Brace yourself, Bridget

This has been expected and reported on several times by Greenwich Time since early last year, so no surprise, but the deal has finally been consummated and the sale price disclosed. Whether the changes that are coming will be good — dubious — or bad, the Village as we’ve known it won’t be the same. Good-bye, local businesses; it was a good run.

Much of 'unique' Old Greenwich business district sold for $19M after 80 years owned by family trust

By Robert Marchant, Staff Writer

GREENWICH — A large section of real estate in Old Greenwich, including 17 retail storefronts, 17 office suites, 10 apartments and a large warehouse, has been sold by a family trust to new owners for $19 million.

The Nolan-Thomas family trust, owned by the descendants of a wealthy real-estate developer who built up the businesses along Sound Beach Avenue a century ago, has held the large real estate portfolio for generations.

The new owners are OG Real Estate LLC. The sale was completed in mid-September, and could bring substantial changes to the retail sector of Old Greenwich.

…. The family trust was started after the death of  George Boles in 1944. George Boles was a major property owner and early developer of the Old Greenwich business district in the early part of the 20th century. The current businesses on Sound Beach Avenue and Arcadia Road were built under his management beginning in 1920. Boles had six sisters, and a large number of nieces and nephews; members of those Nolan and Thomas families maintained ownership of the properties for decades.

The holdings include much of the retail operations in the Sound Beach Avenue corridor, known locally as "the village." 

One long strip along Sound Beach Avenue includes a butcher shop, a barber shop, a sushi restaurant, a jewelry store, an art gallery, a sewing business, a children's store, a women's clothing store and a bank. Another section on Arcadia encompasses a real estate business, an optical store, a deli, a dry cleaner and a fitness studio. A third small parcel includes two small businesses next to the Berkshire Hathaway real estate business. Also included is a 11,226-square foot, single-story warehouse.

Family members who held ownership in the trust were absentee owners, using a management company to run their holdings in Old Greenwich.

[And those family members, all elderly, were “difficult”, to put it mildly. Still, it’s doubtful things will improve with this sale.]