Property Sales Roundup: Amity Strip Mall Sells For $5.75M

A Bridgeport-based orthodontist bought an Amity strip mall for $5.75 million, in one of the city’s latest property transactions — and a local mega-landlord borrowed more than $3 million with plans of paying down debt and buying more properties, in the city’s latest mortgages.

According to the city land records database, on July 26, SK Property LLC paid $5.75 million to ACL/SMARTYALE LLC for the strip mall property at 1475 Whalley Ave.

That 5.5‑acre site near the Woodbridge border includes three buildings: an eight-unit, single story commercial building and two separate single-unit, single-story commercial buildings. While it’s official address is 1475 Whalley Ave., it includes the street addresses 1449, 1451 – 1469, and 1471 Whalley Ave.

The city last appraised the combined property as worth $6,334,000.

The new owner is a holding company controlled by the Bridgeport-based orthodontist Shyam Desai. The previous owner was a holding company controlled by Georgia-based investor Stephen Swartz.

In other recent property transactions:

• A holding company controlled by local landlords Mendy Paris and Moises Grunblatt bought the Quinnipiac River Marina for a total of $1.625 million. Click here for a full story on that deal.

• Affiliates of the local mega-landlord Mandy Management spent another $1,347,500 in buying four different residential buildings containing 16 different apartments. Those recent Mandy purchases include the five-unit apartment house at 172 Fountain St., the six-unit apartment house at 103 Lombard St., the three-family house at 200 Kimberly Ave., and the two-unit property at 698 Dixwell Ave.

• A holding company controlled by NXTHVN founders Titus Kaphar and Jason Price bought a two-family house at 223 County St. from Bryant Thomas for $300,000. ​“NXTHVN is only one example of how we are attempting to invest in and build up our neighborhood for the future,” Kaphar told the Independent by email when asked for comment. ​“Acquisition of this home reflects our broader mission to make sure that rents remain affordable for current residents.”

Mortgage Roundup: Ocean Lands $3M From Corevest Finance

The city land records database also shows that affiliates of the local mega-landlord Ocean Management recently pulled two different mortgages totaling $3,097,000.

On July 8, the Ocean-controlled holding company Linato Delaware LLC received a $1,166,000 open-end mortgage from the California-based real estate investment lender Corevest Finance. The mortgaged properties covered by that loan include 150 Gilbert Ave., 165 Starr St., 198 Goffe Ter., 335 Blatchley Ave., and 44 Hurlburt St.

On July 19, the Ocean-controlled holding company VR Investments Delaware LLC received a $1,931,000 open-end mortgage from Corevest. The mortgaged properties covered by that loan include 122 Carlisle St., 195 Lenox St., 33 Button St., 425 Blatchley Ave., 58 Carmel St., 605 Winchester Ave., and 70 Pond St.

Ocean Management-hired project manager Melissa Saint told the Independent, ​“The mortgages pulled are existing loans that were refi’d because they were close to maturity. The excess funds will be used to acquire additional properties in New Haven.”

In other recent mortgages pulled by local LLCs:

• QRM LLC, a holding company controlled by Mendy Paris and Moises Grunblatt, received a $1.3 million loan from Stormfield Capital Funding I LLC on Aug. 6 for the Quinnipiac River Marina properties at 289, 307, 310, 313, 315, and 318 Front St.

• SK Property LLC, a holding company controlled by Shyam Desai, received a $3,737,500 loan from Avidia Bank on Aug. 5 for the strip mall at 1475 Whalley Ave.

• Eastrock Investment LLC, a holding company controlled by Bruno Massaro, received a $1,280,000 loan from Sabal Capital II LLC on Aug. 5 for the properties at 480 – 488 Woodward Ave.