For­mer Con­necti­cut Post build­ing sold to N.Y. in­vestor

Connecticut Post - - FRONT PAGE - By Jor­dan Grice Jor­dan.grice@hearst­medi­act.com

The for­mer Con­necti­cut Post build­ing has a new owner.

The four-story, 57,870-square-foot build­ing at 410 State St. that housed the Bridge­port-based news­pa­per for nine decades was sold to an in­vestor from New York City for $1.15 mil­lion. The struc­ture will be ren­o­vated and leased out.

The trans­ac­tion was an­nounced Wed­nes­day morn­ing by Jon Angel, pres­i­dent of Fair­field-based com­mer­cial real es­tate firm Angel Com­mer­cial, which rep­re­sented the buyer, New York-based Next Step Creative Group. Cush­man & Wake­field rep­re­sented the seller.

Next Step Creative Group, an in­vest­ment and devel­op­ment firm, spe­cial­izes in de­vel­op­ing space for ed­u­ca­tional and vo­ca­tional pro­grams. It cur­rently has around seven projects in the pipe­line in and around New York.

“Bridge­port has a lot to of­fer in in­dus­trial, of­fice, as well as ed­u­ca­tional fields, so we think that we are in­vest­ing in a bright fu­ture and Bridge­port is a part of that in­vest­ment,” said co-owner David Esfhani.

The down­town Bridge­port build­ing will be join­ing a se­ries of other pur­chases Next Step Creative Group has in­vested in within Bridge­port. The com­pany also pur­chased build­ings last June at 800 Union Ave. that have been leased out to busi­nesses in­clud­ing Black Horse Garage and QTI, a vo­ca­tional train­ing in­sti­tute.

“We al­ways look for op­por­tu­ni­ties that oc­cur in the real es­tate mar­ket,” Esfhani said.

With the trans­ac­tion com­plete, the new owner said a cleanup of the space has al­ready be­gun with plans of com­plet­ing ren­o­va­tion and leas­ing by 2019. Plans call for ren­o­vat­ing and leas­ing out the brick build­ing while main­tain­ing the orig­i­nal struc­ture of the space.

“We love the way that the struc­ture is,” he said. “We’re up­dat­ing some of the ar­eas that are in need of up­dat­ing, me­chan­i­cal, roof­ing and so on, but the phys­i­cal­ity of the fix­tures on the out­side ex­te­rior wall we are go­ing to keep the same.”

While there is no prospec­tive list of ten­ants, Esfhani said he and his col­leagues are hope­ful they can draw in busi­nesses that will ben­e­fit the area.

The build­ing dates to 1928 and sits at the corner of State and Courtland streets in down­town Bridge­port not far from In­ter­state 95 and Route 8.

The Con­necti­cut Post’s lo­cal re­porters, edi­tors and pho­tog­ra­phers va­cated the of­fice build­ing in Novem­ber and moved three block away to 1057 Broad St.

Other staffers from the build­ing moved last year to par­ent com­pany Hearst Con­necti­cut Me­dia’s head­quar­ters at Mer­ritt 7 Cor­po­rate Park in Nor­walk.

Ned Ger­ard / Hearst Con­necti­cut Me­dia

The for­mer Con­necti­cut Post news­pa­per build­ing on State Street in Bridge­port has been sold.

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