals in 2022, she said. A Connecticut native, she has been working in the real estate industry for a decade. For the past six to seven years, she has focused on the investment and commercial real estate market, with a concentration on multifamily investment properties. Her Waterbury deals in 2022 ranged from a 100-unit apartment portfolio that sold for $7.8 million, to a 14-unit portfolio that traded hands for $1 million. Some of her biggest sales so far this year included the $383,000 sale of the four-family residential property at 9 Greenmount Terrace, and the $450,000 sale of the three-family property at 29 Lexington Ave. Faroni-Sheehan regularly works with investors and developers to close on multifamily, mixed-use office and retail transactions. Before joining her current agency, Faroni-Sheehan worked as a senior commercial real estate advisor at Berkshire Hathaway HomeServices New England Properties. Amber "Ace" Andaleeb A mber "Ace" Andaleeb is not a well-known name in Hartford's development circles, but he and his family-owned real estate company have been active investors in the capital city. Bloomfield-based Andaleeb Enterprises LLC was recently chosen by the city of Hartford to redevelop a fire-scarred, half-acre site on Albany Avenue into 40 apartments with 3,000 square feet of ground-floor retail space in two buildings. It's an estimated $10.7 million project. The Andaleeb family has — either independently or with investors — committed more than $6.3 million buying at least a dozen commercial and mixed-use apartment proper- ties in Hartford over the past three years. Eight of the properties are on Albany Avenue, a well-traveled thoroughfare that serves as a gateway to downtown Hartford, but has also been plagued by exten- sive blight. The family got its start on the turnpike in 2008, when Amber Andaleeb, who handles the real estate investments, opened a small convenience store with his mother, Kavita Ahmed, and sister, Neha Andaleeb, at 690 Albany Ave. The 2,858-square-foot retail building was one of several Andaleeb managed for a New Jersey landlord. Over time, the store evolved into a Boost Mobile location, one of several owned by the family. The Andaleebs bought that prop- erty in 2020, along with an adjacent 10,572-square-foot, mixed-use building for $950,000. The 2020 purchase represented the Andaleebs first foray into larger multifamily and commercial prop- erty investments. Prior to that, they owned a handful of two- and three- family rental homes in the Hartford area and beyond. Over the last three years, the Andaleebs have remained active Hartford buyers, with a focus on Albany Avenue, where they could find attractive prices on commercial properties in a familiar area with little competition. Other properties were acquired on nearby stretches of Maple and Farmington avenues and Park Street.

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