On June 28, 2025, the Putnam Green apartment complex, a 66-unit residential property located in Greenwich, Connecticut, was sold for $20.7 million. This sale is one of the largest multi-family housing transactions in the area in recent years and highlights the continued demand for residential properties in suburban communities close to New York City.
Details of the Transaction
Putnam Green is a two-building complex that consists of 66 units, including a mix of studio and one-bedroom apartments. Built in 1976, the property offers a convenient location near both Greenwich’s downtown area and the New York border, making it a desirable place to live for professionals who commute to Manhattan. The apartment complex is situated in an upscale area that has seen significant interest from investors looking for stable, income-generating properties.
The complex was sold by PIC Associates to Bedford Realty Group, a real estate investment firm specializing in residential properties. The sale was brokered by CBRE, a global commercial real estate services firm. CBRE Vice Chairman Jeffrey Dunne, who represented the buyer and seller in the transaction, noted that the property’s location, combined with its proximity to major transportation hubs, made it an attractive investment.
“Putnam Green offers an ideal location for renters who work in Manhattan but prefer to live in a suburban community,” Dunne said. “The area’s strong rental market and its proximity to the city make it a high-demand property for both tenants and investors.”
The sale price of $20.7 million represents a significant premium over the original purchase price when the property was last traded. Real estate experts believe that the high demand for rental properties in suburban communities, coupled with Greenwich’s appeal as a wealthy and desirable town, played a key role in driving the price of Putnam Green to its current value.
Why Greenwich Continues to Attract Investors
Greenwich, Connecticut, is known for its proximity to New York City, with an average commute time of about 45 minutes by train. The town has long been a popular location for individuals working in Manhattan who seek the benefits of suburban living, including access to good schools, green spaces, and a quieter lifestyle. As the demand for housing in and around New York City continues to grow, Greenwich has become an increasingly attractive option for both renters and real estate investors.
In recent years, Greenwich has seen an uptick in real estate investments, particularly in the multi-family and luxury sectors. The area’s appeal to high-net-worth individuals and families, combined with its proximity to Manhattan’s financial district, has helped to stabilize the local real estate market and maintain strong demand for residential properties.
“The suburban housing market in Greenwich has proven to be resilient, even during times of economic uncertainty,” said John G. Miller, an economist specializing in real estate trends. “As more people look to escape the high costs and congestion of New York City, towns like Greenwich continue to offer a compelling combination of convenience and quality of life.”
The Future of Greenwich’s Real Estate Market
The sale of Putnam Green is part of a broader trend in the Greenwich real estate market, where both commercial and residential properties continue to see strong demand. As more people return to the office and businesses expand their workforce, the demand for high-quality housing in suburban areas is expected to remain strong. The ongoing trend of remote work and flexible office arrangements may also play a role in driving interest in suburban housing markets, as more people seek homes that offer both proximity to their place of work and a desirable lifestyle.
Real estate analysts predict that Greenwich will continue to be a hot spot for multi-family investments in the coming years, with properties like Putnam Green serving as prime examples of how suburban living can offer both lifestyle benefits and investment opportunities. With a robust rental market and an increasing number of companies establishing a presence in suburban areas, Greenwich’s residential real estate market is poised for continued growth.
