Hartford Business Journal

HARTFORDBUSINESS.COM | MAY 18, 2026 7 (From left) Matthew Levy, Daniel Klaynberg and Evan Levy stand in the foyer of the former mill building at 30 Laurel St. in Hartford, which they converted into 48 apartments. HBJ Photo | Michael Puffer Developer: 48-unit Hartford apartment conversion hits 70% occupancy in first month Daniel Klaynberg, CEO of Spectra Construction and Development, stands inside one of the newly completed apartment units at The Laurel in Hartford. HBJ Photo | Michael Puffer DE AL WATCH By Michael Puffer mpuffer@hartfordbusiness.com A newly completed 48-unit apart- ment building near Hartford's Pope Park is leasing faster than expected, according to the developers, reaching 70% occupancy within a month as multifamily demand extends beyond the city's downtown core. Spectra Construction and Devel- opment, in partnership with brothers Matthew and Evan Levy, recently completed the $10 million conversion of a 33,000-square-foot former office building on Laurel Street into apart- ments known as "The Laurel." Spectra CEO Daniel Klaynberg said he anticipated a slower lease-up given the property's location outside downtown, but the building is filling at a pace comparable to Spectra's central-city projects. "It just shows how I can't predict where people want to live," Klaynberg said. "I always thought if you're in Hartford, you kind of want to be closer to the downtown. But I guess it's more people who are looking for the nature and looking for a little bit more quiet, being outside of the downtown area." The building is located on the edge of Pope Park and benefits from adja- cent green space, including walking trails and a duck pond, Klaynberg said. Rents at The Laurel range from about $1,500 per month for studios to roughly $2,200 for two-bedroom units, with some lofted and duplex configu- rations also available. Klaynberg and the Levy brothers acquired the property for $1.5 million in June 2024, buying it from the United Way of Central and Northeastern Connecticut. Renovation work began in December 2024. The five-story, brick building dates to 1930, when it served industrial sewing equipment manufacturer Merrow Machine Co. The United Way later used it as office space. Spectra's redevelopment preserved much of the original structure, including brick walls, wood beams and large windows, while removing some later-added drywall partitions. The renovation was partly funded by state historic preservation tax credits. "We tried to preserve as much of the history as we could," Klaynberg said. "All the brick you see is all original brick. The windows, even the ceilings — we whitewashed them, sandblasted them, and restored them to their original condition." The project came in under budget, aided by prior environmental remedia- tion completed by earlier owners, the developers said. Matthew Levy said the partners have built a reliable network of local subcontractors through repeat projects, helping streamline develop- ment. His brother, Evan, said Spectra's growing track record in Hartford, combined with his family's local roots, has strengthened relationships with municipal officials and helped projects move forward more efficiently. Growing pipeline The Laurel brings Spectra's Hart- ford-area portfolio to about 678 apartments, as the firm continues to expand through adaptive reuse. Recent projects include a 42-unit conversion of a former municipal office building at 525 Main St., and a 35-unit redevelopment of a former firehouse at 275 Pearl St. The Main Street property, completed last year, is largely leased as UConn dormitory space, with only two units remaining. Spectra received a tempo- rary certificate of occupancy for the firehouse on April 10, and it is now about 30% leased, Klaynberg said. The developers are advancing addi- tional projects in and beyond Hartford, including a planned conversion of a long-vacant downtown Norwich office building into 58 apartments above retail space. That project recently secured conditional approval for a $3 million low-interest gap financing loan from the Connecticut Municipal Development Authority. They plan to begin construction next year on an 84-unit, six-story apartment building in downtown Hartford, on a parking lot behind 525 Main St. They are also under contract to acquire a Manchester property for another development and are considering a future Hartford apartment project on part of the parking lot next to The Laurel. The partners said they are also evaluating larger projects of up to 300 units and continue to rely on partner- ships with municipalities and quasi- public agencies, using tools such as low-interest loans and tax-fixing agreements to make deals viable. As Hartford continues to contend with office vacancies and housing demand, Klaynberg said the firm remains open to additional office-to-residential conversions if the economics make sense. "We're always evaluating them and hopefully we can make one work," he said.

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