Hartford officials have agreed to settle an ongoing tax appeal involving two key downtown office buildings, resulting in reduced assessments and refunds for property-tax overpayments.
An affiliate of Brooklyn, New York-based real estate investment and development firm Shelbourne Global Solutions paid $4.75 million in June 2023 for the roughly 304,413-square-foot office-and-retail complex at 218-260 Trumbull St. and 42 Pratt St.
In a complaint filed in Hartford Superior Court in May 2025, Shelbourne Pratt Development LLC challenged the city’s valuations of $3.78 million for the six-story office-and-retail building at 42 Pratt St., and $6.34 million for the larger, eight-story building at 218-260 Trumbull St.
Attorney Michael D. Reiner, of the Talcott Law Group, described the valuations as “manifestly excessive” and “unlawful,” arguing they could not have been reached without disregarding state law governing property assessments.
An appraisal commissioned by Shelbourne and performed by John Lo Monte Real Estate Appraisers & Consultants, of Wethersfield, noted the 1920-vintage building at 218-260 Trumbull St. was 47% vacant as of the city’s 2021 revaluation.
The appraisal placed the market value of the 193,845-square-foot building at $4.01 million, relying on recent property sales as well as income generated by comparable properties.
On Monday, the court filed a settlement proposal agreed to by Shelbourne and the city that would reduce the value of 218-260 Trumbull St. to $4.01 million and the value of 42 Pratt St. to $2.43 million — reductions of 36.7% and 35.8%, respectively.
The settlement also calls for refunds of property taxes Shelbourne already overpaid due to the higher valuations.
If accepted by the judge, the agreement would be the latest settlement or court decision reflecting the sharp decline in downtown Hartford office values, historically a key part of the city’s tax base.
The outlook for the Pratt and Trumbull properties, however, is changing.
Shelbourne and its partners — Hartford-based developer Lexington Partners and Hartford-based entrepreneur Alan Lazowski —are undertaking significant upgrades and conversions within the complex that could ultimately push its taxable value substantially higher.
Four of the six floors at 42 Pratt St., also known as 64 Pratt St., have been converted into dormitory space for 202 UConn students as part of a $28.9 million redevelopment completed in late August.
Lexington Partners President Chris P. Reilly recently said he expects to advance plans this fall to convert the larger, eight-story Trumbull Street building into at least 145 apartments.
The complex also includes about 30,000 square feet of ground-floor retail space fronting Pratt and Trumbull streets. Lexington is recruiting tenants and upgrading storefronts as part of its broader effort to reposition the properties.
Read More: Proposed settlement would slash tax values of key downtown Hartford properties