Sunday, December 20, 2015

New Haven Mixed-Use Property Sells for $1.7 Million-- Northeast Private Client Group Represents Buyer and Seller

Bradley Balletto
SHELTON, CT -– Investment sales broker Northeast Private Client Group has announced the sale of 804 Chapel Street, a 7,500-square-foot mixed-use property located on the corner of Chapel and Orange Streets in downtown New Haven, CT. 

Bradley Balletto, the firm’s regional manager, and David Almeida, CCIM, senior associate in the firm’s Connecticut office, represented the seller and sourced the buyer in the $1,675,000 transaction, which closed on December 9.

“We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties,” said Balletto.  “With deep relationships in the region, we were able to source the most competitive and qualified buyer for this asset.”

The property at 804 Chapel Street comprises street-level retail and five luxury apartments on two upper floors.  The apartments feature granite counters, hardwood floors, marble baths, floor-to-ceiling windows, washer/dryers and central air conditioning. 

David Almeida
The building features an elevator, fitness room and rooftop deck.  The seller is a Fairfield, CT-based private investor.   

The buyer, New York-based Newcastle Realty Services LLC, purchased the property for a price that equates to approximately $223 per square foot and a capitalization rate of 5.25% on the current net operating income. 

“High occupancy and growing rents in downtown New Haven are driving strong demand for commercial and mixed-use properties,” said Almeida.  “Our multistate platform helped create strong competition and sourced the successful out-of-state buyer.”

For a complete copy of the company’s news release, please contact:

Randy Savicky
Concierge Public Relations Services