3 Greenwich, Conn., Multifamily Properties Sell for $50Mln, to Go Condo

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Jill Ambroz,

Prescott Capital Management LLC has acquired three newly-constructed townhouse projects in Greenwich, Conn., for about $50 million, with plans to convert the properties to condominiums.

The properties include two buildings near Greenwich Avenue, 17-unit Milbank Commons, and Field Crest, with seven units, and Holly Hill, which has 10 luxury units off of West Putnam Avenue.

Prudential Connecticut has been tapped to market the units for sale.

Prescott Capital Management is a unit of New York real estate merchant banking firm, The Prescott Group LLC, which two years ago lined up equity for investments from the family of Gordon P. Getty