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| 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.
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| 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
Founder/CEO
Strategy+Communications
Concierge Public Relations
Services
646-741-0790