APARTMENT BUILDING - NEW LONDON SOLD FOR $4.8 MILLION

Mar, 2006

HOWARD AND WHITE OF U.S. PROPERTIES SELL 42-UNIT APARTMENT FOR $4.8 MILLION.

NEW LONDON, CT - Susan Howard and Jim White of U.S. Properties, Inc. sold the 42-unit apartment building located at 184 Pequot Avenue in New London for $4,800,000. Michael Blair of Pequot Properties represented the new owner.

Built in 1962 on 0.63 acres overlooking the Thames River, the building comprises 45,452 s/f. The former owners, 184 Pequot Ave, LLC, had purchased the property in January 2001 and updated its 36,997 s/f of apartment living area. The property was initially leased to Pfizer for its new employees and short-term workers. The property has 29 two-bedroom units ranging in size from 821 s/f to 841 s/f and 13 one-bedroom units ranging in size from 495 s/f to 520 s/f. Twenty of the two-bedroom units have balconies providing magnificent views of the Thames River.

The seller, 184 Pequot Avenue, LLC, was represented in this transaction by Attorney Robert Martino of the law firm, Updike, Kelly & Spellacy, P.C. of Hartford. Attorneys Eric Janney and Thomas Collier of O'Brien, Shafner, Stuart, Kelly & Morris, P.C. of Groton represented the new buyer, 184-202 Pequot Avenue, LLC, who intends to convert the property into condominiums.

Financing for the purchase was provided by Washington Trust Company of Westerly, Rhode Island. Attorney Michael Sheehan of Conway & Londregan provided legal services to the lender.

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