by| Oct 27, 2021 3:45 pm
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Posted to: Housing, Real estate, Dwight
Looking to spend between $1,595 and $4,995 per month on a shiny new apartment in Dwight?
The electric-powered, luxury-priced, parking-lot-destroying “The Elm” has you covered.
Mayor Justin Elicker, Cambridge Realty Principal Nicholas Falker, local realtor Carol Horsford, and a host of other city officials and local development boosters cut the ribbon on that new apartment complex at 104 Howe St. Wednesday afternoon.
The six-story, 44-unit, market-rate apartment complex stands on the site of a former surface parking lot on an otherwise bustling block on the western edge of Yale’s campus. The new apartment building includes 22 on-site parking spaces.
Falker, whose locally based real estate company built The Elm during the pandemic, noted that this is the first time in roughly a century that 104 Howe St. will house people, not cars.
The new building should bring “density, vibrancy and walkability to an urban location,” he said about his hopes for the newly built apartment complex.
Falker’s company bought 104 Howe St., the adjacent six-story apartment building at 100 Howe St., and a handful of other nearby properties in 2019 for $15 million.
Elicker thanked Falker for investing in New Haven, lamented that the property included no dedicated affordable rentals — and then offered his hopes that the build build build approach to urban planning will ultimately benefit everyone in the city, not just those who can afford The Elm’s rents.
“I’m excited to have new units online,” the mayor said. “I always like to see affordable units, but the fact that we have market-rate units here at this site, I think it puts more pressure on the market to provide more options to people and get those costs down.”
City Deputy Economic Development Administrator Steve Fontana agreed. This “used to be a parking lot,” he emphasized. Now it has 44 new apartments. And this isn’t an anomaly in New Haven.
The city has seen a flurry of new construction atop former surface parking lots in recent years. “New Haven is a growing city.”
So, just how much does it cost to live in The Elm?
Short answer: A lot.
Longer answer: Horsford and Falker said that the 44-unit building contains a range of apartment sizes, from studios to four-bedrooms.
The studios range from $1,595 to $1,795 per month depending on the floor, Horsford said.
The two-bedrooms range from $2,395 to $2995 per month.
The four-bedrooms rent for $4,995 per month.
Will anyone actually pay those prices?
Indeed they will, Horsford …….