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$14M Facility To Auction for $4M

NEW HAVEN-The 90,000-square-foot assisted living facility will hit the auction block on August 5th for a fraction of its original cost.

By Ryan Clark | Updated on July 13, 2009

[IMGCAP(1)]NEW HAVEN-The Adel R. Coccomo Residential Center is coming to auction at roughly a fifth of its original construction cost. The 72-unit assisted living facility was completed in 2008 at a cost of $14.5 million, but the auctioneer, New York City-based Tranzon Integrated Property Group, is authorized to sell at a reserve price of $3.5 million. Sitting on 12 acres of land, the property–1556 Saybrook Rd.–is roughly 90,000 square feet.

“After incurring significant construction costs, the owner has unfortunately been unable to devote the appropriate resources towards attracting tenants in the way that a new and better capitalized owner would be able to,” explains Oren Klein, VP and auctioneer at Tranzon, in a statement.

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