Sherman Medical Building Sells For $2.7M

A Stratford investor purchased a Sherman Avenue medical office building for $2.7 million; a large-scale local landlord picked up over 50 apartments in West River, Edgewood, and Amity for over $4.7 million; and Yale University bought a surface parking lot next to its business school for over three times the lot’s appraised value — all in the city’s latest property transactions.

According to the city’s online land records database, on Oct. 15, Barone Investments LLC, a holding company owned by the Stratford-based investor Biagio Barone, spent $2.7 million buying the Sherman Medical Building at 136 Sherman Ave. and an adjacent parking lot at 1484 Chapel St. from the Sherman Medical Building Owners Corporation, owned by John Amodeo, Thomas Eisen, and Alan Rodrigues.

The 1973-built medical office building has 16 units of rentable office space and was last appraised as worth $4,141,800, according to the city assessor’s database.

In a brief phone interview with the Independent, Barone said he plans on keeping the office space as is — ​“as a medical building for Yale.”

“We’re adding some tenants from Yale hospital,” he said, but did not identify who would be moving in. He also did not identify how many vacancies the building currently has.

A Barone Properties lawn sign on the parcel’s front yard indicates that there is space available for lease.

In other recent property transactions, on Oct. 24, Yale University purchased the surface parking lot at 195 Whitney Ave. for $799,000 from A. Reynolds Gordon and Davida Madden.

The lot, which sits in between Yale’s School of Management building at 165 Whitney and a smaller Yale-owned building at 199 Whitney, was last appraised by the city at $285,700.

“The university has used the lot as parking for decades and will continue to do so,” university spokesperson Karen Peart told the Independent by email. As for the relatively high price paid for the lot, Peart said, ​“The price was based on market information and was negotiated and agreed upon by both parties.”

Neither Peart nor city Acting Assessor Alex Pullen responded to email requests for comment by the publication time of this article as to whether or not the university’s acquisition of the lot means that the parcel is now tax exempt. The previous owners paid just under $8,500 in property taxes on the lot last fiscal year.

Throughout the city, but primarily in West River, Edgewood, and Amity, holding companies owned by Shmuel Aizenberg of Ocean Management spent $4.775 million acquiring nine different buildings containing 56 apartments.

On Oct. 10, Sherman Chapel Properties LLC, a holding company owned by Ocean, bought the 20-unit apartment complex at 1476 Chapel St. for $1.75 million from 1476 Chapel Apartments LLC, a holding company owned by Robert Blake Cramer of Woodbridge. The property was last appraised as worth $1,133,100.

Also on Oct. 10, 80 Sherman NH LLC, a holding company owned by Ocean, bought the 18-unit apartment complex at 80 Sherman Ave. for $1.69 million from Sherman Heights LLC, a holding company owned by Cambridge Realty Partners’ Nicholas Falker. The property last sold for $1,335,000 in 2016, and the city last appraised the property as worth $905,400.

On Sept. 23, Sahn Del LLC, yet another Ocean-owned holding company, purchased the four-family home at 23 Mead St. from Jacqueline Hoyte for $325,000. The property last sold for $190,000 in 2004, and the city last appraised it as worth $187,900.

Also on Sept. 23, Sahn Del LLC purchased the four-family home at 417 Valley St. from Hoyte for $205,000. The property last sold for $111,275 in 2002, and the city last appraised it as worth $148,400.

On Sept. 20, Sahn Del LLC purchased the two-family home at 19 Valley Place South from Farmington Properties LLC, a holding company owned by Edward and Virginia Lockery, for $165,000. The property last sold for $85,000 in 2003, and the city last appraised it as worth $111,400.

On that same day, Sahn Del LLC purchased the two-family house at 5 Valley Place South from Farmington Properties LLC for $165,000. The property last sold for $95,000 in 2009, and was last appraised by the city as worth $121,000.

Sahn also purchased the duplex at 6 Hilltop Rd. for $165,000 from Farmington Properties LLC. The property last sold for $45,000 in 2010, and was last appraised by the city as worth $102,700.

Sahn also purchased the two-family house at 17 Victory Dr. from Farmington Properties LLC for $165,000 on Sept. 20. That property last sold for $51,600 in 2009, and was last appraised by the city as worth $103,700.

And on Aug. 26, Sahn purchased the two-family house at 90 Cedar St. from Bricks and Chips LLC, a holding company owned by Garnett Alexis, for $145,000. The city last appraised the property as worth $88,200.

Previous property sale coverage:

• 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