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Wednesday, August 23, 2017

Leifer, Waldman Buy Sconset Square for $5 Million

Sconset Square off Myrtle Avenue, the tucked away commercial center marked by a signature flagpole that had been the mast of a yacht owned by the mall’s late owner B.V. Brooks, has changed hands for $5 million. Image
Sprucing up of Sconset Square was underway today, one day after its $5 million sale was completed. (CLICK TO ENLARGE) photo

Westport real estate owners and developers Roger Leifer and David Waldman, for years commercial real estate neighbors, teamed up for the first time, recording the sale Tuesday at Town Hall from Sconset Square LLC.

Sconset Square LLC is owned by the Frazer family, the children of Kathryn Frazer Brooks, Brooks’ widow who died in November at 82. Brooks was former publisher of the Westport News, which had an office at the square.

“It’s a very successful shopping center as it is,” said Waldman, who developed and co-owns nearby Bedford Square on Church Lane.

Sconset Square — once known as Sherwood Square — is home to a dozen tenants, Leifer said.

“It has a good tenant mix with small businesses, and strategically it connects to all our properties,” said Waldman. Image
Sconset Square, once known as Sherwood Square, is home to a dozen businesses and a flag pole from a yacht owned by former owner B.V. Brooks.  (CLICK TO ENLARGE) photo

Leifer, owner of Leifer Properties, and Waldman, principal of David Adam Realty, each owns several Church Lane properties next to each other.

“We’ve always been good neighbors,” Waldman said. “It’s a good piece of property, and our new partnership makes it even better.”

Leifer said that already a team of landscapers and contractors have been hired “to improve what has been somewhat neglected in the past.”

“We’re looking forward to keeping our tenants happy and thriving,” Leifer said.

“We’re also local,” he added, saying that the Frazer family is based in Seattle and has local representatives.

Months before the sale there had been speculation that the partners had plans to raze the square’s existing buildings, to rebuild and to reorient the mall toward Church Lane and Bedford Square.

Neither partner would discuss that today. Instead, they focused on improving what exists.

— James Lomuscio


Posted 08/23/17 at 05:32 PM  Permalink


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