New York Developer Moves in Bridgeport

January 8, 2019 | Reprints | Unlock Link | Print

New York developer Time Equities Inc. is becoming a major player in Bridgeport’s commercial real estate scene, with the $21.7 million acquisition of three downtown properties including 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. 

The portfolio comprises of three recently restored early 20th century buildings:

  • City Trust (955 Main St.) is an 11-story building with approximately 135,544 square feet. The building includes 117 apartments and 43,222 square feet of retail space. Retail tenants at the City Trust building include Citibank and 4 Corner Billiards.
  • Arcade Mall (1001 Main St.) is a 4-story building with approximately 52,355 square feet. The building is made up of 23 apartments and 32,046 square feet of retail space. Retail tenants at the Arcade building include Artstock, Burger Joint, and Boys and Girls Village.
  • Golden Hill (144 Golden Hill St.) is an 8-story building with approximately 51,194 square feet. The building is made up of 36 apartments and 22,751 square feet of retail space which is available for lease.

HFF marketed the property exclusively on behalf of the seller, Ginsburg Development Cos., and procured the buyer, TEI. The HFF investment advisory team included Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman and JB Bruno, along with Dana Brome. The TEI acquisition and asset management team led by Max Pastor and Brian Soto spearheaded the transaction for TEI.

“We are enthusiastic about this opportunity to add to our expanding Bridgeport portfolio and look forward to making strategic improvements to the vacant spaces and other portions of our new acquisitions. We plan to leverage our investment and repositioning expertise to add to the vibrancy of the downtown area, while continuing to recognize the importance of keeping future plans consistent with Bridgeport’s historical and existing characteristics,” Pastor, director of acquisitions and senior counsel at TEI, said in a statement.

TEI bought the Bridgeport Innovation Center in late 2018 for $7.9 million, as The Commercial Record reported at the time, and announced plans for capital improvements campaign and a modern amenities package, with the goal of creating a post-manufacturing destination similar to past projects in New Haven, Long Island City and Brooklyn, New York.