Yale University expanded its downtown New Haven footprint on Thursday by closing on a five‑unit mixed‑use building at 1150 Chapel Street. The university paid $2,050,000 to the Paul R. Guarino Living Trust, according to a warranty deed recorded in the city’s land‑records database.
Transaction details
The property was appraised by the city for tax purposes at $695,600, indicating that Yale paid well above the assessed value. The sale was finalized on the same day the deed was recorded, confirming the university’s ownership.
University’s stance
“Yale has no immediate plans for the building,” said Alexandra Daum, associate vice president of New Haven partnerships and development. “We are excited about the location being so close to our campus. We will not be taking the building off the tax rolls.” Daum’s comments underscore Yale’s intent to keep the property within the city’s tax base while it evaluates future uses.
History of the site
Former owner Paul Guarino, trustee of the Paul R. Guarino Living Trust, posted a brief farewell on Facebook, noting his 49‑year ownership of the site. The building once housed Paolo’s restaurant throughout the 1980s and 1990s, and its retail spaces are currently vacant, as observed during a site visit on Thursday.
Related lease termination
On the same day, Guarino filed a Termination of Notice of Lease for Anaya LLC, a holding company controlled by Soraya Tkaoroptham, owner of York Street Noodle House. The lease, which began on Oct. 1, 2014, expired on Sept. 30, 2019 after the tenant failed to exercise renewal or purchase options by Dec. 31, 2017.
Yale’s broader real‑estate activity
This purchase marks Yale’s third local acquisition in 2026. Earlier in February, the university bought the Hull’s Art Supply building at 1144 Chapel Street for $2.4 million. In July, Yale acquired a 12‑unit office‑and‑apartment building at 79 Trumbull Street for $1.65 million. The new Chapel Street property sits near the site of Yale’s ongoing construction of a new seven‑story drama school and Yale Repertory Theater at Crown and York streets.
Community impact
Keeping the building on the tax rolls means continued revenue for New Haven’s municipal services. Local officials and residents will be watching how Yale eventually utilizes the space, whether for academic purposes, student housing, or commercial tenancy that could revitalize the vacant storefronts.
Looking ahead
While Yale has not announced specific plans, the acquisition aligns with the university’s long‑term strategy to consolidate properties adjacent to its main campus, supporting both institutional growth and the economic health of downtown New Haven.
Original reporting: New Haven Independent — read the source article.
