The Merritt Apartments is comprised of four separate buildings situated on 3.49 acres on the corner of Park and Maple Streets in downtown New Canaan. The properties are currently 85 percent leased, and provide 55 parking spaces, 25 of which are garage spaces. The apartments are within walking distance of the Metro North train station, shopping, over 20 restaurants, Mead Park and the New Canaan Racquet and Fitness Clubs.
“This is both the largest and best located multi-family complex in the Town of New Canaan,” said Al Mirin. “Tenants can walk to virtually every amenity the town offers — movies, grocery stores, restaurants, the train station and recreation.”
Currently in the apartment zone, the site could be redeveloped with 30 larger units of market-rate housing. New Canaan is currently studying an overlay zone that would allow more apartments provided a certain percentage of them were designated as affordable. The owners of the property have met with town officials to discuss possible redevelopment scenarios.
“Offering a substantial cash flow, this opportunity is appealing to both investors and developers,” added Mr. Mirin.
John J. Smith, an owner and spokesman for the property said, “We are pleased that our timing in marketing our property coincides with town initiatives to provide affordable housing opportunities for town employees and younger residents, as well as independent living arrangements for New Canaan seniors. As private property owners, we look forward to working with the Town of New Canaan and others to explore the best possible use of the site”
Cushman & Wakefield’s Private Capital Group specializes in middle market building sales in the Fairfield and Westchester County markets.
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