It took only minutes for the owner and lender on a cluster of lots and buildings along Windsor Street, in Hartford’s North End, to discover that their properties’ market value was less than a third of the $2.9 million they were asking.
With auctioneer-broker Dan Mahaney of Oklahoma’s AmeriBid as barker, a handful of bidders stood last Wednesday in the parking lot of one of the properties and silently gestured their bids in response to Mahaney’s price calls for the properties at 780A, 806 and 808 Windsor St.
The sale also included assets of the Storage City self-storage business that purportedly generated $270,000 in revenue last year. The oldest of the buildings housing, among others, several churches and a carpet dealer, dates to 1920, city records show.
Mahaney started the bidding at $2 million. No takers, until he steadily lowered the starting offer to $500,000. About five minutes later, following a brief break in the proceedings, the highest and best bid of $775,000 emerged.
Charles Arcangelo of Southington, who co-owns a three-store chain of auto salvage/parts stores in Hartford and elsewhere, submitted the best offer.
Even with a 10 percent buyer’s premium tacked on, Arcangelo’s bid amounted to a 70 percent discount from the original list price. The potential short sale is contingent upon approval from the properties’ mortgagor, Presidential Bank, Mahaney said.
The Bethesda, Md., thrift, has seven days to accept or reject Arcanglo’s offer, he said, adding he believes the bank will take it.
Representatives for seller Windsor Street LLC, of Bronx, N.Y., didn’t attend the auction, auction officials said. Nor could they be located for comment.
Presidential did not return a call for comment.
Arcangelo says he’s invested about $500,000 in a handful of other properties on Windsor Street, including the one housing his Chuck & Eddie’s Used Auto Parts shop a half-block away, at 741 Windsor. Two more are in Southington and New Haven.
“We want to invest in Hartford,” Arcangelo said, after signing a formal offer sheet and bid contract. “We’d like to see Windsor Street come back and create some jobs.”
Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.
Greg Seay is the Hartford Business Journal News Editor.
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Willington Oaks’ $8.4M sale
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Caption: Willington Oaks Apartments. Contributed photo
The Willington Oaks Apartments, near UConn’s Storrs campus, sold recently for $8.4 million.
Willington Oaks LLC bought the 128-unit complex — half one bedrooms, the rest two bedrooms — at 380 Daleville Road, in the town of Willington, from RRE VIP Willington LLC.
The new owners plan unspecified upgrades to the property erected in 1966.
Chozick Realty Inc. brokered the sale.
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Louis Marine’s Westbrook play
 Louis Marine is planning to expand its marine-boating operations with the $130,000 purchase of a 1,400-square-foot building in Westbrook.
Harpoon Ltd. LLC bought the property at 438 Boston Post Road from the estate of Sophi Milewics.
Pearce Real Estate represented both parties in the sale.
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Composite Machining space
Composite Machining Experts LLC signed a five-year lease on 19,246 square feet at 222 Universal Drive in North Haven.
Composite does machine work for the aerospace industry, with both military and commercial applications. Frank Tomaszewski is the owner.
The Geenty Group Realtors, was sole agent in the lease.
Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.
Greg Seay is the Hartford Business Journal News Editor.
