Fair Street Apartments Sold

The Fair Street Apartment Complex sold today, netting Norwalk more than $50,000 in conveyance taxes. New Neighborhood Inc., a developer of affordable housing, sold the property for $52.4 million to ORK Holding Company and PJK Holding Company, both of Norwalk.

“I’ve met with them and I look forward to seeing how they plan to use it,” said Mayor Richard Moccia, adding he expected most of the apartments would be rented at market rate. The original plan called for six apartments to be reserved for veterans of Iraq and Afghanistan.

New Neighborhood, Inc. had sought a tax abatement from the city for the newly constructed complex at 80 Fair St. The Common Council did not approve the request in part because Norwalk has sufficient affordable housing to meet the state minimum of 10 percent of the housing stock. Moccia said the number of apartments in Norwalk deemed “affordable”is currently more than 11 percent.

“We need ‘work force’ housing,” said Moccia. “I hope city workers and veterans have first priority so they don’t have to commute here from other towns.”

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