Fairfield County Business Journal 011419

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JANUARY 14, 2019 VOL. 55, No. 2

westfaironline.com

Downtown Stamford. Photo by Derek Sabine.

INSIDE PAGE

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PHOTOGRAPHY PROFILE

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CANCER TEST

Stamford continues reign as Fairfield County’s crown jewel BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

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f, as Mel Brooks posited, it’s good to be the king, then it’s certainly good to be Stamford right now. The city that claims to have been “Innovating since 1641” is one of the state’s — never mind Fairfield County’s — brightest stars at the moment in terms of business development, housing, population growth and potential. The secret, according to Director of Economic Development Thomas

Madden? “We have an absolutely great product that everybody’s buying.” Madden’s bold statement is backed up by data the city recently released in a report on its various activities during the third quarter of last year. During that time: • Stamford’s labor force grew by almost 1,000 people over the previous quarter, while the unemployment rate dropped from 4 percent to 3.6 percent — less than both the state average unemployment rate of 3.8 percent and the national average unemployment rate of 3.9 percent.

• Leasing activity totaled nearly 763,000 square feet, up from roughly 171,000 square feet during the previous quarter, which Madden noted was due in large part to Charter Communications’ 532,000-square-foot build-tosuit headquarters, which is now under construction at 406 Washington Blvd. Other significant deals included Gartner’s 57,000-square-foot expansion at 700 Fairfield Ave. and KPMG’s relocation to 677 Washington Blvd., where it will occupy the entire fourth floor. • Total home sales for the quarter topped over $141 million, about $1 million more than the third quarter of 2017 but $10 million more than the third quarter of 2016. On the apartment side, the 175-unit Element » STAMFORD

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Buyer of $1.5M Villa BXV condo in Bronxville sues Greenwich sponsor over alleged defects BY BILL HELTZEL bheltzel@westfairinc.com THE BUYER OF A $1.5 MILLION condominium in the Villa BXV complex in Bronxville, New York, wants her contract canceled, citing alleged design defects. Sharon Herstein sued the condominium sponsor, Gateway Kensington LLC of Greenwich, Connecticut, last month in Westchester Supreme Court. The condominium was marketed and sold “as a top-tier luxury product that would afford owners and residents an elegant, pampered lifestyle,” the complaint states. “The sponsor has not delivered on that promise.” The developer, Fareri Associates of Greenwich,

responded in a written statement: “It is unfortunate that despite our best efforts, we have been unable to satisfy one of our buyers.” Fareri said it would not address the specific issues in the lawsuit. “We can, however, unequivocally state that we remain committed to working with all of our owners and residents to assure that the Villa BXV experience is all that we have promised and that they should expect.” Fareri said it has built a reputation for quality and integrity for 40 years, building thousands of houses, townhouses, condominium apartments and rental units. “Our reputation as a » VILLA BXV

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