Episode Details

Office Building in Milford Sells for a Fraction of Its Previous Price: Developer Robert Scinto Steps In

An office building in Milford, Connecticut, sold for $2.35 million in a court-supervised receivership sale, a stark contrast to its $4.45 million price just two years ago. The 176,000 square foot property, built in 1988 and renovated in 2021, is now set to be operated as office space by developer Robert Scinto, who plans to secure new tenants. The seller, an Atlanta-based entity, acquired the property in June 2024 but struggled with unpaid bills, back taxes, and utilities, leading to financial distress. The sharp value drop mirrors broader office market challenges, but Scintos intervention aims to revitalize the property.

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