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June 12, 2023 / 2023 Power 25 Real Estate

2023 Power 25 Real Estate: Reggie D. Kronstadt, Robert Kligerman & Bard Kligerman

Reggie D. Kronstadt

Led by Principal Reggie D. Kronstadt, Krown Point Capital and partners paid $27.75 million for a roughly 100,000-square-foot, Big Y-anchored shopping plaza in Ellington in March.

However, most of the Manhattan-based developer’s work in Connecticut has skewed heavily toward residential.

Kronstadt has partnered with Fairfield-based Connecticut Realty Trust on a string of large-scale rental projects. CRT is helmed by Chairman Robert Kligerman and his son, CEO Bard Kligereman. The company had focused on acquiring and upgrading distressed apartment properties before 2020, when it partnered with CRT and Jonis Realty in the purchase of the newly built, 130-unit Grand at Ridgewood apartments in Granby.

Robert Kligerman

Krown Point and CRT joined with Monument Square Investment Group in the purchase of the partially completed “Grand Luxury Homes” development in Granby in 2022. Construction of the development’s 56 two-family and 19 single-family rental homes is nearly complete. Kronstadt expects it to be fully leased before July.

The development offers an array of amenities, including a pool, dog park, electric car charging stations, outdoor grills, fire pits and a clubhouse.

In early May, Crown Point and CRT broke ground on Ryefield Village, which will include 90 luxury townhomes on 55 acres in Bloomfield. Construction is anticipated to be completed in a little more than two years.

Bard Kligereman

CRT and Krown Point are also seeking land use permits for the development of 163 single-family homes in two subdivisions in East Granby.

Kronstadt is also working on land use approvals to add a 7,200-square-foot retail building — to be anchored by a Starbucks — to his Ellington shopping plaza.

“We are excited about the new development we are building, and we are pursuing a number of new acquisitions in both the residential and commercial space,” Kronstadt said.

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