Avner Krohn Puts New Britain Office Building Up for Auction at $1 Million
Updated
Updated · Hartford Business Journal · May 11
Avner Krohn Puts New Britain Office Building Up for Auction at $1 Million
1 articles · Updated · Hartford Business Journal · May 11
Ten-X opened bidding Monday for Krohn’s downtown New Britain property at 114 W. Main St. and 50 Court St., with the online auction set to run through May 13.
The asset is a fully leased, three-story office building totaling 36,189 square feet plus an adjacent parking lot; Krohn has said Jasko Development plans to lease back about 6,000 square feet.
Krohn bought the former post office property for $775,000 in 2022 and renovated common areas, bathrooms, lighting, landscaping and building systems before bringing it to market.
The sale fits Krohn’s stated strategy of recycling capital into new projects as downtown New Britain adds more than 600 apartment units delivered, underway or planned near his other developments.
Why is a key developer auctioning a prime, fully leased asset in a market he helped create?
Is one developer's 'capital recycling' creating a real estate bubble in downtown New Britain?
With luxury units rising, can New Britain's revitalization benefit everyone, or just new residents?