NEW HAVEN, Connecticut: The ownership of one of the city’s newest mixed-use complexes has changed.
The Novella, which opened on the corner of Chapel and Howe streets in October 2015, has been sold for $39.6 million, officials with Institutional Property Advisors, the commercial real estate firm that brokered the deal, said on Monday (Tuesday in Manila). The sale of the property comes just five months after after Fairfield County-based developer Randy Salvatore announced he was putting the property on the market.
The property was purchased by a limited liability company, 1245 Chapel Street. A search of the Connecticut Secretary of State’s online directory of registered businesses lists 1245 Chapel Street LLC’s business address at the same location as Twining Properties, a New York City-based company.
Twining Properties specializes in managing mixed-use properties located near transportation hubs along the Northeast Corridor from Washington, D.C. to Boston.
“Novella is fully amenitized with ultra-modern luxury finishes,” Victor Nolletti, senior managing director for IPA’s Northeast and Florida team, said in a written statement. “It is a unique legacy asset that will outperform the market.”
The acquisition of The Novella appears to be Twining Properties’ first foray into Connecticut’s mixed-use real estate market. The portfolio of properties listed on the company’s web site includes mixed-use properties in Washington, D.C., New Jersey, New York State and Boston.
The Novella includes 136-units of upscale studio, junior one-bedroom, one-bedroom, and two-bedroom apartments. The ground floor includes the 1,135-square-foot Chapel Street Pharmacy as well as 3,380 square feet of retail space that is still for lease, and along with 85 gated, on-site parking spaces.
Matthew Nemerson,, New Haven’s economic development administrator, said the sale of The Novella by Salvatore represents what he called “the circle of life” of commercial real estate.
“Developers develop and then they sell what they’ve built to somebody else,” Nemerson said. “It serves as a confirmation that there is continued interest in properties being developed and shows that the market likes the level of construction here. It’s all good.”
Salavtore’s latest project is building an extended stay hotel at Crown and High streets in the city. Nemerson said Salvatore is about to break ground on that project.