East Rock Landlord Buys “Embassy” Apts

by Thomas Breen

An East Rock landlord has purchased a 33-unit apartment complex on Dwight Street for $5.2 million — a full $2.2 million above the property’s latest city tax appraisal.

That property deal was recorded on the city’s land records database on April 10.

According to the relevant warranty deed, The Embassy LLC paid LJS Realty LLC $5.2 million to buy the three-story, 33-unit apartment complex at 102-116 Dwight St.

That century-old building, known as Embassy Apartments, was last appraised by the city for tax purposes as worth $3 million.

The seller of the property is a West Haven-based holding company controlled by Lynne Jacobson Schpero. The buyer of the property is a New Haven-based holding company controlled by Albert Annunziata, an East Rock-based lawyer, landlord, and developer who runs the company East Rock Real Estate.

“It’s a unique asset within New Haven’s housing stock, and we see strong long-term potential in both the building and the surrounding neighborhood,” Annunziata told the Independent.

He said that the Dwight Street property is “in solid condition overall,” and that his company plans to make “targeted cosmetic and operational improvements while continuing to operate it as 33 residential units.”

Asked about why he paid more than $2 million above the city’s tax appraisal to purchase this property, Annunziata said, “In terms of pricing, we underwrite investments based on forward-looking fundamentals rather than historical tax assessments, which often lag true market conditions. We believe the acquisition reflects our long-term conviction in New Haven and the opportunity to invest in high-quality, well-located housing.

“More broadly, we’re bullish on the city’s trajectory and see this as part of a continued commitment to investing in and improving the local housing stock in a way that benefits residents and the community.”

In a separate statement provided to the Independent, Schpero said that she has owned and managed this building for more than 20 years. “I really cared about the building and its tenants, and took great pride in the way I continued to enhance the building,” she said. “It’s the only building like it in New Haven. I’m sure Mr Annunziata will take this building to its next level.”

The Embassy Apartments website states that Schpero’s company, Jacobson Associates, has owned and managed this building “along with other New Haven properties” for over 50 years.

The website also pitches the complex specifically to Yale graduate students. “Situated close to Yale University, the building is a convenient walk to Yale University’s graduate schools as well as to the medical school, nursing school, and the school of public health,” that site reads. “Our hope is that you, our tenant, will enjoy living here.”