https://www.greenwichtime.com/news/article/old-greenwich-real-estate-sale-19-million-19791908.php
GREENWICH – Merchants and local residents are cautiously optimistic that the new ownership of a large section of the Old Greenwich business district will not have significant downsides.
A number of workers and business owners along Sound Beach Avenue said they were gratified that the new owners, OG Real Estate LLC, were local investors and had roots in the area. The new ownership group acquired a large section of real estate in Old Greenwich, including 17 retail storefronts, from the Nolan-Thomas Properties LLC, a group of family members who had owned the properties for decades, for $19 million earlier this month.
Lisa Salley, owner of the Something Special flower shop, said the new ownership were area residents, a positive for the retail district. Her business was not part of the real estate portfolio that changed hands.
“I think it’s going to work out well,” she asked.
Salley said a number of the stores and residences in the real estate portfolio were a bit outdated and “could use some renovation;” new ownership might make improvements to the stores and businesses.
“I like to think positively. I hope they keep the character of Old Greenwich,” she said.
The Nolan-Thomas family trust was formed by the descendants of a wealthy real estate developer, George Boles, who built up the businesses along Sound Beach Avenue in the 1920s. The real estate holdings comprise four buildings with 10 residential apartments, 10 office suites and 17 retail store fronts, as well as an 11,226-square-foot single-story warehouse behind Sound Beach Avenue. Boles, who rose from a plumber’s apprentice to become one of the biggest developers and property-owners in Greenwich, died in 1944.
Several of the new investors held a meet-and-greet session with area business owners before the sale went through, said Adam Mamelok, an optician and longtime owner of 20/20 Optical on Arcadia Road, part of the real estate portfolio.
“I think everyone is worried about rents going up,” he said, “and are stores going to stay where they are?”
While he had some apprehensions, Mamelok said, it was a positive outcome that out-of-town developers, or out-of-state developers, were not involved in the new ownership group.
“Time will tell,” he said. “I hope they want to keep it as it is. My impression is it will be OK.”
The Old Greenwich business district has seen a fair amount of churn in recent years, with a number of businesses opening and closing. A number of businesses in the area have been geared toward fitness and wellness.
The retail strip has seen a few vacancies this year, including Abigail Fox Design, Oriental Gourmet and a former gift shop. The corridor also has a busy and functional hardware store, one of the last remaining ones in Greenwich.
A local resident, James Coffey, running errands near the hardware store, said he hoped the Old Greenwich neighborhood kept its distinct character with the new ownership in place.
“I hope it stays the way it is,” said Coffey, who lives in nearby Riverside. “It is just a gem. There’s no other place like it.”
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