A $27.1 million office building sold for $2.35 million — the market hasn’t recovered, it’s still falling.
The Great River Corporate Center in Milford, Connecticut, changed hands in March 2026 for $2.35 million, a court-approved sale after the prior owner defaulted. The property had sold for $4.45 million less than two years earlier. It once fetched $27.1 million.
The drop wasn’t gradual. It was enforced.
Joffe Paulding 19 LLC, an Atlanta-based entity that bought the building in 2024, failed to meet its obligations. Unpaid invoices, taxes, and utility bills piled up — totaling around $500,000. Rental income didn’t cover operating costs. A Georgia court appointed a receiver in September 2025. That receiver, John F. Kennedy, took control, marketed the asset, and negotiated its sale.
Connecticut Superior Court approved the transfer to 440 Wheelers Farm Road LLC, controlled by Robert Scinto, a commercial real estate developer. Scinto said he plans to keep the 176,240-square-foot, four-story building as office space and is actively seeking tenants.
The property, built in 1988 and renovated in 2021, sits on 11.8 acres near major highways and within five miles of the Milford Metro-North station. It last sold for $7.1 million in 2023. Its 2007 price was 11 times higher.
Commercial office properties in secondary markets continue to lose value as remote work reduces demand and debt obligations force distressed sales.