Properties selling on New Canaan's Vitti Street
RHYS, a Stamford-based commercial real estate firm, announced a recent “portfolio” sale of a downtown New Canaan mixed-use building and two residential properties in an area slated for future development and revitalization.
Ivanhoe Collective LLC., a new business featuring classic and exotic cars, purchased 19 Vitti St., a 4,700-square-foot mixed-use office building, for $2.58 million.
The new owner will open The Cultivated Collector, a showroom that caters to those who own or want to own collectible classic and specialty autos of investment-grade quality. The second level will be a clubhouse for auto enthusiasts seeking camaraderie and connections to services that cater to rare and expensive cars.
The two-story Vitti Street building features an on-site parking garage. It was previously occupied by YoungLife, a world-wide Christian missionary/charity that was a long-time tenant and is moving to Stamford.
The buyer of two residential properties adjacent to 19 Vitti St. is the HB Nitken Group, a privately owned real estate investment company based in Greenwich. HB Nitken Group purchased 60 and 64 East Ave. for $1.475 million, or $737,500 each. The house at 60 East Ave. is a single-family 1,400-square-foot rental home built in 1900 which is currently vacant; 64 East Ave. is a two-family, 2,020-square-foot rental house built in 1876.
RHYS Senior Vice President Ted Grogan, who was the broker on all three sales, explained that the HB Nitken Group, which specializes in the development, acquisition and financing of institutional quality properties, shares confidence in both the commercial and residential New Canaan market and the town’s new Cross & Vitti Street Master Plan, a development plan for a six-acre area in which 19 Vitti Street is located.
“This offers the owners the ability and creativity to align their experience and expertise with the town’s vision for future development and revitalization of the streetscape,” Grogan said. “The HB Nitken Group, who are close friends of the owners of Ivanhoe Collective LLC, wanted to take part in one of the latest dramatic changes in a corner of downtown New Canaan where town officials have created an area of future redevelopment and a more pedestrian-friendly neighborhood.”
Grogan, RHYS Executive Vice President and Principal Christian Bangert and RHYS Vice President Greg Romano represented the buyers.
RHYS was also recently retained as the exclusive representative to sell an adjacent property located at 42 Vitti St. The building was originally built in 1970 and is 6,000 square feet of office and retail space, currently 100 percent occupied by the New Canaan Advertiser, Philip Physical Therapy and Garineh of New Canaan.
The property is being offered for sale at $2.15 million and sits on .35 acres of land, with 30 surface parking spaces.
Grogan, Bangert and Romano will again be the investment sale team handling the sale process. Additional information can be found at rhysre.com.