Is Bridgeport a good investment? New York-based Time Equities thinks so. It has purchased in the past five months more than $40 million of commercial properties from Downtown to the East Side, the latest on Barnum Avenue.
From Jordan Grice, CT Post:
Time Equities Inc. has made another hefty investment in Bridgeport, purchasing the Bridgeport Trade and Technology Center on the East Side.
The New York firm bought the 480 Barnum Ave. property–along with other buildings associated with the facility’s former owners, Campus Office Parks Associates–for $13.85 million, adding 575,000 square feet of commercial space and around 8.29 acres of undeveloped land to its holdings in the Park City.
“We’re really looking forward to continuing this streak in Bridgeport,” said Brian Soto, director of acquisitions for TEI.
Full story here.
This is an excellent Connecticut Post article. Clearly the leadership in the city is magnet. I will not credit the office of economic development, but will definitely credit Mayor Ganim. The good news is this is not an OIB article where misery and negativity reigns and malcontents imagine they rule. I also credit Christopher Rosario and Ezeguiel Santiago that has helped put Bridgeport in the spotlight with proposed 675 million dollar investment on Steelpointe.
Of course it would be a New York based company to invest in Bridgeport. The investment opportunities in our city are amazing. It takes vision and tenacity. If u go to the St. Andrews Golf club in New York, you’d hear what people are saying about Bridgeport . All positive. truth be told I am there as a guest often and I get on my soap box often. ( I do not golf), Sad , I know) There is a positive Vibe happening outside of the misery that has found a home on OIB.
Frank Gyure, your comment “Not interested” , speaks volumes. You do not support the administration, you do not patronize downtown business’s, you rarely have anything positive to say and those that share your views are right at home. There is a candidate running for Mayor that has a daughter that will not come to Bridgeport because something bad always happens. Unbelievable!!
As a taxpayer, home owner, supporter of all of the arts and culture the city has to offer. an individual that walks and patronizes business and restaurants in the downtown area, as well as my latest tattoo at Creative Instinkts( not mispelled), I welcome Time Equities to the City of Bridgeport and wish Brian Soto and Max Pastor the greatest success.
Looking forward to seeing everyone at the Cabaret for Sister Act and the Full Monty.
Steve,I would go easy on talking about Moore,she may be the next Mayor,you’re gonna need her to keep your job.And let’s face it,when she wins the primary,you’re going to start kissing her ass,just like when you used to talk shit about Joe on here,until he won the primary,and you suddenly changed your feelings and kissed his ass.
Harvey is on point
Has Steve Auerbach replaced Av Harris? I missed that on the daily FB messages highlighting Joe Ganim EVERY SINGLE DAY.
He’s back. Must be looking for a raise he’s sucking up so much in this post.
In other news Exact Capital’s 2nd,30 day extension for the Majestic Development came and went and not a peep out of city hall about it.I guess they will keep getting 30 day extensions till November? LOL
(In) Exact Capital and (Election) Time Equities are buying half of Bridgeport according to press releases from Mayor Joe Ganim,who happens to be seeking reelection after wasting 3 years on his quixotic campaign to become governor of CT.
And someone here on OIB told me to STFU. How low will this guy go to?
As low as you have taken it.
By the way, did you get the slap? Here’ another one:
think they are interest in the old REMINTON BUILDING on Barnum….please someone knock it down
They have a big stake now in seeing Bridgeport prosper
Is this just a bargain basement sale?
How will they, or not, get involved?
Investment in their buildings would be great
Enlightened leadership, activism and involvement would be great as well
Whats the update on the congress bridge????
We have our First Amendment right to speak freely about subjects of our choosing still and that underlines the operation of OIB. As I have said for years, the people of Bridgeport deserve a more OPEN, ACCOUNTABLE, TRANSPARENT and HONEST practice of governance day in and day out than low voter turnout has offered up for years. That is my opinion and in support of this I offer regular commentary on financial, organizational and general topics affecting the quality of life of Bridgeport residents.
Welcome to Time Equities and good luck with your first and now, second, investments in the City. You did not appear in photos being wined and dined at Joseph’s or Ralph and Rich’s by the Mayor or OPED personnel. Perhaps you were working behind your computers and financial tools looking for purchases that could be purchased at reasonable value today, held with a plan in mind, that could generate revenue streams and opportunity for gains, if sold? But you brought your funds and completed the deals without fanfare. That is refreshing while we await other groups of “investor-developers” to find the funds before another deadline passes? (And Steve Auerbach skips back into our lives today as a City employee with a regular paycheck for meter administration, or something new, to visit the rest of us where he declares “misery resides”.)
In his opening Steve declares the leadership in the City as the “magnet” drawing in Time Equities. Personally I found this strange as my own fantasy sees these investors as more aware of value opportunities and number driven. Wouldn’t you guess that leadership in the City is more a magnet for federal investigations? Otherwise why would Ganim2 have hired Guidepost Solutions? By the way, where do we find the document that stated the purpose for hiring that firm and set other limits and charges for a contract? Time will tell.
I would look at the insurance policies taken out on these properties… It isn’t unknown for fire to strike highly-insured properties (often owing back taxes) during real estate down-turns/stagnant markets… Investors that buy up large amounts property on speculation, always have a Plan B (that is often really a Plan A…) To speculatively buy large, developed properties consisting of minimal empty space, but filled with obsolete building space, such as the Innovation Center, indicates some plan to flip or otherwise exploit a probably-shaky investment via insurance claims, tax write-offs, etc… And, as we know, as often as not, these speculators stiff the city on taxes, even as the property gets run-down. Then the building burns down and the city buys the property from them and later resells it to another “investor” that somehow also spins gold out of ashes (e.g. the Rem-grit property that became available for a second train station — oh, and Lafayette Plaza/D’Addario Mall that became Housatonic Community College…).