AIA Connecticut announced 17 recipients in its annual, comprehensive, 2017 Design Award program that recognizes design excellence in projects in Connecticut or by Connecticut architects. Jurors Deborah Gans, FAIA, GANS Studio, Brooklyn, New York; Michael Lykoudis, AIA, Dean, School of Architecture, University of Notre Dame, South Bend, Indiana; and Robert Miklos, FAIA, DesignLab Architects, Boston, Massachusetts selected 11 projects for Honor awards and six projects for Honorable Mention from a pool of over 135 submissions.
Award presentations will be made at the gala cocktail reception on December 4 at the Theater Works, Hartford, Connecticut.
Is New Haven remaking its “model cities” 1960s vision or is it the Next Wave “Greatest Small City in America,” that is the question.
New painted bikeway paths, good. Attacking UBER, bad.
Start-up culture”, good. Supporting a gambling hall down the road, bad.
Life can be quite good, in the Elm City, if you’re a New York based developer, student, single, don’t have kids, and most especially NOT if you are homeowner or worse yet - a small investor improving your property, trying to find tenants.
New Haven appears to be booming, people crowd downtown, restaurants are hopping, even small retailers are doing some business. Yale’s property division, celebrates retail announcements and openings nearly weekly.
HAMDEN: Town Hall Center LLC [Chris Nicotra, Olympia Properties] sold a two building mixed use portfolio located at 2340-2348 Whitney Avenue for $3.150 Million. Totaling 23,320 square feet, the properties were 100% occupied with a mix of retail and office tenants.
Stephen Press of Press/Cuozzo Realtors, with offices at 2751 Dixwell Avenue, Hamden, CT, has been serving the greater New Haven area since 1990. Press/Cuozzo Realtors is known throughout New Haven County as an innovative and aggressive force successfully marketing all types of properties. Press/Cuozzo Realtors provides Residential Brokerage, Relocation Services, Senior Real Estate Services and the services of a Commercial/Industrial Division.
BRANFORD: The Geenty Group Realtors, reports the sale of 85 School Ground Road in Branford a 2,325 square foot office building on 1.7 acres of industrial land. The building is located in both Branford and North Branford. The sale price was $215,000.
Bill Clark, senior vice president at The Geenty Group, was the agent for the seller, 85 School Ground Road, LLC. [Bernadette A Libero, member].
Mary Burns of Sunset Creek Realty in Guilford, was the agent/buyer. Tony Dechello. was the attorney for the seller and Mark Gersz. was the attorney for the buyer.
New Brunnshwick School retrofitted with LED Lighting from Tri-State, a division of Revolution Lighting Technologies.
Industry-leading LED solutions provider has completed more than 2,000 projects across multiple industries throughout the U.S. since its founding in 2010
GREENWICH: Tri-State LED, a division of Revolution Lighting Technologies, announced that it has surpassed $50M in total cumulative sales since its founding in 2010.
The Company has now completed more than 2,000 LED projects across industries including commercial, industrial, education, municipal, medical, and religious facilities.
Acquired by Revolution Lighting Technologies in 2013, Tri-State LED says it has grown to become “one of the largest LED solution providers within New York, Connecticut, and New Jersey, as well as expanding to complete projects throughout other regions of the United States.” Adding, ‘the growth can be attributed to Tri-State LED's unique experience offering comprehensive solutions to manage all phases of an LED retrofit project including scope, material selection, project management and pursuit of project incentives, making the Company the optimal LED partner.”
Tri-state’s release say’s it has experienced a compounded annual growth rate of nearly 50% from 2011 through 2016.
The Company has completed numerous LED projects including the Connecticut Convention Center and the Battleship New Jersey Museum and Memorial. In addition, Tri State has retrofitted more than 300 public school structures throughout New England, including Stamford City Schools in Connecticut, Ridgewood, Parsippany-Troy Hills and Old Bridge in New Jersey.
"We are very proud to have surpassed the $50M milestone in sales, and to continue our growth as a trusted partner and provider of industry-leading LED solutions. It's a tremendous accomplishment and speaks to the commitment of every member of our team to provide the best service possible to our customers," said Ron Young, President, Tri-State LED.
Tri-State LED is also a program contractor within Connecticut's Small Business Energy Advantage Program. For additional information, please visit www.tristateled.com.
