Daily Archives: April 28, 2009

BLT eats Antares’ lunch

Last remnants of the Cabrera / Beninati empire ceded to BLT, who has vacuumed up everything the boys once claimed ownership interests in, for pennies on the dollar.

Norwalk-based developer Building and Land Technology on Tuesday took over management, leasing and construction services of the last set of Stamford office buildings that belonged to Antares Investment Partners.

Antares, a real estate firm founded in Greenwich, once controlled more than a million square feet of office space in the Stamford.

The eight buildings are Stamford Harbor Park at 333 Ludlow St., Clearwater House at 2187 Atlantic St., the four-building Stamford Harbour Square on Canal Street, One Dock Street and Holly Pond Plaza at 1281 East Main St. The largest is the 393,000-square-foot Stamford Harbor Park.

This month, BLT also took over management of office buildings at 600 Summer St. in downtown Stamford and Stamford Landing on Southfield Avenue from Antares. The four-building Stamford Landing complex also includes the Crab Shell and Paradise restaurants.

Antares, which has [had, actually – Ed] offices in Stamford and Greenwich, could not be reached Tuesday.

Last year, BLT took control of the 80-acre Harbor Point project in Stamford’s South End from Antares. The 6-million-square-foot project is slated to contain office buildings, a Fairway supermarket, hotel, condominiums, park, rental apartments, retail buildings and a private school.

BLT controls another former Antares project in the South End, the proposed 323,000-square-foot Gateway office complex across Washington Boulevard from the Stamford train station. That empty parcel on the Mill River contained the former Manger Electronics, another old factory building and multifamily houses.

Antares, which is run by James Cabrera and Joseph Beninati, hit snags in its quest to redevelop the old industrial areas of the South End, said Jim Fagan, senior managing director of the Connecticut and Westchester County, N.Y., operations of New York City-based Cushman & Wakefield Inc. commercial real estate.

“The Antares guys are good real estate professionals,” Fagan said. “They certainly grew very quickly and were, unfortunately, caught in the downturns in the economy and the office market. They are very smart people, and I am sure that their futures will be bright once again.”

Bright as a funeral pyre.


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Price war bite back

23 Stanwich Road was listed for $1.995 million in 2005 and sold via bidding war for $2.275. Ah, for the good old days. The “winner” of that bidding war has been trying to unload the house for some time now and today dropped its price again, to $1.799. I’m not gloating or calling the buyer foolish – those were the market conditions then. Those same conditions now dictate that the price is worth $475,000 less. Ow.


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Spec House bites the dust

477 Riversville Road, a 12,000 sq. ft. bit of new construction on 6 acres was listed today for $4.795 and already has a buyer, according to the broker, so she’s just posting it for the record. Or she’s setting up a short sale,by listing it at that price, scaring away buyers by telling them it’s sold and then selling it far cheaper herself. But that would be unethical, so lets assume it came on and is gone.

$4.795 is a daunting price for this house, originally projected to list for $9 million, but I’ll let you in on a secret: we (Farricker and Fountain) had a deal on if for much less. This sale is just one more in a series of spec houses hitting earth with a thud. As that movie would have it, “there will be blood”.


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Arlen specter switches parties

Who will notice the difference? I suppose this helps the Democrats with their bullet-proof majority but they already have that. Better they get a crook like Specter on their side and the Republicans further remove themselves from the debacle to come. Good riddance, Arlen.


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