Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

April 22, 2022 REAL ESTATE

Historic Elm City apartment building, former Hotel Taft, fetches $52.5M

PHOTO | CONTRIBUTED 265 College St., New Haven
By Michelle Tuccitto Sullo

A historic residential building in downtown New Haven, which has hosted presidents and famous actors, recently sold for $52.5 million, city records show.

Par Taft LLC of Elmsford, New York, purchased the property at 265 College St., the Taft Apartment Building, on April 14 from Taft Realty Associates. 

Par Taft LLC is an affiliate of Paredim Partners LLC, a regional owner and manager of apartments and commercial properties throughout Connecticut and the Northeast, according to David A. Parisier, managing director with Paredim.

The broker representing the seller was Victor Nolletti of Institutional Property Advisors, according to Parisier.

Paredim's website notes the property's proximity to Yale University, Yale New Haven Hospital and area biotech firms, with amenities such as a recreation and fitness center, along with easy highway access.

“We are very pleased to add The Taft to Paredim’s fantastic portfolio of New Haven apartment communities and were attracted by the outstanding Yale-centric location in the middle of New Haven’s most vibrant 24/7 neighborhoods,” said Parisier, in an announcement. “We plan to return this special property to its position as the premier boutique residential property in the area and to enhance its aesthetics and amenity offerings via targeted upgrades.”

The Morgan Reed Group, an independent real estate holding group, described the property's history on its website.

According to the company, Taft Realty Associates had owned and managed the property since 1994.

The city Assessor’s office currently appraises the property as being valued at $26.3 million. It last sold in the mid-1990s for just $3.2 million, city records show. 

The building features 194 apartments, including studio, one and two-bedroom units, and 18,000 square feet of retail space.

Before being converted to apartments about four decades ago, the building had been a hotel, the Hotel Taft, which opened in 1912. 

Former President William Howard Taft lived there while he taught at nearby Yale University, according to the listing.

Because of the local theater scene, it attracted a multitude of famous actors over the years, such as Katharine Hepburn and Alec Guiness. According to the book, “Hidden History of New Haven,” famous guests at the hotel have included the likes of Woodrow Wilson, Albert Einstein and Babe Ruth. The Taft has also appeared in movies, such as All About Eve, Splendor in the Grass and Death of a Scoundrel.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF