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GREENWICH, CT-A vacant 1.6-acre parcel of land in downtown Greenwich is under contract for a sale price of $5.2 million.

Local developer John Fareri is under contract to purchase the property from Eurocars LLC, the local franchise of BMW. Stephen Banker, managing principal of Newmark & Company Real Estate Inc., represented the buyer and the seller in the deal. The transaction is scheduled to close sometime in July. The parcel, which is the largest undeveloped, commercially zoned piece of land in Greenwich, is located at 644 West Putnam Ave. at the intersection of Holly Hill Lane. It is located across the street from the Greenwich Office Park and adjacent to the 75 Holly Hill Lane office building.

“This high profile parcel is known to anyone who has ever traveled along Route 1 in Greenwich,” Banker says. “This was an extraordinary opportunity for the buyer to acquire what is generally regarded as the prime undeveloped parcel in town.”

The property was fully excavated in preparation for a new BMW automobile showroom, sales and service center. However, Eurocars has since decided to maintain its existing showroom facility at 55 West Putnam Ave., and will build a new service center in Port Chester, NY.

Banker notes that Fareri is currently studying a host of development options for the West Putnam Ave. parcel, including retail, medical and office use. If the property is developed as office space, the project would be marketed to the financial services community, Banker adds.

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