novellaad 720 721 88 sha 100NEW HAVEN: The Novella, at 1245 Chapel mixed-use luxury asset featuring 136 residential units on five floors above retail and parking in New Haven. The property sold for $39,625,000 and the sale was brokered by Marcus & Millichap (NYSE: MMI) today announced its Institutional Property Advisors (IPA).

“The Novella is one of the very few luxury assets located in the core Yale district and is walkable to the Old Yale campus, Yale Hospital, the central business district and core commercial district,” said Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team.

The project developer Randy Salvatore CEO of Stamford’s RMS Companies in 2015, is currently involved in a major redevelopment project in the Hill neighborhood in the city.

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Salvatore's new New Haven project includes this apartment complex near Yale New Haven Hospital at 22 Gold Street, New Haven.

Nolletti, along with Steve Witten, senior managing director, and Eric Pentore, first vice president investments, represented the seller, RMS Chapel Street LLC and procured the buyer, 1245 Chapel Street LLC. [Twining Properties, 200 Park Avenune, New York].

The Novella is composed of studio, junior one-bedroom, one-bedroom, and two-bedroom apartments. The first floor includes the 1,135-square-foot Chapel Street Pharmacy, 3,380 square feet of retail space for lease, and 85 gated, on-site parking spaces.