A family-owned real estate trust has purchased a two-story office building in New Canaan for $3 million, according to property records and a commercial real estate broker involved in the deal.
72 Park LLC, controlled by Fairfield-based Elm Street Trust Properties, acquired the building at 72 Park St. in mid-December. Elm Street Trust Properties is controlled by Paul Romaniello, a CPA and senior partner at Fairfield accounting firm Capossela Cohen. Calls to Romaniello were not returned.
Capossela Cohen is representing an undisclosed local family-owned real estate trust that purchased the property and owns about eight other commercial buildings in New Canaan, said Chris Sigg, a broker in William Raveis Real Estate & Home Services’ New Canaan office, who represented both the buyer and seller.
“It’s my understanding that they’re going to do improvements to the building and continue to operate it as an office building,” Sigg said.
The 10,298-square-foot building has 11 tenants and six vacant spaces, Sigg said. Tenants include White Buffalo bar and café, Park St. Dental, Salon Elan, Skin Care by Calie, several therapists and a building contractor.
Sigg said his late father, dentist Dr. Robert Sigg, purchased the building in 1980 to expand his dental practice. The seller was Fiona Sigg of New Canaan, Chris Sigg’s mother, who also owns CD Interiors, a home furnishings store on Elm Street.
The property sits on 0.2 acres, was built in 1953, and is appraised at $3.16 million and assessed at $2.21 million, town records show.
