A New York real estate investment group recently paid $5.9 million for a 48-unit Hartford apartment building near Hartford’s Union Station.
Union Place Realty LLC, of Miami Beach, Florida, sold the 113-year-old, four-story, brick building at 64-84 Union Place to Union BSD LLC in a transaction logged with the city on Dec. 8.
The buying limited liability company is tied to Greyhill Group, a commercial real estate company that, on its website, says it focuses on acquisition and repositioning of well-located and distressed assets. Greyhill’s website also touts the Union Place Apartments among its latest acquisitions.
The principals of Union BSD are Jacob Herkowitz, of Englewood, New Jersey; Moshe Bloorian, of Great Neck, New York; and Yeshaya Cohen, of Lakewood, New Jersey. Herkowitz and Bloorian are listed as principals with Greyhill. Jesse Cohen is listed as a partner focused on investor relations.
Moshe Bloorian, managing partner with Greyhill Group, said his group is excited to expand its Connecticut portfolio with a property of “tremendous promise.” Greyhill will invest in the building, creating a “superior product” that will appeal to Hartford’s young and energetic working tenant base, he said.
“Our plan is to create a better living space for our tenants by putting money into the building,” Bloorian said. “We’ll be renovating common areas that haven’t been renovated in years. There’s major upside in the building, and we anticipate to change the way it is viewed by the community.”Â
The apartment building features first-floor retail spaces near the edge of Hartford’s downtown core. The building is also adjacent to Union Station, a hub of the Hartford-Springfield rail line and the Ctfastrak rapid bus system.
The seller’s principal is Lisa Drazen, of Cheshire, according to state business records. Drazen was also the listing broker.
The buyer was represented by Victor Nolletti and Westley Klockner of Marcus & Millichap.Â
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