Record sale of real estate for apartment buildings in Cos Cob

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GREENWICH, Connecticut – As the pandemic subsides and normal life returns to everyday life, the Greenwich real estate market is heating up.

Recently, a three-unit block of flats located at 7 Bible Street in Kos Kobe sold for about $ 1.3 million at $ 520 per square foot, the highest ever in Kos Kob’s history, according to Mike Parelli, assistant residential and commercial real estate broker. with the New England Land Company. The previous high for apartment buildings was $ 474 per square foot.

According to the Greenwich MLS in Kos Kobe, since 2000, the average price per square foot for apartment buildings has been $ 335.

Parelli believes this sale is an indication of how hot the real estate market is. In particular, according to Parelli, it benefits Cos Cob.

“I personally believe that people who come from other cities, namely New York and Westchester, want to have some aspect of an urban lifestyle with a small downtown area,” Parelli said. “There is a good mix of businesses that have been here for many years, such as Arcuri’s Pizza, Chicken Joe’s, Garden Catering and Scarpelli’s. In addition, there are completely new, slightly more elite and fashionable establishments. “

Parelli also noted the proximity to Todz Point and the train station as the reasons why people come to Kos Kob.

“For many, this is a kind of suburb on wheels,” he said. “It’s well located.”

Before the pandemic, Parelli noted that many Westchester people who wanted to move to Greenwich could not sell their homes. But in the past 18 months, people from New York and Westchester have been crossing the border into Connecticut.

“It’s just the timing that worked, where we get all this demand from the people in Greenwich. Greenwich hasn’t really recovered as much as other markets since 2008. But I think we are now seeing all the recovery and all the excitement again. It is located to be busy and in demand for a long time, ”said Parelli.

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