Following recent Downtown acquisitions, New York-based Time Equities Inc. now owns the City Trust building and Arcade Mall on Main Street and a mixed-use building at 144 Golden Hill Street, making the real estate and property management company one of the largest property owners in the business district.
CT Post reporter Jordan Grice has more:
A series of acquisitions and deals in Bridgeport have made investors Time Equities Inc. one of the major players in reshaping the downtown area.
The New York-based developers and investment firm purchased a trove of downtown properties totaling $21.7 million in the past two weeks.
With the acquisitions, TEI now owns roughly 240,000 square feet of property downtown, including 176 units of apartments and 95,000 square feet of retail commercial space including storefronts in the northern part of downtown that have been vacant for years. For a variety of reasons, many investors believe that forming a holding company for real estate is the best business structure for rental properties.
“We are anticipating that we can make some improvements to those spaces and hopefully have that be a vibrant part of the cityscape there,” said Max Pastor, director of acquisition for TEI. “I think we have a great opportunity for public-private partnership and there is a feeling within the community that downtown can continue to evolve.”
Full story here.
This is awesome! Yes!
From Fairfield County Business Journal: https://westfaironline.com/110132/time-equities-inc-buys-three-bridgeport-buildings-for-21-7m-from-ginsburg-development-cos/
Bridgeport has seven Opportunity Zones-more than any other Connecticut city- according to the recent Executive Order signed by President Trump. This allows unrealized capital gains to be used as Opportunity Funds to spur investment in specific
zip codescommunities where 54 million Americans live.I really would like to invite Time Equities Inc. to come down and take a look at the Black Rock Section of Bridgeport. Fairfield Avenue through Black Rock has more traffic than ALL off Downtown . It is accessible to the Fairfield/Gold Coast of Connecticut. Black Rock has it’s own very special and very unique feel. With the rezoning that was done couple of years ago,it is more conducive to make a SoHo/SoNo feel completely along Fairfield Avenue. Black Rock is accessible to Fairfield Metro-Station,I-95 and generally has a great reputation. Very pro-active community. The pluses are too much list. There is an active Black Rock Neighborhood Revitalization Board. there is money to be had here with greater chances of return on investment. There is money to be had here.
It would be nice if these guys are able to bypass all the palms extended for lubrication. The corruption didn’t end when Little Joe went to the hoosegow.
I just want them to come to Black Rock.