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October 28, 2021

New upscale apartment complex at 104 Howe draws mix of renters

PHOTOS | Liese Klein Carol Horsford, left, owner and broker at Farnam Realty Group, with sales agent Olivia Clapp, at the new Elm apartment building at 104 Howe St.
By Liese Klein

Although it's only a few blocks from the Yale Campus, the new Elm apartment complex at 104 Howe St.  has drawn a mix of tenants so far, according to broker Carol Horsford of Farnam Realty Group.

In addition to a pair of undergraduates, renters include older couples and young professionals, Horsford said. With available apartments filling up quickly, she sees the Elm’s popularity and mix of renters as a sign that the city’s upscale rental market remains strong.

The Elm’s second and third floors, the first completed, were fully leased by the move-in date in September, she added. Even with three floors coming online in recent weeks — well past the city’s move-in season — the entire building is currently 50% leased.

“There’s a bunch of people who just wanted to move to New Haven,” Horsford said. “The studios rented like that,” she added, snapping her fingers. 

Developer Nick Falker, center, at the ribbon-cutting of the Elm with, from left, Anthony Giano of Chapel West SSD, Mayor Justin Elicker and Steve Fontana, deputy director of economic development.

Horsford’s optimism was echoed by city officials and the developer at the ribbon-cutting for the Elm on Wednesday afternoon. The complex houses 44 units in six stories, with rents starting at $1,595 a month for a studio and ranging upward to $4,995 a month for a four-bedroom.

Nick Falker, principal of Broadway Living Holding Co. and Cambridge Realty Partners, developed the property after buying it with a package of other lots for $15 million in 2019. The land at 104 Howe had been used as surface parking for decades, Falker said. 

“My team and I are very grateful for the opportunity to contribute to the city in this way,” Falker said. “We hope that the city and its residents enjoy this building for many years to come.” The Elm’s appeal lies in its “bringing density and vibrancy and walkability to an urban location,” he added. 

Mayor Justin Elicker said the recent spate of upscale complexes coming online in the city will help keep prices affordable overall. 

“I’m excited to have new units online,” Elicker said. “The fact that we have market-rate units here at this site I think puts more pressure overall on the market to provide more options for people and to keep those costs down.”

Looking over the city from the Elm’s rooftop terrace, Horsford predicted continued growth in the luxury rental sector.

Recent arrivals to New Haven are seeking newly-built housing, with amenities like central air and heating, en suite washers and dryers and features like the matte-finished white oak flooring in the Elm’s units.

“People just want something clean with a washer-dryer that has central air,” Horsford said. 

Another attractive amenity is the building’s electric heat-pump system, which should keep utility bills low year-round, according to architect Dylan Christopher. Many residential buildings erected in the last decade use the technology along with improved insulation.

“We went with electric because the building has high enough efficiency that it made sense,” Christopher said. 

Contact Liese Klein at lklein@newhavenbiz.com.

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