On Wednesday multiple outlets reported that CBRE had brokered the sale of “The Mill” in the Glenville section of Greenwich for $97.5 million.
(Per the assessor’s office at Greenwich Town Hall, Units A-E, 6 & 10 Glenville Street, 328, 334, 340 Pemberwick Rd from The Mill Owners Company LLC to Greenwich Mill Owner LLC on Sept 15, 2025 for $97,500,000)
ConnectCre who reported the $97.5 million sale, said CBRE closed the sale, describing The Mill as “a trophy mixed-use property,” from The Mill Owners Company LLC and procured the purchaser.
The original site was 30 acres. The nucleus of The Mill complex is 8.7 acres containing five buildings. Photographed May 30, 2015 Photo: Leslie Yager
The Mill photographed during historic walking tour of Pemberwick and Glenville, part of a series of neighborhood tours organized to commemorate the town’s 375th birthday in 2015. Photo: Leslie Yager
Waterfall at The Mill photographed during historic walking tour of Pemberwick and Glenville, part of a series of neighborhood tours organized to commemorate the town’s 375th birthday in 2015. Photo: Leslie Yager
The Mill photographed during historic walking tour of Pemberwick and Glenville, part of a series of neighborhood tours organized to commemorate the town’s 375th birthday in 2015. Photo: Leslie Yager
Yonkers Times described The Mill as a mixed-use community with 71 multifamily apartment units and 28,653 sq ft of complementary retail across five buildings. They wrote that the apartments consist of 59 luxury apartments in the former mill and a converted office building built in 1981, plus 12 additional apartments at 328 Pemberwick Road built in 1983 next to Ron Rosa restaurant, The Lion, and Kaia Yoga.
Yonkers Times quoted Steven Schacter, President at Mill Management, as saying, “This is a bittersweet milestone for our group in parting with our last property in Greenwich. 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 60s to Putnam Green and Weaver’s Hill, Greenwich Office Park, and finally to The Mill.”
Back in 2018, when Mr. Schacter, a member of one of the four families that owned the property, went before the Greenwich Planning & Zoning commission seeking to approval to convert office space to 69 rental apartments he talked about the property’s “park like feeling.”
At the time, his attorney John Tesei said historically the owners had allowed the public to walk through the property where there is a beautiful dam and waterfall along the Byram River. However he noted that was not pursuant to a easement.
As for rentals, Schacter also said that changes in taxation altered the equilibrium between renting and owning. Specifically he cited the lack of deductibility of property taxes and high mortgages as making renting attractive.
In 2015 Mary Ellen LeBien and Davidde Strackbein led a group on a historic walking tour of Glenville including The Mill. At the time the property included the popular restaurant Centro. Photo: Leslie Yager
The conversion to apartments was the second iteration of the historic mill. The American Felt Company closed in 1979.
A 2015 walking tour of historic sites in Glenville included a trek guided by Brian Malin and Steven Barto along an abandoned rail bed in the woods along Pemberwick Road, that, if completed, would have connected East Port Chester (Byram) to Ridgefield and Danbury via Glenville, which explains the presence of the “Train Depot” building on The Mill property.
The railroad depot building was constructed in 1870 and was joined by the felt factory in 1881. Workers responded to whistles that signaled the beginning and close of the work day. The building referred to as ‘the mansion,’ was the felt factory supervisor’s home.
The mansion was originally built as a residential property to house business people visiting the American Felt Company, photographed in 2015 during historic walking tour. Photo: Leslie Yager
In 2018, when the application to convert from office to residential went before Greenwich Planning & Zoning, Mr. Schacter explained that the office vacancy rate in western Greenwich had since 2008 been between 20% and 30%, a change Schacter described as structural, not cyclical.
Subscribe to the daily Greenwich Free Press newsletter.
Of course today, with many more people working from home since the pandemic, the demand for residential rentals and sales is strong.
In June, Putnam Green, a 66-unit apartment complex located on West Putnam Ave near Western Middle School and the New York state line with Port Chester sold for $20.7 million. The sale was also represented by CBRE. The sellers were PIC Associates. The purchasers were Bedford Realty Executives.
Rich Granoff, who recently celebrated the 35th anniversary of his firm, Granoff Architects, listed The Mill as one of his completed projects.
Granoff described the Greenwich real estate market as totally in overdrive.
“The Mill is a great example of Historic Adaptive Reuse, which is the most sustainable method of real estate development. Granoff Architects is currently working on many more of these exciting projects,” he said in an email on Wednesday.
Glenville is also benefiting from the Glenville Corridor Traffic Improvements project, a major infrastructure project to reduce congestion and enhance safety for motorists, bicyclists, and pedestrians.
There are also new restaurants in the building that was previously the Glenville branch of the US Post Office, and a new supermarket, DeCicco & Sons, is in the works.
See also:
Glenville to Get a New Supermarket: Greenwich P&Z Approves Application for DeCicco & Sons
October 3, 2024
Luca’s Pizzeria and Italian Kitchen Opens in Glenville
April 12, 2024
Chef Mike Pietrafeso Opens Bluebird Taqueria in Glenville
December 9, 2024
P&Z Considers Proposal to Convert Office Space to 69 Rental Apartments at “The Mill” in Glenville
November 2018
June 2015