ORANGE: Michael Richetelli, president of Colonial Properties, Inc., has announced that Gary Bellard, CCIM, has joined Colonial Properties as a commercial real estate broker. Bellard is a real estate professional with over 40 years of experience. He received the designation of Certified Commercial Investment Member (CCIM) in 1979 at the age of 25.
During his real estate career, Bellard has been involved with industrial, office and retail sales, leasing and management, and multiple property tax deferred exchanges.
WESTPORT: The sale of 2 Riverside Avenue a 1,470 square foot “high visibility” retail building sold for $895,000 or $609 per square foot, it is located on 0.1 acre zoned, it is zoned Restricted Office and Retail District 1 (RORD1).
246 Post Road East, Westport
The last tenant occupying the property was the Westport Aquarium. The seller was Paul Carpenter and the buyer is Westport resident, Mary Ciara Webster.
Westport Clinical Associates, LLC leased 4,637 square feet of office space at 246 Post Road East. The previous tenant in the space was Newman’s Own, Inc. who moved out after they purchased a building at 1 Morningside Drive North.
Eyeglasses.com renewed their 2,000 square foot retail lease at 147 Post Road East in Westport. They have been at this downtown location for five years and have another location at Blue Back Square Shopping Center in West Hartford.
NORWALK: Land at 198-200 East Avenue was sold for development. The 0.532 acre land had three residential units in place and the capacity to add 10 to 11 additional units. The sale price was $940,000. The seller was 198-200 East Avenue Development LLC and the buyer was Dimitrios Dimitroglou. The property is zoned NB - Neighborhood Business.
STAMFORD: Avison Young principal and managing director of the firm’s Fairfield/Westchester office, Sean Cahill, has announced the appointment of Christopher Grundy as a senior associate, specializing in landlord and tenant representation within the office sector.
In addition to traditional local brokerage he will serve as a member of the company’s Enterprise Solutions Affinity Group, focusing on servicing the needs of corporate occupier clients in the U.S. and Europe regarding occupancy strategies, including transaction and project management, lease administration and other ancillary service lines. He will also serve as the Avison Young “Young Guns Leader” for the Fairfield/Westchester office.
Grundy joins Avison Young from Pyramid Real Estate Group in Stamford, where he focused on office leasing. Before his career in commercial real estate, Grundy was a professional helicopter pilot and instructor.
NEW HAVEN: Pokelicious, Inc. is leasing a 731 square foot retail location at 37 Church Street, with a lease for 5 years. The owner is 35-39 Church Street, LLC [David Goldblum, Managing Member, 155 East Street, New Haven. The owner was represented by John Wareck of RLWD Commercial. Pokelicious, Inc. was represented by Young Lee of RLWD Commercial. Pokelicious has one other location in Long Island City, Queens.
is New Haven’s first Poke (pronounced “Poe- Keh”) Bowl restaurant and is considered the "newest food trend sweeping the nation."
HAMDEN: An 18,500 square foot industrial building located at 1050 Sherman Avenue on 1.66 acres was sold for $780,000. The building has 2,400 square feet of office space, one dock and one overhead door. Tri-Lift, Inc. will be using the site for an additional location.
Press represented the sellers, Olde Ways, LLC. Steven Inglesse, SIOR of the New Haven Group represented the buyer Murgo Empire, LLC.
EAST LYME: Jay Morris of O,R&L Commercial, LLC brokered the sale of a 60,000 square foot Class “A” Regional Shopping Center anchored by CVS, Tri-Town Foods Supermarket, McDonald’s and Citizens Bank for $15.5 million.
Flanders Plaza, located at 9-19 Chesterfield Road in East Lyme is a multi-building mixed use Retail /Office /Medical Plaza on 7.27 acres. The location of this center is on Route 1 just off the intersection of I-95 and I-395. At the time of sale the Center was 100% leased with many national / credit tenants.
West Haven: A 1,846 square foot commercial building on .13 acre at 10 Admiral Street was sold for $300,000. Fred Messore of Colonial Properties was the sole broker on the property.
The parcel will be demolished and assembled to make way for “Park Place” in the Allingtown section, which will house 16,000 square foot of retail with 50 residential units. Messore brokered the acquisition of several parcels in Allingtown in 2015 on behalf of Acorn Group Properties for the construction of the Atwood mixed-use development.
The seller was Zante, LLC, represented by Attorney Rocco Torozzi of West Haven. The buyer was Park Commons, LLC, an affiliate of Acorn, represented by Attorney Mark Sklarz of Green & Sklarz in New Haven.
