CVS landlord owes New Britain $87K in back taxes

Published on Tuesday, 6 June 2017 22:33
Written by CHRISTOPHER FORTIER

STAFF WRITER

NEW BRITAIN – Officials from CVS Pharmacy said Tuesday they were unaware that the landlord of their store at 177 Columbus Blvd. is the subject of real estate tax liens resulting in more than $100,000 amassed in back taxes.

Mike DeAngelis, senior director of corporate communications for the Rhode Island-based CVS Health, said the company did not know of the outstanding tax bill or the lien until contacted by The Herald on Monday.

“In fact, CVS has made all required escrow payments to our landlord as required by our lease agreement to cover real estate taxes,” DeAngelis said. “We will be contacting our landlord regarding this matter.”

As of Tuesday, property owner One Hundred Seventy Seven Columbus Blvd LLC has accrued an outstanding real estate tax bill of $107,155.18, of which nearly 12 percent comprises accumulated interest.

The contact for the property, according to city records, is Chris Fountoukis at the Columbus Boulevard address. A phone number for Fountoukis was unavailable.

Documents from the tax collector’s office state the property owner most recently paid a real estate tax bill nearly two years ago – a $42,979.24 payment made in August 2015. The city first placed a real estate tax lien on the parcel nine months later.

The CVS property administration department entered a lease agreement with former landlord Colvest/New Britain LLC shortly after the development of the former courthouse property opposite the post office was announced in 2001.

The parcel has changed hands three times in the ensuing years, most recently in April 2015 when the current owner acquired the 1.2-acre site for $5.4 million.

CVS Pharmacy in January 2015 signed a lease with the then-landlord that notes its commencement in July 2002 and a termination, should it not be renewed, in January 2040.

City officials declined to comment on the outstanding tax bill on Tuesday, stating only that there is a legal process in place for the city to attempt to recoup the taxes owed.

The CVS location, like others in prime central business district spots, has been eyed for a potential transit-oriented development rebirth should the land ever become available.

Christopher Fortier can be reached at 860-801-5063 or cfortier@newbritainherald.com.



Posted in New Britain Herald, Business, General News, New Britain on Tuesday, 6 June 2017 22:33. Updated: Tuesday, 6 June 2017 22:35.