Old Lyme Shopping Center Sells for $3.95 Million

OLD LYME, CT – The Old Lyme Shopping Center has sold for $3.95 million to a New York developer with commercial and residential projects across Connecticut. 

The 19 Halls Road property, best known as home to the longstanding Hideaway restaurant, was sold to Old Lyme Shopping Center LLC on July 24, according to land records. The business was registered in May by Abraham Gottesman of Spring Valley, NY. 

Reached by phone Monday, Gottesman confirmed he is the new owner but said he was not available to discuss the property at that time. 

The sale was brokered by Brad Balletto, managing director of Shelton-based Northeast Private Client Group. He said he expects the new ownership will result in much needed improvements to the aging plaza.

Assessor’s data shows the 45,133-square-foot main building on the 5.2-acre property dates back to 1964. It was valued in 2024 at $4.47 million.

In terms of specifics, Balletto said only that the upgrades will likely include “a lot of cosmetic improvements to the property to improve curb appeal.” 

The shopping center was the subject of an unsuccessful auction in 2022, when the reserve price was not met.

Gottesman is the owner of residential and commercial properties of various sizes in cities including Hartford, New Haven, Bridgeport and Stamford, according to published reports. 

The Hartford Business Journal reported that Gottesman purchased the 189,896-square-foot, seven-story Soundview Plaza office building in Stamford for $6.5 million last year. The complex at 1266 East Main St. continues to be leased for commercial tenants. 

The Connecticut Post said Gottesman bought a 1960s-era office building at 855 Main St. in Bridgeport for $7.6 million in 2022, renovating it into a market-rate apartment complex. Rents in the 135-unit complex range from $1,755 to $3,350 for 200- to 870-square-foot units, according to a listing on apartments.com. 

Gottesman also rents out apartment buildings across the state.

José Plasencia, owner of The Hideaway Restaurant Wood-Fired Pizza, said Monday that he heard the new owners would be remodeling the building and the signs in front of the plaza. 

“That’s all I’ve heard so far,” he said.

First Selectwoman Martha Shoemaker on Monday said she didn’t know the property had sold. 

Land use coordinator Eric Knapp and building official Mark Wayland were not available Monday. 

“This is one of those things that’s more to come,” Shoemaker said.