Real Estate Sales Overview | New Haven, Crest CT

By Thomas Breen, New Haven Independent

March 16, 2022

A serviced apartment rental company has spent more than $3 million to add 21 apartments to its growing local housing stock, in some of the city’s latest real estate deals.

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According to the City’s Land Records Online Database, Pearl Sheffield DE LLC acquired these rental properties in four different transactions on February 18 and 28. (See a full roundup of recent real estate deals below in this story.)

Pearl Sheffield DE LLC is controlled by Yoon-Seok Lee, the managing partner of a local property company called RoomUnity.

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In an email interview with The Independent, Lee called RoomUnity “a vertically integrated real estate platform.”

On the “consumer side,” he said, his company offers “furnished housing options and a free introductory service for roommates. Many, but not all, of our units are furnished – this avoids our residents the hassle and waste of furniture. Our most common lease is a 1 year lease.”

On the investment side, “we partner with long-term investors who want real estate exposure but don’t want the hassle of management – our affiliate property management company takes care of that, managing the properties we we possess”.

City land records show that in the past 12 months – including these most recent purchases – Lee’s company has spent more than $7.7 million buying 42 apartments in the city, mostly in East Rock. .

Lee’s company recently acquired the following properties:

The seven-unit apartment building at 212 Sheffield Ave., which he purchased from a holding company controlled by state official/local landlord/zoning board member Alexandra Daum, for $1,028,880. This property last sold for $820,000 in 2020, and the city last appraised it at $774,900.

• The three-family house at 109 East Pearl St., which she purchased from another holding company controlled by Daum for $380,000. This property last sold for $289,000 in 2019, and the city last appraised it at $323,700.

• The five-unit apartment building at 81 Edwards St., which he bought from a holding company controlled by Salvatore Raffone for $900,000. The city last appraised this property at $669,100.

• The six-unit apartment building at 317 Willow Street, which he purchased from another Raffone-controlled holding company for $725,000. This property last sold for $407,000 in 2004 and the city last appraised it at $720,600.

Lee added that his company also recently purchased the four-family home at 1492 Dixwell Ave. in Hamden.

And on March 2, Lee’s holding company received a mortgage loan worth $2,557,500 against these four newly acquired New Haven properties from Corevest American Finance. It’s the California-based commercial lander that pumped more than $100 million into the coffers of local owner-investors last year.

Lee told the Independent that his company had no major renovations planned for any of these newly acquired properties. He said RoomUnity-affiliated “home services company” OctoMe Construction is currently completing work on other projects “where we’ve reduced heating costs by more than 50% on older homes that required ton of work”.

Regarding the environmental benefits of furnished rentals, Lee said, “We estimate that furniture in a typical one-bedroom apartment generates approximately 611 kg of carbon dioxide equivalent, or 68 gal of gas. We expect that the furniture in our furnished housing options will be used for ~5 – 10+ years Most of our properties have a 1 year minimum lease requirement, with the platform offering flexible options with a 3 month minimum.

Lee also said his company provides real estate brokerage services. He said his brokerage license and that of his teammates belonged to the Farnam Realty Group.

“We appreciate that New Haven offers high walkability, a highly educated community and easy access to nature,” he said when asked why he invested so much in New Haven real estate. Haven lately. “We appreciate that Yale, with its endowment of more than $40 billion, takes investment in the city seriously, especially from the 1980s and 1990s.”

“I live and work in New Haven,” Lee continued. “I’m proud that New Haven has cemented its position as Connecticut’s culinary and cultural capital. We’re thrilled to be a tiny part of this vibrant city.”

Roundup: Mandy Rises $3.69 Million; The palms keep spinning

In other recent local real estate transactions:

• Affiliates of local mega-owner Mandy Management spent an additional $3.69 million to purchase eight different rental properties containing 30 different apartments. These new Mandy acquisitions include the six-unit apartment building at 325 Saint John St., the six-unit apartment building at 81 Houston St., the five-unit apartment building at 23 Brown St., the four-family home at 28 Judith St. Ter., the three-family home at 264 Clinton Ave., the three-family home at 87 Chatham St., the two-family home at 179 Chatham St., and the single-family home at 842 Congress Ave.

• Local homeowner duo Shneor Edelkopf and Mendy Paris – through holding company EP Home Buyers LLC – pocketed $112,500 after flipping three multi-family properties in Fair Haven and the Hill. On Jan. 26, they bought the two-family home at 112 Poplar St. for $222,500, then sold it the next day for $262,500 to New Jersey-based investor Raphael Badouch. On February 8, they purchased the two-family home at 133 Poplar St. for $225,000, then sold it on February 23 for $258,000 to New York homeowner Abraham Taichman. And on December 31, they bought the three-family home at 80 Adeline St. for $297,500, then sold it on February 28 for $337,000 to Taichman. Click here to read about other recent flips from Paris and Edelkopf.

• On February 24, a holding company controlled by John Del Monaco purchased the warehouse at 25 Fox St. for $1.8 million from a holding company controlled by Kenneth Horton. The property last sold for $625,000 in 2006 and the city last appraised it at nearly $2.8 million.

• On February 9, a holding company controlled by Matthew Bailey, John Brennan and Erick Williams purchased the two-unit mixed-use building at 266 College St. for $1.7 million from a holding company controlled by Leon DeMaille. The property last sold for $1.87 million in 2009 and the city last appraised it at $1.3 million.


The New Haven Independent is a non-profit public interest daily news site founded in 2005.

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