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December 5, 2023

Albertus Magnus College sells New Haven dorms, offices for $7.4M in  sale-leaseback deal

Contributed 490 Prospect St., New Haven
By Hanna Snyder Gambini

Albertus Magnus College has sold a three-building complex in New Haven for more than $7 million that it will leaseback from the new owners. 

The office spaces and residential student housing properties sit on 1.38 acres at 490-492 Prospect St., and 411 Mansfield St., in the heart of the city’s historic Prospect Hill neighborhood. 

The buyer, ABCD 490 Prospect LLC, and principal Menachem Gurevitch, are affiliates of NETZ Capital Management, which owns multiple properties around the state. They were represented by Frank Micali of Capitalize 360 Group LLC of Rocky Hill.

North Haven-based Pearce Real Estate Senior Commercial Associate Chris Nolan and Senior Commercial Broker Carl Russell represented the seller in the $7.4 million sale, which was recorded Nov. 21.
 
NETZ management will offer a 10-year lease-back term to the college to continue using the offices and dorms in the same capacity.

The property has a total appraised value of $4 million.
 

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