Vacant Parcel in Westport, CT. Fetches $10M

WESTPORT, CT-Brokerage firm Albert B. Ashforth reports that a luxury homebuilder has paid $10 million for a vacant parcel of land on the Post Road here.

The land sales deal, reported by Albert B. Ashforth Inc., Corporate Real Estate Brokerage, the broker in the transaction, was for 16 acres of vacant land at 332-408 Post Road West located near the Westport/Norwalk border.

The seller was the Leo & Libby Nevas Family Foundation. The buyer was Westport Home & Land Company, LLC, a builder of residential communities in New York, New Jersey and Connecticut, according to Paul Michael Tortora of Albert B. Ashforth, who was the sole broker in the deal. Leo Nevas is a local attorney, according to Tortora.

Westport Home & Land Co. has already obtained all the necessary approvals to develop a 54-unit luxury townhouse community at the Post Road site, Tortora notes. Now that it has acquired the property, Tortora says Westport Home & Land Co., wants to begin construction on the new housing development before year’s end.

He relates that the developer had been looking for sites to build in and around Westport, specifically on the Post Road, before the firm became aware of the 332-408 property’s availability.

“It fit the bill,” Tortora relates. “It is one of the few remaining available large parcels on Route 1 in all of Fairfield County.”