New Haven getting 2 new eateries as investors see bright future in city 2 new restaurants opening as investors seek property here

Mary O’Leary - New Haven Register One Church Street sold for $19.5 million this month. Mary O’Leary - New Haven Register One Church Street sold for $19.5 million this month. Photo: Journal Register Co. Photo: Journal Register Co. Image 1 of / 3 Caption Close New Haven getting 2 new eateries as investors see bright future in city 1 / 3 Back to Gallery

NEW HAVEN >> Two new restaurants are coming to the city, while the New Haven business climate got a shout-out at a recent meeting of commercial real estate brokers from New Haven and Middlesex counties.

Chris Nicotra, managing partner of Olympia Properties, said Mecha Noodle Bar, which has locations in Fairfield and South Norwalk, has leased space formally used by the Sci Fi Cafe at 210 Crown St.

The restaurant offers a long list of Asian noodle dishes, according to its website.

“They want to be a part of New Haven,” said Dennis Nicotra, the founder of Olympia Properties and father of Chris Nicotra. The restaurant plans to open by Sept. 1.

Chris Nicotra said The Beer Collective has leased 130 Court St., a space that previously was home to Michael’s Cafe and before that the Blue Pearl.

He said Michael’s shut down in January 2015 after a boiler broke over a weekend and caused extensive damage.

Craig Sklar, who grew up in Guilford and went to the University of Connecticut, is a partner in The Beer Collective with his friend Taurean Davis. Sklar said he has worked in the industry for years, most recently in New York City.

Sklar, 31, said they plan to serve craft beers primarily, but also regular spirits and spirits distilled from the same ingredients as beer, something that is being done by Rogue Brewery in Oregon and others. He said the food will mainly be small plates, sandwiches, meats and cheeses.

Sklar plans to start renovations in a week or two and open by mid-June.

The announcements were made at the recent brokers’ meeting, which was held at 144 Temple St., a ground-level space last occupied by the Russian Lady.

It is part of a multistory office building, one of dozens in the area owned and managed by Olympia Properties.

For those not familiar with New Haven, Dennis Nicotra gave them a little history.

He said he decided to buy here 16 years ago at his son’s urging, but it was a very different time in 2000.

The 144 Temple St. property had been on the market for 18 months and sold for $1.3 million, or about $23 a square foot. Chris Nicotra said they now lease space for that price.

The founder of Olympia credits former Mayor John DeStefano Jr. with turning the city around and he said the administration of Mayor Toni Harp also “has been terrific.”

Dennis Nicotra said commercial properties in New Haven are now selling for $200 to $250 a square foot.

The latest one is One Church Street, which sold this week for $19.5 million, at more than $200 a square foot.

Owned by One Church Street Associates Limited Partnership, which is out of Greenwich, it was sold to Dominion Church St. LLC and Church St. Property LLC, both of which are in New York City.

One Church Street Associates also owns the property nearby at 27-33 Church St., which was recently approved for a restaurant on the first floor and a private hookah lounge on the second floor.

“We don’t see it stopping,” Dennis Nicotra said of the calls they are getting from New York, Boston and other areas from investors looking for properties.

He explained that in these larger cities, properties are becoming “trophy properties. People buy them just to place their money.”

Dennis Nicotra said even the most mundane properties in New York City are considered trophy properties, which is pushing investors farther outside that area.

“New Haven happens to be a great target for them and that is one of the reasons we are seeing this great influx of outsiders coming to New Haven. We are now at a good level and I think the future looks very, very bright for this city,” Dennis Nicotra said.

Chris Nicotra said the properties here were long undervalued.