New Haven: Another city apartment property brought in big bucks in a May sale. The 41 units at 70 Terrace Street, sale was for eight buildings on 1.93 acres. Michael Richetelli and Fred Messore, senior vice president, of Colonial Properties, Inc., brokered the $3.055 million sale. The property was purchased by Favorite Investments, LLC [Shimon Handelsman, 300 Schraffts Drive, Waterbury] Colonial Properties was the sole broker in the transaction and represented the seller, Green Olive Properties.
Richetelli said, “this transaction demonstrates the robust multifamily market that exists in and around New Haven proper. This property has enjoyed a high occupancy rate, with close proximity to both downtown and I-95, enabling us to attain a strong value for the seller”
The attorney representing the seller was Jerry Lacobelle, Jr., in West Haven. The buyer’s attorney was Raphael Deutsch of The Law Offices of Raymond J. Antonacci, LLC in Waterbury.