Office-to-Resi Conversion Sets Greenwich, CT Pricing Record

Office-to-Resi Conversion Sets Greenwich, CT Pricing Record
News| September 9, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer of CBRE closed the sale of The Mill, a trophy mixed-use property in Greenwich, CT. CBRE represented the seller, The Mill Owners Company LLC, and procured the purchaser. The $97.5-million sale represents the largest single-asset apartment community sale in Greenwich history since Putnam Green in 2006, according to CBRE.

The Mill is a mixed-use community with 71 apartment units and 28,653 square feet of complementary retail across five buildings. It includes 59 luxury apartments in a former 19th-century mill (built in 1881) and a converted office building (built in 1981), plus 12 additional apartments located at 328 Pemberwick Rd. The property was under the seller’s ownership for over 40 years, spanning two generations.

“The Mill is a very special property that was significantly improved by the conversion and, as a result, achieved record pricing well over $1 million per apartment,” said Dunne.

Join industry leaders on October 23 at Connect New York Apartments Investment & Finance to delve into adaptive reuse strategies, distressed property outlooks, and the evolving dynamics of New York’s multifamily market. Gain insights into navigating policy changes, securing capital, and identifying opportunities in today’s complex real estate landscape. 

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