Yale University has paid $2.05 million for a building in a prime downtown New Haven location near its campus, adding to a string of nearby acquisitions this year.
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Yale University has paid $2.05 million for a building in a prime downtown New Haven location near its campus, adding to a string of nearby acquisitions this year.
The university bought 1150 Chapel St. in late September from Paul Guarino, trustee of the Paul R. Guarino Living Trust, according to land records.
The Hartford Business Journal calculated the purchase price based on conveyance taxes listed in a deed recently recorded with the city. The city, in 2025, appraised the property at $695,600.
The two-story building features a ground-floor commercial, restaurant space and the second level consists of four residential apartments.
“Yale has no immediate plans for the building,” said Alexandra Daum, associate vice president of New Haven partnerships and development. "We are excited about the location being so close to our campus. We will not be taking the building off the tax rolls.”
The building sits next door to the Hull’s Art Supply building at 1144 Chapel St., which Yale bought for $2.4 million in February, according to property records. In July, Yale purchased a 12-unit office and apartment building at 79 Trumbull St. for $1.65 million.
