A Bridgeport parking garage sold to a Southport real-estate firm for $1,100,000.
According to Jon Angel, owner of real estate firm Angel Commercial, LLC, the 140-space, two-story parking garage at 95 Chapel Street, which was formerly owned by Geza Scap, was purchased on Monday, Sept. 21 by 38-2112th Street Partner, LLC of Amityville.
It is within walking distance of Superior Court, Bridgeport City Hall, Police Department, Downtown Cabaret Theater, Messiah Baptist Church, and apartment buildings, and is located less than a half a mile away from the Route 25 Connector, less than one mile away from I-95, and 4.8 miles away from the Merritt Parkway.
The property was purchased as part of an IRS Code 1031 Exchange, said Angel, meaning that the party who was paid for the garage property can put off paying capital gains taxes so long as the earned monies are used to purchase another "like-kind property."
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