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Former Brewery on Block
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Business New Haven
9/30/2002
By: BNH
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NEW HAVEN ‹ A former restaurant/microbrewery building at 458 Grand Avenue will go on the auction block November 2. The 1.9-acre site has two buildings, one that previously housed the Brewery restaurant and brew pub and a second that housed an automobile repair facility. A consortium of owners under the name Nakhes Associates LLC owes $379,111 in delinquent taxes and the city is attempting to foreclose on the property.
Housing developer Angelo Reyes was the highest bidder at $485,100 during a foreclosure sale in September 2001 that drew a total of 69 bids, according to published reports. Reyes was unable to secure purchase financing, even after the court extended a 30-day deadline for a closing, and subsequently lost a $47,500 deposit. The court last year set the fair market value at $475,000.
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