WILLIMANTIC: An 84-unit apartment building located at 560 Main Street was sold for $5.5 million ($65,476 per unit). The property known as 560 on Main was once the historic Willimantic Thread Mill before being restored into 84 loft apartments in 2011.
Rich and Kurt Cawley of , United Multi Family (UMF) brokered the sale with financing provided by Freddie Mac through CBRE.
Overlooking the Willimantic Falls, the property consists of 10 two-bedrooms, 10 one-bedrooms with a den,19 one-bedrooms and 45 studios. The units range in size from 700 to 1,360 square foot. Amenities include a fitness center, community room with pool tables, wifi and flat screen televisions, on-site laundry and parking. The CAP rate at the time of sale was 7.74% with the property having a gross annual income of $789,960.
For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.
FAIRFIELD: The former Stratfield Market building at 1280 Stratfield Road, has a new owner, a private investment group 1280 Realty, LLC [MG Morin Realty 527 Toilsome Hill Road, Fairfield] has purchased the property for $1.2 million from Urstadt-Biddle of Greenwich, who acquired the property just a few months ago.
The retail property is a 9,612 square foot two-story commercial building on a 0.9 acre in the Stratfield section.
NEW 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.
EAST GRANBY: Sentry Commercial has brokered the $3.9 million sale of a multi-tenant industrial complex located at 25-27 and 29 Kripes Road. Torrington, based Gen IV LLC a company related to O&G Industries, acquired the property from Airport Business Center III LP.
The property is less than 2 miles from Bradley and was reported to have more than $326,000 net operating income from eight tenants in the complex.
Situated on 8.3 acres, the 65,691-square-foot property is a portion of Airport Business Center, a five-building industrial park developed by the seller in 1984. Sentry Commercial was the sole broker in the transaction.
NEW BRITAIN: The site of the former New Britain Police Department will soon be a $58 million mixed-use development.
Developers and government officials broke ground on October 17 on Columbus Commons at 125 Columbus Boulevard. The project will include 160 housing units in two six story buildings and also include office and retail space.
The project will be built in steps with the second building going up after the successful completion and rental of the first.
The project is a public-private partnership with Xenolith Partners of Bedford, New York and Dakota Partners of Waltham, Mass.
The police station was closed in 2012 and demolished with $2.7 million in state brownfields reclamation grants.
New Britain Mayor, Erin Stewart cited the project’s location next to the New Britain CTfastrak station, saying, “what we’re going to see from here on out, we’re hoping, is that other developments spur because of this, and an influx of millennials and people moving into downtown,” said Stewart. “This project is the start of an exciting new era for downtown New Britain.”
HARTFORD: Capewell Lofts, a $26.8 million mixed-use redevelopment project, has been awarded LEED Gold Certification from the U.S. GreenBuilding Council. CIL of Hartford a nonprofit real estate developer, completed the Capewell Lofts a $27 million project with 72 apartments in the city’s Sheldon-Charter Oak neighborhood, in November 2016.
Crosskey Architects served as the architect, interior designer, and LEED consultant for the project.
Capewell Lofts features the redevelopment of the historic Capewell Horse Nail Factory which was vacant for more than two decades as residential apartments and commercial office space. According to Crossey the Leed effort “exceeded its original goal to achieve LEED Silver.” The apartments includes both market rate and affordable apartments for residents with low or moderate income.
According to a report in the Hartford Courant financing the project was difficult reporting, “CIL struggled for two years to pull together a financing package, with three banks walking away from deals for an $8 million first mortgage. But in 2015, InsurBanc, a division of Westport-based Connecticut Community Bank, committed as the lead lender. Guilford Savings Bank provided $3 million of the first mortgage.”
STAMFORD: The BOMA Southern Connecticut chapter will be hosting “Autonomous Vehicles and the Future of Transportation” on November 7 at the Crowne Plaza from 11:30 a.m. to 1:30 p.m.
According to the group’s announcement, “over the next decade, accelerating autonomous driving technology, including advances in artificial intelligence, sensors, cameras, radar and data analytics, are set to transform not only how we drive (or, indeed, are driven), but the notion of car ownership itself.”
Stephen Zoepf, executive director of the Center for Automotive Research at Stanford will address the group. Zoepf has fifteen years of experience in the automotive field, including eight years in engineering and product management roles at BMW and Ford. He recently served as a Post-Doctoral research at MIT and on the technical staff of the U.S. Department of Transportation.
