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September 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Time Equities Inc. buys three Bridgeport buildings for $21.7M from Ginsburg Development Cos.

The Arcade Mall in Bridgeport. Photo courtesy Bridgeport Neighborhood Trust

Time Equities Inc., a New York City-based real estate firm, has bought three commercial properties in downtown Bridgeport for $21.7 million from Ginsburg Development Cos. of Westchester County.

The transaction includes restored early 20th-century, mixed-use buildings totaling 176 apartments and approximately 100,000 square feet of retail and office space. The portfolio includes:
• City Trust Building at 955 Main St., an 11-story mixed-use property consisting of approximately 135,544 square feet with 117 apartments and 43,222 square feet of retail space featuring Citibank and 4 Corner Billiards as tenants;
• The Arcade Mall, a 4-story building at 1001 Main St. covering 52,355 square feet, with 23 apartments and 32,046 square feet of enclosed retail space; and 
• Golden Hill at 144 Golden Hill St., an 8-story building covering approximately 51,194 square feet, with 36 apartments and 22,751 square feet of retail space that is available for lease.

Time Equities Inc. made its first purchase in Fairfield County in November when it bought the Bridgeport Innovation Center, a 10-building home to more than 160 small and startup businesses, for $7.9 million.

Holliday Fenoglio Fowler LP marketed the portfolio on behalf of the seller, Ginsburg Development Cos. of Valhalla, and procured the buyer.

“We are excited about the opportunity to expand upon the work of previous ownership and improve the properties by activating the vacant retail spaces, providing a more complete mixed-use development for our residents as well as the entire Bridgeport community,” said Brian Soto, director of acquisitions and asset management at Time Equities Inc.