A New York family has bought a mixed-use retail-office building in Bridgeport for $1.8 million, growing its roster of Connecticut properties.
K.A.P.Y. Investments LLC, controlled by John Mariolis of New York, acquired the three-story, 22,393-square-foot building at 979 Main St., according to land records. Mariolis said he purchased the property with his father, Ioannis, and siblings Kirk, Alex and Penny.
The family plans to keep the retail tenants on the building’s 7,105-square-foot ground floor while converting the second and third floors from office space into 12 to 14 apartments.
Ground-floor tenants include Dunkin’, Queens Delight Cafe and Panda Chinese Restaurant.
Mariolis said the family targeted the property because of its location in downtown Bridgeport near the train station and between New York City and central Connecticut.
“I don’t think you can ever go wrong with buying a property on Main Street in any town,” he said.
The second and third floors contain about 8,183 square feet of space that Mariolis said is better suited for housing than office uses because apartments are easier to lease.
The seller was John and Nicholas Benedetto of Easton, executors of the estate of Joan Benedetto, according to land records.
Built in 1910, the property sits on a 0.18-acre parcel and includes a 7,105-square-foot unfinished basement. The building is appraised at $1.63 million and assessed at $1.14 million.
Mariolis said the family already owns multiple commercial properties in Waterbury, Manchester and New Britain, along with holdings in New York and New Jersey, and plans to continue buying properties in Connecticut.
“It’s a growing market with great opportunities,” he said.
