Property Sales Roundup: ​“Corsair Cousin” Builder Pays $1.35M On Upper State

A Fairfield-based developer purchased an Upper State Street warehouse for $1.35 million, as it moves ahead with its plans to build a new 75-unit apartment building across the street from the Corsair.

That was one of the city’s latest property transactions, according to New Haven’s online land records database.

On Dec. 8, New Haven Apartment Partners LLC bought the two-story industrial building at 1041 State St. from Bryan Smallman for $1.35 million. 

Then on Jan. 4, New Haven Apartment Partners LLC quitclaimed the deed for that property to Post Road Residential Inc. 

Both companies are controlled by Andrew Montelli, who founded and runs the Fairfield-based real estate firm Post Road Residential.

The property last sold for $250,000 in 2001, and the city last appraised it as worth $677,700.

Post Road Residential’s purchase of 1041 State St. comes roughly a month after the Fairfield-based developer won final site plan and coastal site plan approval from the City Plan Commission to construct 75 new mostly market-rate apartments at that site. 

The project — which some have informally dubbed the ​“Corsair Cousin” over the past year of public meetings about the proposed development — should see the existing commercial building turned into townhouses; the construction of 1,000 square feet of new retail space; and the setting aside of a ​“small fraction” of the 75 new units of housing at deed-restricted below-market rents.

The planned new development site also stands directly across the street from the luxury 238-unit Corsair apartment complex at 1050 State St., which Post Road Residential built in 2016 — and then sold in 2018 for $89.8 million.

A representative from Post Road Residential did not respond to a request for comment by the publication time of this article.

Real Estate Roundup: Californian Invests; Mandy Expands

In other recent local property transactions:

• On Dec. 23, A holding company controlled by Bakersfield, Cal.-based investor named Brian Pellens purchased three single-family houses and one three-family house that all share the address of 151 Fitch St. from a holding company controlled by Eyal Preis and Meir Moshe for $1,537,500. Those properties last sold for $800,000 in 2017, and the city last appraised them as worth $869,600.

“I purchased the properties after a nationwide search with specific criteria,” Pellens told the Independent by email when asked about why he bought 151 Fitch St. ​“I found New Haven to be a beautiful place with a lot of positives and moving in the right direction. My plan for the properties is to complete some light upgrades and correct some deferred maintenance and make it a nice place to live, whether a tenant is working at Amazon or attending school down the street at SCSU.”

• On Jan. 27, Brown Street New Haven LLC — a holding company controlled by Firehouse 12’s Nick Lloyd — purchased the three-story office building and adjacent surface lot at 99 and 109 Water St. from Vito Luciani for $1.5 million. The properties last sold for $600,000 in 2005, and the city last appraised them as worth $1,707,400.

• On Feb. 7, a holding company controlled by Thomas Crosby bought the six-unit apartment building at 14 Lyon St. from Marc Nadeau for $1,087,500. The property last sold for $180,000 in 1985, and the city last appraised it as worth $773,800.

• On Jan. 27, a holding company affiliated with local megalandlord Mandy Management bought the three-family house at 85 Hubinger St. from Philip Manciero for $345,000. The city last appraised the property as worth $332,200. And on Jan. 18, another Mandy-affiliated holding company bought the two-family house at 228 Greenwich Ave. from Carl Harrison for $180,000. That property last sold for $133,000 in 2004, and the city last appraised it as worth $167,900.

See below for a full list of recent local property transactions.