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February 24, 2025

Recently converted 20-unit downtown New Britain apartment building sells for $4.5M

Mark Maglio 132 Main St., New Britain, also known as The Andrews Building
By Michael Puffer

A Rocky Hill investor this week paid $4.5 million for a 20-unit apartment building with first-floor restaurant space in downtown New Britain.

The 26,975-square-foot former office building at 132 Main St., known as The Andrews, was converted to apartments in a $4.3 million renovation launched in 2020 by real estate investor Avner Krohn.

The building was sold through online auction website Ten-X, with Michael Guidicelli, of Regions Commercial, acting as broker for both buyer and seller.

The winning bidder, Vina Andrews LLC, was one of seven bidders that ultimately registered for the auction, Guidicelli said.

Vina Andrews’ principal is Prabu Krishnamurthy, of Rocky Hill.

"I was very pleased it sold to a local owner," Krohn said Monday. "That's the first property I purchased in Connecticut. We have just moved on to larger-scale projects, so it didn't make sense to hold onto it long-term. But we poured a lot of love into it, so I'm happy there will be local ownership." 

Krohn said the building was fully occupied, including the first floor, which hosts the Night in Columbia restaurant. 

Krishnamurthy, in an email response, said he is excited to build a portfolio of multifamily properties in New Britain due to local housing demand, as well as the proximity of major employment centers. 

He added that he is fascinated by the historical significance of the century-old building. 

Guidicelli said he sells exclusively through the Ten-X platform, due, in part, to its broad reach with potential buyers. The platform also offers a high level of transparency and information that leads to more concrete offers and quicker closings, he said.

Guidicelli said The Andrews won’t require major capital improvements for many years. It sits in a downtown that has been the focus of multiple, high-unit apartment developments, including several led by Krohn. 

Krohn said he is about two months away from launching construction of a 100-unit apartment building called "The Strand," at the corner of Main and Chestnut streets, a site close by The Andrews. 

Chelsea Groton Bank Vice President David Saia arranged financing for the purchase, Guidicelli said. 
 

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