ORANGE, CT… Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the completion of the following transaction.
Tony Vitti represented the Buyer in the purchase of 72 Broadway, Milford, CT, from Livio Faustini, for $3,650,000. The direct waterfront property, consisting of 10,000 +/- SF on 1.720+/- acres, was formerly Costa Azzurra restaurant and banquet facility. The property will be redeveloped into a new banquet facility and the owners plan to break ground immediately. Costa Azzurra had been a staple in the Milford community for decades and had closed amidst COVID and family concerns. The Buyer’s attorney was Brian Lema of Berchem and Moses in Milford, CT; the attorneys for the Seller were Larry Langerman and Anthony Benedosso of Karp and Langerman in Milford, CT.
“We are very pleased to be able to facilitate this transaction for a landmark piece of property. Costa Azzurra was a special place in the community for a long time, serving the residents of Milford and the region for many special occasions. This very unique parcel has considerable direct waterfront. The new development will be a first class banquet facility, featuring beautiful water views, providing memories for many for years to come.” said Richetelli.
Colonial Properties, Inc., founded in 1978, is a full service Commercial and Residential Real Estate Brokerage, located in Orange, CT. The firm handles all types of real estate transactions including the sale and leasing of retail, industrial, office, investment properties, and residential properties, as well as brokering land and business sales.
