GREENWICH – Owners of The Mill, a historic luxury apartment and residence, have sold the business and property for $97.5 million to an undisclosed purchaser, according to representatives of CBRE, which represented The Mill Owners Co. LLC and procured the purchaser.
led by Jeffrey Dunne, Eric Apfel, Stuart MacKenzie, and Travis Langer, announced the sale of The Mill, a trophy mixed-use property in Greenwich, CT. The sale represents the largest single-asset apartment community sale in Greenwich since Putnam Green (now Greenwich Place) was sold in 2006, not to be confused with the 2025 sale of Putnam Green — a 66-unit property sale.
The Mill is a mixed-use community with 71 multifamily apartment units and 28,653 square feet. of complementary retail across five buildings. The apartments consist of 59 luxury apartments in the former mill (built in 1881) and a converted office building (built in 1981), plus 12 additional apartments located at 328 Pemberwick Road (built in 1983) next to Ron Rosa restaurant, The Lion, and Kaia Yoga.
Situated on the pastoral grounds of a 19th-century mill along the banks of the Byram River, The Mill is a secluded waterside retreat with on-site eateries, specialty yoga, wellness, and therapeutic services.
The Mill was redeveloped in 2020/2021 by converting two office buildings into apartments, balancing a modern luxury aesthetic with the historic industrial patina of the felt mill, with its exposed beams, 14-foot-to-16-foot ceilings, wooden columns, and crenelated masonry exterior. The property was under the seller’s ownership for over 40 years, spanning two generations.
Developers Steve Schacter and Eric Schwartz began work on The Mill nearly 40 years after partners Ralph Schacter and Sy Schwartz of Fairfield Associates purchased 30 acres in the Glenville section of Greenwich along with the old mill that sat upon them. Schacter and Schwartz refurbished and repurposed the buildings that comprised the mill, then built new ones. Four decades later, the second-generation developers, now known as The Mill Owners Company, transformed the site of the old mill once again.
Steven Schacter, President at Mill Management, called the sale bittersweet.
“This is a bittersweet milestone for our group in parting with our last property in Greenwich,” he said. “The Mill is a special property. Greenwich has been a special town for us for over two generations and over six decades, from our first single-family homes in the 1960s to Putnam Green and Weaver’s Hill, Greenwich Office Park, and finally to The Mill.”
Jeff Dunne, vice chair of CBRE, focused on the pricing of the apartments.
“We are honored to have represented Steve Schacter and his partners in the sale of this incredibly well-done conversion from office to multifamily,” Dunne said. “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.”
Eric Apfel, first vice president at CBRE, added, “The Mill is an important sale for the market in several respects. It represents a triumphant success story for office-to-residential conversions, which are notoriously challenging to execute economically, and it serves as a beacon for lenders and developers alike, demonstrating that these price points are achievable.”
The Mill is the culmination of decades of work and stewardship by Mill Management. Originally the location of a cotton processing mill, the current 1881 building was built as a felt pressing facility, with felt production ending in 1979 when the property was acquired by Mill Management and underwent conversion to office space.
In 1981, the 59,755-square-foot office building was constructed across the Byram River opposite the 1881 mill building. In response to the changing nature of the office market beginning several years ago, Mill Management undertook the office-to-residential conversion, which proved prescient as the COVID-era transition to work-from-home rendered many office properties obsolete. Mill Management performed the conversion to residential with Granoff Architects, who crafted a design that responded to the challenge of creating functional floor plans while minimizing lost space.
The former owners, The Mill Owners LLC, was created in 2007 with the only principal listed as Ghent Management LLC with a principal address of 10 Glenville St.
