When the New Haven landmark Harold’s formalwear building sold in 2016, it was not likely that another clothing retailer would move in. The building’s 19 Elm St. location – near the train station, Wooster Square, downtown businesses and Yale University – made it a prime site for residential units, then and now. Previous owners Jacob […]
Get Instant Access to This Article
Subscribe to Hartford Business Journal and get immediate access to all of our subscriber-only content and much more.
- Critical Hartford and Connecticut business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Hartford Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
When the New Haven landmark Harold’s formalwear building sold in 2016, it was not likely that another clothing retailer would move in.
The building’s 19 Elm St. location – near the train station, Wooster Square, downtown businesses and Yale University – made it a prime site for residential units, then and now.
Previous owners Jacob and Josef Feldman, who bought the property for $1 million in 2016, had applied for and gained approval for various residential developments that never came to fruition.
Earlier this month, they sold the property for $4.85 million to Gorjian Assets LLC, BBH Properties LLC and 19 Elm Property LLC.
The buying limited liability companies, state records show, are controlled by Kevin Gorjian, Behrouz Ben Hakimian, and Rex Hakimian, respectively, who are all connected to New York City-based The Hakimian Organization, which touts itself as a developer of luxury residential, office and hotel properties.
Ben Hakimian is listed as the company’s founder and president, according to the company’s website.
Representatives from The Hakimian Organization could not be reached for comment.
Brad Balletto, who represented the seller and procured the buyer in the Aug. 10 deal, said the new owners plan to move forward with an approved and shovel-ready 96-unit multifamily development.
Balletto, senior vice president of investments at Northeast Private Client Group, said the Elm Street site is a prime location for mixed-use residential development since New Haven is seeing growth in high-paying jobs in numerous sectors, including biotech and life sciences.
“The downtown New Haven market has seen strong rent growth in recent years, and this growth is projected to continue through 2025,” Balletto said.
There has been a lot of added residential supply, “but I think there will continue to be added demand,” he said.
This is believed to be the Hakimian Group’s first development in Connecticut, with dozens – roughly 50 or 60 – towers built in Manhattan, Balletto said.
“This is not their first rodeo by any means,” he said.
Balletto said he is not certain of the developers’ timeline, but anticipates it’s their “intention to move as quickly as feasible.”
Approved amenities include a rooftop terrace, full gym, community club rooms, elevators and bicycle parking.
The first floor has city approvals for multiple office/flex commercial spaces geared toward creating a collaborative business incubator environment.
Targeted renters will be Yale graduate students and professionals working downtown and commuting nearby, Balletto said.
The 9,600-square-foot building sits on a half-acre downtown.
Balletto said the property attracted many interested buyers, some local, some from out of town, and all of whom wanted to stick with the multi-unit development plan.
