Photo courtesy of Google Maps

A prominent piece of New Haven’s skyline attracted a cross-border investor earlier this month.

An LLC controlled by Elmsford, New York multifamily investment firm Paredim Partners bought the 265 College St. building for $52.5 million on April 14. The seller was New Haven-based Taft Realty Assoc. LLC, which had owned the property since 1995. The sale price then was $3.2 million, according to public records.

A $49 million mortgage from Liberty Bank funded the purchase.

Better known as the former Hotel Taft, 265 College St. is a city landmark, its brick facade with sandstone accents towering over New Haven Green at the intersection of Chapel and College streets. First opened in 1912, the 13-story building was home to its namesake, former President William Howard Taft, while he taught law at Yale University after losing the 1912 election to Woodrow Wilson.

The building was converted from a 450-room hotel to 198 apartments in 1981.

Paredim has been active in the New Haven-area and Central Connecticut markets in recent years, buying a three-building New Haven portfolio for $25.15 million in 2019, selling a 340-unit Trumbull complex for $82 million last March, and buying a 104-room Manchester hotel that same month, with plans for an apartment conversion.

The New Haven Independent reports Paredim plans to upgrade the Taft building’s amenities and common areas.