Zoepf will discuss the economics, the environmental, the social and the land-use aspects of sustainable transportation: driverless cars, Uber, Lyft, as well as the regulatory impact this will have. Register at www.soctboma.org.
SHELTON:, Tangoe Inc., a leading global provider of telecom expense management (TEM) solutions, has leased 34,200 square feet of office space at One Waterview Drive. The move will consolidate operations currently at 35 Executive Blvd, Orange, and 12 Turnberry Lane, Sandy Hook.
The 95,000 square feet class A building is owned and managed by Mountain Development Corp. (MDC) of Woodland Park, N.J.
Joseph Coci III, partner of MDC, arranged the lease on behalf of the landlord, One Waterview LLC. Dan Spero, Craig Eisenhardt and Paul Tortora of Jones Lang LaSalle (JLL) represented the tenant.
Marlin Equity Partners (“Marlin”), a global investment firm, acquired the then public company in June and combined it with Asentinel, LLC an existing portfolio company, to “create a global leader of technology lifecycle management (“TLM”) solutions.” The combined company operates under the Tangoe brand and is headquartered in Parsippany, New Jersey.
Robert Irwin, was appointed CEO of the combined company, succeeding Jim Foy who stepped in from the board to guide Tangoe through the last year. Irwin brings more than 30 years of global experience in operations, sales, consulting and senior management in the technology sector, including serving as CEO of EMS Software, TDCI and Sterling Commerce.
The company has research and development centers, sales and service offices, and customer service and delivery hubs located around the globe to support its more than 1,300 customers.
“We are excited to bring our Connecticut employees together at One Waterview Drive for even better collaboration and innovation,” said Tom Flynn, Tangoe’s chief administrative officer.
Tangoe’s new space at One Waterview Drive was designed by Perkins Eastman in 2010 for children’s clothing brand Carter’s, which relocated its Connecticut operations to Atlanta, Georgia. The move-in ready offices are fully furnished.
Apartment List.com has released data on tenant evictions across the US, including Connecticut.
The site’s research shows “nearly one in five renters were unable to pay their rent in full for at least one of the past three months,” 3.7 million American renters have experienced an eviction.
In New Haven 4.1% of renters faced evictions, 3.4% in Hartford and only 2.2% in the New York Metro area.
According to research director, Chris Salviati “evictions disproportionately impact the most vulnerable members of our society. Renters without a college education are more than twice as likely to face eviction as those with a four-year degree.”
EAST LYME: Guilford Savings Bank recently completed financing for the 60,000 square foot Flanders Plaza Shopping Center adjacent to I-95 in East Lyme, CT. The plaza holds CVS, IGA Tri-Town Foods, and other retailers and offices.
Manhattan-based Developers Consolidated Realty, LLC continued their acquisition of CT-based real estate with this most recent transaction. Developers Consolidated Chief Dan Richman said, “Flanders Plaza fits perfectly into our acquisition criteria as an ‘Internet proof’ plaza in an affluent community. The retailers in this plaza serve the community with daily needs, such as groceries and personal care products.”
“Equally important to the acquisition was having Guilford Savings Bank (GSB) involved in the transaction; they acted quickly and understood our needs,” continued Richman. “This marks our second deal with Brett Eagleson of GSB this year, as they continue to perform on a high level and think like an owner/operator. They’re invaluable.”
GSB acted as the lead bank on the $10,850,000 commercial loan, with participation from Dime Bank of Norwich, CT.
STAMFORD: Charter Communications [Nasdaq:CHTR] has announced today [October, 3 2017] plans to build a new 15-story headquarters in Connecticut and add another 1,100 jobs there, with the help of up to $20 million in loans and tax credits from the state.
The new building at the Gateway Harbor Point development, abuts Long Island Sound and is projected to be 500,000 square feet, occupancy will begin in 2019.
“Since relocating Charter’s headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.,” said chairman and CEO Tom Rutledge in a press release. “This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. ”
The city which took a hit in the financial crisis continues to add jobs. The job search website Indeed announced in July that it will add, add 500 positions to its current workforce of 700 and would make a$26.5 million in its offices.
Charter announced its plans Charter first moved its headquarters to Stamford in 2012 from Town and Country, Mo.,
The company and has agreed to $100 million in capital spending in the state over the next several years.
Governor Dannel Malloy the former mayor of Stamford said the state will provide a 10-year, $10 million low-interest loan and up to $10 million in tax credits. Malloy called it “a great day for Connecticut,” adding that Charter’s plan to create 1,100 jobs at the new site “shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state.”
