Two Greenwich Avenue Properties Trade in a Week for Nearly $100M

GREENWICH, CT—New York City-based Kensico Properties has acquired 200 Greenwich Ave., a 62,850-square-foot mixed-use building anchored by Saks Fifth Avenue here, for $67 million.

The deal follows last week’s sale of 99 Greenwich Ave. by Midwood Investment & Development. The nearly 11,000-square-foot retail property triple-net leased to CVS through January 2038 was acquired by an institutional investor for $30 million.

Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners arranged the sale of 200 Greenwich Ave. and procured the buyer, Kensico Properties. Dunne, Gavein and Langer represented Midwood in its sale of 99 Greenwich Ave. and also procured the buyer in that transaction.

200 Greenwich Avenue is located on prestigious Greenwich Avenue, known as the “Rodeo Drive of the East,” in the Town of Greenwich, CT. This half-mile, upscale retail corridor includes 78 stores, including high-end retailers such as Tiffany, Gucci, Hermes, Vineyard Vines and Restoration Hardware, to name a few, as well as 17 restaurants.

The 200 Greenwich Ave. property is anchored by Saks Fifth Avenue on the ground floor, which recently expanded from their long-standing store across the street and signed a long-term lease at 200 Greenwich Ave. In addition, Compass recently leased the majority of the office space at the property. Additional high-end retailers at the property include Sweaty Betty, Fjallraven and Vilebrequin.

“200 Greenwich Ave. provided a highly unique, generational opportunity to purchase the dominant property in the heart of Greenwich Avenue,” CBRE’s Dunne says. “The property’s strong rent roll with additional upside, combined with its 159-space on-site covered parking garage, a rare amenity on Greenwich Avenue, will provide the purchaser with stable income for years to come.”