NEW HAVEN: A Downtown New Haven parcel has sold for $8.4 Million to New York Investment Group,
East River Properties. The one acre parcel contains 42,000 square feet of retail and office space spread over four contiguous buildings. The property runs from State Street up Chapel Street to the Family Dollar formerly the home of Horowitz Brothers and behind the building, including a surface parking was sold by New Haven based Olympia Properties.
The parcel opposite the 360 State Street apartment tower, includes four buildings that are fully rented. Retail tenants include a Subway, a temporary US Post Office [now in its tenth year at the location] and the Happiness Lab coffee shop. See Click Fix and The Grove co-working space are major office tenants.
The first building of the New Haven parcel was purchased by Chris Nicotra’s Olympia Properties in 2002.
Olympia went on to purchase and develop more than twenty New Haven region properties. Nicotra said several of Olympia’s buildings have sold recently for amounts between “$200 and just under $300 per square foot.”
Olympia recently sold the Taft Mansion at 111 Whitney Avenue, New Haven, the former home of President William Howard Taft and more recently the home of the William F. Buckley Program at Yale and the former Marcus Law Firm, when it was sold to Olympia for $1.2 million.
Olympia sold it to a Chinese company for $2.6 million and there are plans for at least $1 million in renovations.
East River has preciously purchased the Cambridge Oxford Apartments, less than a hundred yards away from Yale’s British Art Museum last Spring from Beacon Communities of Boston for $22.25 million, approximately $260,000 per apartment
Nicotra commenting on the “rich” prices for New Haven properties said, ”investors in New York may have to settle for 2 or 3% return there, even with these [better than expected] prices they can double that here in New Haven.”
He added most of his properties are being sold to out of state investors who he says “see more value in the city than the folks that live and do business here.”