Ex-Acmat Plaza finds lease-up challenging
Photo | HBJ File
233-235 Main St., downtown New Britain
Henry Justin, office- residential realty investor-developer, HJ Development Inc.
Photo | Contributed
200 Alden Ave., New Haven
With Bank of America exiting in two months, the owner of The Plaza — formerly One Acmat Plaza — at 233-235 Main St., in downtown New Britain, sees opportunity.
Manhattan office-residential realty investor-developer Henry Justin isn't giving up on his two-year-old investment in the Hardware City, a spokesman says, despite a paltry 25 percent occupancy rate for the 75,000-square-foot, seven-story landmark for which he paid $2.8 million.
Since then, Justin has sunk another $150,000 updating the bronze-glass edifice with fresh exterior paint and new marble cladding around the entire foundation, said Ian Y. Fishkin, an executive for HJ Development Inc. Plans for a canopy above the walkway linking the building to the city-owned parking garage at the rear have been tabled while garage repairs are underway.
Bank of America is The Plaza's largest remaining tenant, occupying 20,000 square feet on the ground floor, fronting Main Street, space it will vacate shortly, Fishkin said. The Social Security Administration also still has offices there.
“Though it's almost vacant, we're operating it,'' Fishkin said. “We're invested in New Britain. We're not going anyplace.''
Justin has parted ways with Reno Properties Inc., the Newington commercial broker hired early on to help fill the building. The Nozko family sold the tower that once housed their Acmat Corp. and its affiliates.
Reno Managing Broker Michael Gallon agrees that The Plaza has potential to glow again, once the realty market improves more. There's also opportunity, Gallon said, for the building to perhaps serve as home to medical offices, a dormitory, or possibly as downtown apartments.
“It's a matter of timing,'' Gallon said.
The Plaza is among only a couple of Class A office buildings in downtown New Britain. Moreover, its proximity to the FasTrak busway being built to link commuters from the city, New Britain and West Hartford to downtown Hartford will eventually restore the 48-year-old edifice as a desirable address, Fishkin said.
“…This place is going to rock again,'' he said of downtown New Britain.
Meantime, Justin is doing his own rocking, musically, that is. An art devotee and artist, Justin recently recorded a 10-song CD, “The RockA Rula,'' on which he plays guitar, piano and sings, Fishkin says. The CD is in limited release, he said, to Justin's friends and family.
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Founders Plaza leases
Four leases totaling 40,000 square feet have been signed to put one of East Hartford's largest office towers near full occupancy.
Goman+York Property Advisors negotiated the leases at 111 Founders Plaza.
Engineering firm Quest Global Services leased about 20,500 square feet; Albertus Magnus College re-signed for 13,000 square feet; 3,500 square feet for Philadelphia Insurance; and 3,000 square feet for accountants Case, Corrado, Yazmer & Co. P.C.
• • •
New Haven apts. sold
A nine-unit apartment at 200-204 Alden Ave. in New Haven has sold for $800,000.
O,R&L Commercial LLC represented seller Nipote LLC in the transaction with buyer, Fountainville LLC, represented by Wareck D'Ostilio Real Living.
The building, in the Westville neighborhood near Yale Bowl, has seven one-bed and two two-bedroom units.
• • •
Conn College’s Hillel House
A new center for Jewish student life and intercultural programming is under construction at New London's Connecticut College.
When it opens next spring, the 6,700- square-foot Hillel House will be on the north end of campus and will include a conference room, library, study space, kosher kitchen and social space.
Connecticut businessman Henry Zachs provided a $1 million gift toward its construction, the school said.
Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.
Greg Seay is the Hartford Business Journal News Editor.
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