This story is updated with information about the buyer of the property.
GREENWICH – The site of the former Greenwich icon St. Moritz Pastry Shop was sold by the owner of the 383 Greenwich Ave. building for $4.33 million, according to Horvath & Tremblay.
Bob Dietrich, landlord for the building, sold the property on July 18 with Horvath & Tremblay as the broker. H&T was represented by Stavros Filippidis and Thomas Connor.
The St. Moritz Pastry Shop permanently closed on April 26 after 86 years in business, including 65 years at the Greenwich Avenue location.
The property contains eight total units consisting of two commercial units and six residential units in a three-story brick building. The property, which is residential in a mixed-use location, has 7,827 square feet. The pastry shop previously occupied both the first floor and second floor commercial spaces. The six residential units are comprised of two, 1-bedroom/1-bathroom units, three 2-bedroom/1-bathroom units, and one studio unit.
The second-floor suite contains 1,167 square feet. St. Moritz also had use of the 1,221 square foot basement. The in-place rent for the retail and commercial suites was a blended $24.46 per square foot. Both commercial units were leased on a month-to-month basis.
The new owner is a family from New York state who own and manage apartment buildings in Westchester County and New York City. They are seeking a tenant for the space. The Greenwich Avenue property is in the primary shopping district in downtown Greenwich.
383 Greenwich Ave offers investors the opportunity to acquire a value-add, mixed-use asset in one of the strongest markets in the country. The opportunity exists to capture significantly higher market rental rates by fully renovating the current building or redeveloping the property into its highest-and-best use, according to a press release from H&T.
Commercial rents on the street-level of Greenwich Avenue range between $125-$150 per square foot, and $40-$70 per square foot on the upper levels, offering significant upside by achieving market rents for the desirable space through a second-generation use of the space.
