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A Brooklyn investor recently paid $1.1 million for a 13,779-square-foot, four-story apartment building with first-floor retail in downtown East Hartford.
JCT Whitney Realty Group LLC sold the 113-year-old, brick building on a quarter acre at 1123 Main St. to JJ 1123 Main Street LLC in a deed recorded by the town on Aug. 8.
The building has 12 residential apartments above three storefronts. Two are occupied by a cell phone store and a smoke shop. The middle space, about 900 square feet, is available. The new owners say there has been significant interest in the space and they hope to secure a tenant that brings value to the area.
JCT Whitney Realty Group, whose principal is James Tillman, of Glastonbury, purchased the building for $850,000 in 2014, according to assessor records. The building had been remodeled in 2005, according to assessor records.
The new owner’s principal is Brooklyn-based JJ Equities, and its manager is Joseph Klein, according to state business records.
"We are buying this building because we believe in the area," Klein said. "We believe it's a good building and we are doing a little refreshing to the building to make it better for the residents."
Klein said a real estate investment and property management company he directs-- Jsquare Properties LLC -- has acquired more than 100 apartment units in the greater Hartford area over the past year. Klein sees opportunity in the population growth and strong multifamily demand in the area.
"We are doing great things and are looking into stuff in Hartford, East Hartford and even Bristol, Klein said
Klein's one complain is the public safety arena, given a number of high profile violent crimes in the greater Hartford area over the summer. Klein advocates for more investment in public safety and policing.
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