Stamford business house sells for $8.5 million

George T. Taft

STAMFORD — An business office elaborate on the edge of the downtown has marketed for $8.5 million, shifting palms for a number of million bucks much less than its preceding sale selling price.

The rate tag for the two-constructing site at 1111 Summertime St., compares with a $12.4 million acquisition in 2018 and an appraised benefit of about $21 million, according to house-transfer documents in the Stamford City Clerk’s Place of work. The two six-tale towers cumulatively address about 137,000 square ft.

1111 Summer Street Venture LLC, which lists a Manhattan organization deal with, was the vendor. AGW Summertime LLC, which lists a Queens, N.Y. company tackle, was the purchaser.

The handle for 1111 Summertime Avenue Venture LLC is the exact same as that of Silverback Development.

In 2016, Silverback acquired for $12.5 million a few downtown business properties throughout 733-777 Summer season St., and 612 Bedford St. About two a long time in the past, Silverback received acceptance from the metropolis to demolish the two workplace buildings that then stood at 733-777 Summer time to make way for flats.

Now, the whole lot at 733-777 Summer is empty. Design of an apartment complex is scheduled to begin later this calendar year, with a 376-unit making prepared there, in accordance to Stamford’s financial growth director Thomas Madden.

A message still left for Silverback Progress was not returned.

Officers at AGW Summer season could not be reached for remark.

The sale produced $41,000 in regional conveyance taxes. It was exempted from state conveyance taxes.

Stamford has viewed a number of other significant business assets profits in the previous few weeks.

In the city’s most significant authentic estate offer of 2020, telecommunications big Charter Communications purchased for $100 million the downtown business making at 400 Atlantic St., which has served as its headquarters considering that 2012. The corporation nevertheless plans to open up a new headquarters this yr a handful of blocks away, at 406 Washington Blvd., in a new 500,000-square-foot creating future to the downtown Metro-North Railroad station.

A couple of blocks from 400 Atlantic, the downtown office environment tower at 1055 Washington Blvd., offered for $24 million in a “leasehold” deal. The roughly 183,000-sq.-foot assets stands future to the Trump Parc condominium developing and throughout the street from Mill River Park.

The acquisition included the first Connecticut house to the Rye Brook, N.Y.-dependent RPW Group’s portfolio, which also incorporates nine structures in Westchester County, N.Y., as effectively as 275 Madison Ave., in midtown Manhattan.

“In the past 3 decades, we have been concentrated on growing our real estate footprint all through the tri-condition space, and Stamford was a aim for us,” RPW Government Vice President Andrew Weisz mentioned in a latest interview. “1055 presented a wonderful option for us to enter the Stamford marketplace. It is a marvelous developing, it is obtained suppress enchantment and a wonderful area. The infrastructure is excellent. and the tenant roster is extremely solid. It checked a good deal of the bins.”

Also past month, the web-site of the former Stamford Sheraton resort, which shut very last Oct, marketed for $6 million. The house seems to has been regarded as for works by using together with military services-veterans’ housing, but the buyers have not publicly disclosed their options.

[email protected] twitter: @paulschott

Next Post

Committing 1% of Yearly Earnings Each individual Calendar year to Significant Effect Initiatives to Provide Strength Obtain

OXNARD, Calif., Jan. 28, 2021 /PRNewswire/ — SimpliPhi Power (“SimpliPhi”) has released the Strategy: a campaign to Deliver Electricity Obtain. The Thought is a highly effective world dedication focused on producing large influence, sustainable electricity projects with a network of associates to handle weather improve and empower communities with renewable […]