Samuel Cohen’s family-run real estate company has owned the middle of the block on Pratt Street’s south side since the late 1960s, when the street emerged as Hartford’s jeweler’s row and department stores like G. Fox and Sage-Allen were a minute’s walk away.
A distant memory now, but even so, Cohen never lost faith in Pratt Street, his son, Jonathan, said Wednesday. His father, now 95, still believes the fortunes of the street — and the city — are on the upswing, Jonathan said.
That’s partly why Samuel Cohen agreed to sell the three buildings he owns on Pratt Street to Shelbourne Global Solutions LLC, a New York real estate investor that has made big moves in downtown since entering the city in 2014.
“They are not just going to vacuum and call it a day,” Jonathan Cohen said. “They are going to make changes. Unfortunately, we don’t have the pocketbooks that they have, and it takes some deep pocketbooks to make these changes.”
He adds: “It’s going to take Shelbourne to take it to the next step.”
Shelbourne declined Wednesday to reveal their plans for the street. The purchase of the three buildings — totaling $4.8 million, city records show — will add to their purchase last summer of 196 Trumbull St. and 99 Pratt St., which wrap around the corner.
With the purchase of the Cohen properties, Shelbourne will control all but two buildings on the south side of the historic, brick-paved street and a total of 190,000 square feet. The buildings all date from the late 19th and early 20th centuries and have commercial space above storefronts.
When Shelbourne bought 196 Trumbull and 99 Pratt, it said it was exploring mixed-use redevelopment involving Upward Hartford. Upward Hartford is a hub of entrepreneurs and innovators located a block to the north at the 20 Church St. office tower, Shelbourne’s first purchase in downtown.
Upward Hartford was founded in 2017 by Shana Schlossberg, who is the sister of Shelbourne managing member Benjamin Schlossberg.
Shelbourne also has had preliminary discussions with the Capital Region Development Authority about the potential for state-backed financing for housing.
Some say Pratt Street — in the heart of downtown and just across from the entrance to the XL Center arena — is operating below its potential.
But Jonathan Cohen said the south side of the street has held its own, the buildings owned by his father home to the offices of attorneys and doctors and more recently, the Hartford Denim Co. and Sea Tea Improv. Storefronts are leased to such tenants as Capital Spirits, Sunberry, WIP Fitness and Vaughn’s restaurant.
Cohen talked Wednesday on the eighth floor of 57 Pratt, the offices of his father’s real estate company and where he and his brother, Daniel, work for their father.
Cohen said the impression of struggle may be partly due to the wide swath of empty space on the north side of the street. The space is owned by Northland Investment Corp., once a major commercial landlord downtown, which still owns and operates the Hartford 21 apartment tower.
“Maybe Shelbourne coming down and investing in Pratt Street can get a fire under Northland to fill up their retail,” Jonathan Cohen said. “I know Northland has done their due diligence in filling up their retail. I can only say to them: ‘Why is the south side of Pratt Street filled and the north side vacant?’ Why have we been able to do it, and they have not been able to?”
Shelbourne is carving out a name for itself, now owning four office towers and the block of Pratt Street. In addition to 20 Church, Shelbourne owns Metro Center, 100 Pearl St. and One Talcott Plaza. Shelbourne also is in a deal to potentially partner with Hartford-based parking giant LAZ Parking to acquire the iconic One Financial Plaza, the “Gold Building,” on Main Street.
Kenneth R. Gosselin can be reached at kgosselin@courant.com.
