Issue link: https://nebusinessmedia.uberflip.com/i/1508534
HARTFORDBUSINESS.COM | OCTOBER 2, 2023 7 DEAL WATCH The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over 50 years, our clients have trusted us to deliver end-to-end facilities solutions, so they can focus on their core business. Experts in: Facilities Services, Preventive Maintenance Programs, Onsite Operations & Maintenance NEMSI SERVICE SOLUTIONS INCREASE PRODUCTIVITY. REDUCE COSTS. 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-197483 S1-406020 P1-290301 SM1-975 MC-1134 Downtown Hartford's 'Cast Iron Building' hits market amid economic uncertainty By Michael Puffer mpuffer@hartfordbusiness.com U ncertain about Hartford's economic trajectory, Keith Werner recently decided to put his 25,000-square-foot, mixed-use building downtown up for sale. The brick, 1910-vintage "Cast Iron Building" at 235-241 Asylum St., features broad windows and an elevator framed with intricate-scrolled wood carvings. Werner, 61, arrived in Hartford in 1995 as a property manager for New York investors, then bought the building in 1998. A quarter-century later, Werner said he's decided it's time to sell. He listed the Cast Iron Building in September for $3.2 million with Berk- shire Hathaway Homeservices New England Real Estate. "Much as I would like to stay a landlord in Hartford, we have some issues causing me to question if I want to keep my investment in real estate," Werner said. Werner said he's concerned about the city's seeming inability to get homeless people off the streets and into shelters. He is also worried about persistent empty retail storefronts and how growing office vacancies might impact downtown property values. Werner acknowledged some encour- aging signs, prominently the recent addition of thousands of market-rate apartments downtown under projects facilitated by the Capital Region Devel- opment Authority. 'Tough decision' Werner said he has invested about $1.2 million in repairs to his seven-story building. He also has a deep emotional attachment to the property. It's where he launched and then later sold a luxury photo album and stationery store. It's also where he currently runs a coworking busi- ness, and his professional services outsourcing company, ThinkSynergy, which employs 10 people. Werner said he hopes to continue operating ThinkSynergy from the building after any sale. At the very Keith Werner, owner of the Cast Iron Building at 235-241 Asylum St., in Hartford. HBJ PHOTO | MICHAEL PUFFER least, he plans to find another home for the business in Hartford. "It's been a very tough decision," Werner said. "Part of the reason the decision is so difficult is I have always been a big supporter of wanting to see Hartford grow. It's not as if it's not growing, but there are certain things holding it back." The Cast Iron Building hosts the popular New York Deli & Market on the first floor. There are eight apart- ments on floors four through seven. There had been plenty of investor interest even before the building went up for sale. Werner said he's used to calls at least once a week from would-be buyers in New York or Massachusetts. Werner said he expects to reinvest any sale proceeds through a 1031 exchange.