STAMFORD, CT-The 92-unit Mill River House condominium development, which is still under construction here, is 100% sold. The complex is located on a brownfield site that was once home to an abandoned automobile dealership.
Seth G. Weinstein, principal of Hannah Real Estate Investors, LLC of Stamford, and Paxton Kinol, principal of Stillwater Investment Management, say the $25-million project at 35 West Broad St. will have owners beginning to move in by November. The sales price for the units ranged from $350,000 to $625,000. Commenting on the sales at Mill River House, Hannah Real Estate's Weinstein says, "Clearly it was the right project, in the right place, at the right time."
The JV's $20-million Adams Mill River House condominium project at 17-31 Adams Ave. in the Downtown district has half of its 52-units pre-sold. Citibank's Community Development Group, a unit of Citigroup, is providing $3.6 million for site acquisition financing to the Hannah Real Estate/Stillwater venture and is working on a $17-million construction financing package.
The price range of the units sold at Adams Mill River House has ranged from $350,000 to about $550,000. Plans for the project have been submitted to city agencies for approval. The developer anticipates construction to begin sometime this fall and occupancy in the fall of 2006.Weinstein formed Hannah Real Estate, which has offices in Stamford and Manhattan, a year ago.
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