GREENWICH – The owner of a posh 6,192-square-foot Greenwich Avenue retail and apartment property sitting in the heart of the town is seeking an investor in what is known as a fee interest sale, according to the exclusive advisor Cushman & Wakefield.
Winter HPG 171 Greenwich Ave. LLC is selling a 100% fee interest in 171-173 Greenwich Ave. A fee interest sale is the sale of a property where the seller conveys their full, absolute ownership interest (fee simple) to the buyer, often outlined in an agreement of purchase and sale. The term “fee” in this context refers to the owner’s highest and most complete form of real estate ownership, a “fee simple estate,” while “interest” denotes the specific ownership rights being transferred.
The property, which is regarded as one of the most prestigious and high-traffic luxury retail destinations in the country, includes Madewell – a J.Crew subsidiary – as a new tenant.
The property last sold for $6.55 million in 2018, according to town property records.
The 3,256-square-foot ground floor retail space is set to be occupied by the fashion retailer under a long-term lease commencing in September 2025 and running through January 2036. The lease is backed by a full J.Crew corporate guarantee, offering income stability with structured annual rent and annual escalations.
Above the retail, the property includes four luxury residential units that were gut renovated in 2018 and continue to command premium rents. These high-end apartments offer an blend of historic charm and modern finishes. There is also an unfinished roof deck and the potential to expand the second and third floors.
This offering comes at a time when Greenwich is experiencing a historic post-pandemic boom, driven by a significant migration of wealth from New York City and other major metros. This population shift has reinvigorated the town’s retail and residential markets, creating robust demand, upward pressure on rents, and soaring property values.
