Mandy Expands In Fair Haven, Westville

Local megalandlord Mandy Management kept on growing with purchases of a six-unit Fair Haven apartment building and a three-family Westville house, in some of the city’s most recent property transactions.

According to the city land record database, on Nov. 12, the Mandy-affiliated holding company Re Fund II SFR 1 LLC purchased the six-unit complex at 197 Exchange St. from William Esposito’s WTE 197 Exchange LLC for $400,000. The three-story brick apartment building last sold for $40,000 in 2003, and the city last appraised it as worth $278,100.

And on Oct. 29, Mandy’s Re Fund II SFR 1 LLC purchased the three-family house at 17 Davis St. from Jeremy Black for $240,000. The city last appraised the property as worth $170,200.

The Westville home purchase capped a busy end-of-October rush for Mandy local real estate purchases. Between Oct. 22 and Oct. 28, Re Fund II SFR 1 LLC spent a total of $1.85 million buying three different residential properties housing 16 different apartments in Wooster Square, Dixwell, and the Hill.

(While those sales were included in the chart for the Independent’s previous property sales roundup, this reporter did not highlight them at the time, as that previous story was focused on Yale New Haven Hospital’s multi-million-dollar parking lot pickup.)

On Oct. 22, Re Fund II SFR 1 LLC purchased the 12-unit apartment complex at 37, 39, 43, and 45 William St. from 37 & 43 Williams Street LLC for $1,375,000. That complex last sold for $85,000 in 1982, and the city last appraised it as worth $896,100.

On Oct. 22, Re Fund II SFR 1 LLC purchased the three-family home at 216 Mansfield St. for $350,000 from Michael Thompson. That property last sold for $385,000 in 2006, and the city last appraised it as worth $349,100.

And on Oct. 28, Re Fund II SFR 1 LLC purchased the single-family home at 282 Davenport Ave. for $125,000 from 282 Davenport LLC. That property last sold for $40,000 in 2014, and the city last appraised it as worth $85,300.

The company’s local real estate holdings have grown by leaps and bounds in recent years. In 2018, its affiliate companies spent nearly $13 million buying local residential real estate, primarily low-income rentals. In 2019, its companies spent over $16 million. According to the Independent’s tally, Mandy-affiliated companies are on pace to exceed last year’s total by millions of dollars more.

Mandy was founded in 2002 by the Brooklyn-based landlord Menachem Gurevitch, and is currently run out of Beaver Hills. It manages properties for the Netz Group, a real estate private equity firm owned in part by Gurevitch that is chartered in Connecticut, based in New York, and publicly traded on the Tel Aviv Stock Exchange.

Previous property sale coverage:

• Lot Sells For 35 Times City-Appraised Value
• Dunkin’ King Expands New Haven Realm
• Parking Drives $6.85M Boulevard Deal
• Winstanley Snags Temple Medical For $21M
• Local Builders Buy Fair Haven Warehouse
• Yale Buys York Townhouses For $2.85M
• So Long ​“Heights On River.” Hello, Mandy
• Beacon Bulks Up 9th Sq Holdings
• Lot Buyer Promises Affordable Apartments
• Mandy Picks Up 10 Houses For $2.2M
• ConnCAT Buys Dixwell Clinic Building
• City Buys Walt’s Cleaners For Dixwell Plan
• 2nd Try Adds $1M To Purchase Price
• Investors Drop $1.1M On East Side Condos
• Out-Of-Town Builder Buys Park St. Block For $4.7M
• Ocean Spends $1.45M On 7 Houses
• 66 Norton Sells For $1.46M
• Mandy’s Buying Spree Tops $16.1M
• ​“Rt. 34 West” Hotel Site Sold For $2.8M
• Spinnaker Flips Comcast Project For $14.6M
• Sherman Medical Building Sells For $2.7M
• Pike, Mandy Spend $2M+ In Latest Buys
• 200+ Apartments Planned At Empty Eyesore
• Annex Apartments Sold For $3.95M
• Mill River Office Building Sold For $4.65M
• Local Landlords, Albertus Magnus Expand
• Mandy Buys Warehouse For $1.6M
• Pike Collects $890K On Wooster Sq. Sales
• Springside Apartments Sell For $3.2M
• Family Dollar Sells For 1.8M Dollars
• Pike Sells 2 Buildings To Yale For $3.8M
• Mansion Sells For Only $1.45M
• Landlord Tops 340 Units
• High Street Apts Sell For $25M+
• St. Michael’s School Sold, For Apartments
• Ocean Management Acquires Perrotti Westville Properties
• Paris Realty Picks Up 6 Q Meadows Condos
• Landlord Boosts West River Condo Holdings
• $21 Million Changes Hands In 2 Days
• 50 Factory Jobs Coming To Fair Haven
• Brendan Towers Sold For $6M+
• Investors Drop $917K On West Side Condos
• Mandy’s 2018 Buying Spree Nears $13M
• Mandy Empire Buys Up The Block
• Roots Planted In Newhallville
• Latest Sales: Mandy Buying Spree Continues
• Latest Sales: Mandy Expands In City Point
• Latest Sales: East Rock Home Buy Tops $1M
• Latest Deals: Beulah’s 5th Rehab On Block
• Latest Sales: NHR Sheds Small To Focus Big
• Latest Sales: Mandy Buys In Heights
• Home Sale Price Doubles In 13 Years