A storefront on Greenwich Avenue has fetched record high price tag. The property, 75 Greenwich Ave., was sold for $8 million.
Greenwich Avenue, which serves as the main retail thoroughfare in downtown Greenwich, has taken the sale as a positive sign after a year of increased empty storefronts there.
“Anything that high is a big deal,” said Mary Ann Morrison, president of the Greenwich Chamber of Commerce. “It means there’s great value in owning Greenwich real estate.”
The buyer was 75 Greenwich Avenue Associates L.L.C., which did not use a broker on the transaction. The property will continue to be fully leased to cosmetics retailer Sephora. The property seller was Merof L.L.C.
“This is a record for Greenwich Avenue on a cost-per-foot basis; $1,428 per square foot,” said Stephen Westerberg, senior managing director at the Stamford office of First Service Williams, which represented Merof.
Westerberg said though some lingering vacant storefronts remain, retailers have not turned their backs on this strategic shopping corridor. He noted that both Ralph Lauren and Apple Computer have opened stores on Greenwich Avenue within the past two months.
“As a shopping destination, Greenwich Avenue is supported by the strongest consumer base any retailer could wish for,” said Westerberg. “The investors that I work with continue to be attracted to Greenwich Avenue for conservative investment plays that offer steady growth and pose little to no downside investment risk.”
The sale eclipsed the previous record of $1,238 per square foot that was established in 2005 in the sale of 98 Greenwich Ave.