New Haven: The Connecticut Green Building Council (CTGBC) is now receiving entry submissions for the 2017 CT Green Building Awards. Each year, CTGBC organizes a panel of industry experts to judge project submissions on sustainability, overall design, building performance, and other metrics. Projects are delineated into categories for residential, commercial, and public/institutional buildings, as well as student projects.
For the first time, the 2017 Awards will include an “Out of State Project” category for Connecticut residents or firms that have done outstanding work on projects outside the state. The CTGBC also annually honors an outstanding environmental advocate with the Judy Swann Green Advocate Award, named after longtime CTGBC executive director Judy Swann.
The 2017 CT Green Building Awards will be presented on November 2nd at Alexion Pharmaceuticals, which recently earned LEED Platinum certification. All project submissions and green advocate nominations must be received by September 19th.
SHELTON: Leggette, Brashears and Graham, Inc. [LBG], an environmental engineering services firm headquartered in town and with 17 regional offices across the US and with 150 employees has been acquired by Montreal, Canada based WSP Global Inc. [TSX: WSP].
WSP is a full services engineering and design firm and has more than 37,000 employees in 500 offices in 40 countries around the world.
LBG specializes in hydrogeology, groundwater and surface water modeling, dewatering and depressurization, environmental investigation and remediation.
WPG's press release said the acquisition “will bolster WSP's Water and Environment practice by increasing its groundwater geology capabilities, strengthening its environmental services expertise and expanding its national footprint.”
Suffield: Every community has assets to market from an economic development perspective, and Suffield is no different. We have existing buildings for lease or acquisition, land for development, redevelopment sites and tourism attractions. We would like to introduce you to opportunities in our town in North Central Connecticut which includes a portion of Bradley International Airport, New England’s second largest airport.
On September 27th the Suffield Economic Development Commission will be hosting its annual familiarization tour and golf outing at the Suffield Country Club.
SHELTON: 710 Bridgeport Avenue LLC, controlled by RNY Property Trust, was sold for $26.25 million, to Sun Equity Partners, LLC. , Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties represented RNY
710 Bridgeport Avenue is a 452,414 square foot flex [industrial office] building located on the eastern border of Fairfield County sits on 36 acres and includes a heliport. Currently 72% leased, tenants include PerkinElmer Health Sciences, Inc. [130,035 square feet], and Panolam Industries International, Inc. [79,000 square feet] which anchor the property.
Located off Exit 12 of Rte. 8, the major connector between I-84 and I-95 allows direct access to Manhattan, Hartford and Boston.
Dunne said, “710 Bridgeport Ave. is a high-quality flex asset and offers stable income and upside from nearly 128,000 square feet of vacancy.”
STAMFORD: Stamford Towers two adjacent class A office building have sold for $97 million. The buildings were last sold in1998 for $61.3 million to the seller Manhattan based commercial real estate firm SL Green Realty Corp. The sellers were represented by brokers Jeffrey Dunne and David Gavin with support from analyst Travis Langer of CBRE’s Institutional Properties, the buyer is CBRE Global Investors based in Los Angeles, CA.
The property is located in the city’s CBD, and one block from the Stamford Transportation Center, providing service to Grand Central Terminal in 50 minutes, as well as Amtrak service to destinations throughout the Northeast. The property is also close to the 722,000 Square foot Stamford Town Center Mall, as well as restaurants and retails options.
HARTFORD: Single-family home sales in Connecticut jumped 12.7 percent in July compared to July of 2016, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,641 single-family homes were sold in Connecticut during the month of July, compared with 3,230 sold in July 2016. The median price of a single-family home increased 2.7 percent in July to $267,000, compared with $260,000 a year ago.
Year to date, there were 19,287 single-family home sales in 2017, compared to 17,786 over the first seven months of 2016 – a 8.4 percent increase. The year-to-date median price was $249,000, compared to $245,728 over the same period of 2016.
NEW HAVEN: A newly public Bio-tech holding company Biohaven [ NYSE: BHVN] has chosen a high profile former bank building in the city’s Central Business District for its new headquarters. The moves comes as the company is reporting amazing results in the stock market amid positive announcements in its drug development efforts.
Biohaven is organized as a biotech holding and development company, and has raised funds to invest in New Haven biotech Kleo Pharmaceuticals. The company also is organized to conduct clinical trials and develop drugs it has purchased the rights for from a variety of organizations and companies including; Bristol-Myers Squibb Company, AstraZeneca AB, Yale University, Catalent, Rutgers, ALS Biopharma LLC and Massachusetts General Hospital.
