Real Living Wareck D’Ostilio announced the sale of the following transaction by partner/broker Frank D’Ostilio and Nancy Andersen:
490 Prospect Street, New Haven
Listed $5,650,000; Closed $5,000,000
Seller: Overseas Ministry Service Center which has relocated to be part of the Princeton University Theological Seminar
Buyer: Albertus Magnus University – Property to be used as additional dorms.
Institutional Property of Combined office and residential use and adjacent to Yale University. 3 Buildings on 1.3.8 acres which include 24 dwelling units, office space, meeting and guest rooms.
Building 1 – Farrel Mansion; 490 Prospect Street, 10,534 square feet with 10 B&B units and 9 offices, Georgian Colonial Revival built in 1911 by Farrel Family of Farrel, Inc of Ansonia CT
Building 2 – Doane Hall, 492 Prospect Street, 8,892 square feet with 11 residential units, Building 3 – Great Hall, 411 Mansfield Street, 8457 square feet with 13 efficiency apartments in the heart of New Haven.
“The purchase coincides with the upcoming arrival of the largest incoming class in the College’s 94-year history,” the college said in a release. To date, there are 275 first-year and transfer students arriving on the private, Dominican college’s campus for this coming semester. A spokeswoman said that, with the purchase, housing immediately will be available for 27 residents. Additionally, the facility will provide additional classrooms and office space for faculty and staff, she said.
The college said 61 percent of the class of 2023 has requested on-campus housing. “We received multiple offers on this fabulous property from Yale University and other major developers,” said D’Ostilio.
Pictured seated left to right: Bill Hawkins, VP Finance and Administration Albertus; Thomas Hastings, Executive Director Overseas Ministries Study Center
Standing left to right: Jamie Cuzzocreo, Attorney Paul Proto and Attorney Jim Whitney, Frank D’Ostilio, partner/broker Real Living Wareck D’Ostilio; Nancy Andersen, Real Living Wareck D’Ostilio.