New Century Gardens, LLC has sold the 179-unit Cambridge Apartments complex to Kimberly Karkos of 2225 Main Street, LLC for a reported $8,525,000 or $47,626 per unit.
As of the 2nd Quarter 2016, the vacancy rate within the 66,800,000 square foot Fairfield County Office Market is 13.3%. The vacancy rate is 210 basis points lower than the previous year, and 101 basis points higher than the 10 year average.
Empire State Realty Trust, Inc. (NYSE: ESRT), a real estate investment trust, has agreed to proceed with a $622 million investment deal that grants affiliate Qatar Investment Authority (“QIA”) a 9.9% interest in the company on a fully diluted basis. This attributes to a 19.4% ownership of Class A shares belonging to Empire State Realty Trust, who own office and retail properties in Manhattan, Fairfield County, and the greater New York Metropolitan area.