Biohaven went public this past May raising $168 million at approximately $17 per share and the stock has taken a rocket ride to $37 a share in just three months. Its current market value of $1.3 billion, makes it the second most valuable biotech in the state.
The 11,500-square foot free standing building is at 215 Church Street, next to the Quinnipiac Club was previously headquarters for the Bank of New Haven, the Bank of Southern Connecticut and most recently a branch of Liberty Bank.
The building is owned by Netz USA LLC a U.S. subsidiary of Netz Group Ltd., a publicly traded Israeli company. Nezt, has more than $100 million of real estate investments in the US Capitalize 360 LLC run by Frank Micali is its contracted asset management firm, that negotiated the lease. .
Micali is a long-term Connecticut realtor with deep roots in New Haven’s CBD, including a long-term stint at the C.A. White company and in the commercial leasing of 900 Chapel Street.
Micali said “this is a strategic site for Biohaven’s headquarters which will allow it to take full advantage of the area’s talent and intellectual resources including Yale University, its labs and research, Yale New Haven and the many biotech firms established in New Haven.”
Biohaven’s stock has grown steadily from its IPO, but took off on the release of information on August 14, about its drug development activities
The company said that it’s clinical trials for a treatment of migraine headaches was moving into a Phase 3 clinical trial, another drug was given Fast Track status by the FDA and was expecting some Phase 2/3 results before the end of the year. A third drug for BHV-5000 to treat Rett syndrome received Orphan Drug Designation from the FDA as well.
WOODBRIDGE: Levey Miller Maretz announced they have expanded its property management business, ading 746 Chapel Street,a mixed use ofice and retail building in downtown New Haven adding to the nine condominium associations and 37 other properties it manages.
LMM management portfolio includes multifamily residential properties, apartment buildings, retail centers, office buildings, industrial parks and mixed-use properties.
NEW HAVEN: According to the monthly reports by Apartmentlist.com, rents in New Haven have declined 0.8% over the past month, while still being up 5.2% year-over-year.
As rents have increased during the past year in New Haven, a few comparable cities nationwide have seen rents grow more modestly, or in some cases, even decline. New Haven is still more affordable than most similar cities across the country. New Haven's median two-bedroom rent of $1,330 is above the national average of $1,160. Nationwide, rents have grown by 2.9% over the past year.
By comparison, while New Haven's rents rose over the past year, the city of Miami saw a decrease of 0.8%, San Francisco, however, has a median 2BR rent of $3,060, which is more than twice the price in New Haven.
BOSTON: The Warren Group, publisher of The Commercial Record. Reports that single-family home sales in Connecticut jumped 8.7 percent in June compared to June of 2016.
A total of 3,872 single-family homes were sold in Connecticut during the month of June, compared with 3,561 sold in June 2016. The median price of a single-family home increased 1.5 percent in June to $270,000, compared with $266,000 a year ago.
Year to date, there were 15,567 single-family home sales in 2017, compared to 14,556 over the first six months of 2016 – a 6.7 percent increase. The year-to-date median price was $244,000, compared to $242,500 over the same period of 2016.
“Our June sales total has hit its highest point since 2006,” said Timothy Warren, CEO of The Warren Group, “Though the median price of homes has remained relatively flat over this time, attractive prices may be the primary factor driving this modest climb in sales numbers.”
Condominium sales in Connecticut increased in June by 13.6 percent with 968 condos sold, up from 852 in June 2016. The median sale price for condos in June increased by 2.9 percent to $175,000, compared to $170,000 in June 2016.
Year to date, there were 4,194 condo sales in 2017, compared to 3,738 over the first six months of 2016 – an 12.2 percent increase. The year-to-date median price was $160,000 over the same period for both 2016 and 2017.
NEW BRITAIN, HARTFORD: Colliers International signed two meaty leases in the past month.
Stone Valley Granite & Marble held their ribbon cutting in June after signing a long term lease at 60 Wooster Street to run their operations and showroom out of the 14,500 square foot flex building. David Richard of Colliers International was the sole broker involved in this transaction.
In Hartford, Lennox Industries, Inc. leased 10,800 500 square foot of industrial space at 110 Murphy Road. Nick Pinto of Sentry Commercial represented the tenant. Dave Richard of Colliers International represented the Landlord, South Meadows #7 LLC.