Putnam Green, a 66-unit apartment building, at 9 Putnam Ave., in Greenwich, has exchanged hands for $20.7 million, according to a broker representing the seller.
CBRE Institutional Properties, the broker, has confirmed that Bedford Realty Associates, controlled by Putnam Green L/Cal LLC, of New York City, has bought the 40,630-square-foot building on 2.68 acres from PIC Associates LLC, controlled by John Picone, of Greenwich.
Putnam Green L/Cal LLC is controlled by LCOR Residential LLC, according to state records. That LLC is controlled by LCOR, a Pennsylvania-based multifamily housing developer. A call to LCOR was not immediately returned.
Picone is president of JP First LLC and The No Fee Mortgage Team, according to his LinkedIn profile.
The sale represents the largest multifamily transaction in Greenwich since the 2012 CBRE-brokered sale of Millbank Commons, a 17-unit apartment building at 233 Milbank Ave., in Greenwich, CBRE said.
CBRE said Putnam Green, which was built in 1976 in Greenwich, has 28 studios and 38 one-bedroom apartments, 34 of which are two-story duplex-style units. It also has 62 surface parking spaces and 12 garage parking spaces.
“Putnam Green’s prime location on the Connecticut/New York border offers residents the best of both worlds – easy access to Manhattan and the charm of suburban Greenwich,” said CBRE Vice Chairman Jeffrey Dunne, who represented the seller.
CBRE brokers Eric Apfel and Travis Langer also represented the seller in the deal.
