Published Aug. 14, 2026, 1:12 p.m. ET
For the first time in Greenwich history, condos are selling for as much as $12 million, blowing past the town’s previous record condo sale of $6.75 million by nearly 50 percent.
The prices are coming out of Chilston Court, a new luxury development in downtown Greenwich from Caspi Development, the team behind Tribeca’s celebrity-favorite hotel Fouquet’s New York.
Founder Josh Caspi said the numbers are unprecedented for the market.
“It turns out that it’s exactly what people want because it’s never existed,” he told The Post.
For the first time in its history, Greenwich, Connecticut is seeing condominiums sell for as much as $12 million, shattering the town’s previous condo sale record of $6.75 million by nearly 50 percent.Courtesy of Hypertecture
The prices are coming out of Chilston Court, a new luxury development in downtown Greenwich from Caspi Development, the team behind Tribeca’s celebrity hotel Fouquet’s New York.
Founder Josh Caspi says the pricing reflects a level of demand Greenwich has simply never had before.Courtesy of Hypertecture
The timing is no accident. New Yorkers are increasingly eyeing Greenwich as an escape hatch from Mayor Zohran Mamdani’s new surcharge on high-value secondary homes.
The pied-à-terre tax levies an annual charge on one to three family homes, condos and co-ops valued above $5 million when the owner keeps a separate primary residence outside New York City.
Caspi said the policy is now a direct driver of sales at Chilston Court.
“I’d say about a quarter of the buyers have places in New York City and several of them have made the move already where they’re selling their New York City place and buying here as their secondary home instead of being in the city for that reason exactly,” he said.
A major driver behind the surge is Mayor Zohran Mamdani’s new pied-à-terre tax, which levies an annual surcharge on high-value New York City homes not used as a primary residence.Admedia Photo / SplashNews.com
For many of those buyers, Greenwich isn’t a downgrade so much as a strategic repositioning. Caspi said some owners are shifting what used to be their full-time home into secondary status once they establish residency elsewhere for tax purposes.
“It would become, by default, their secondary residence, but it’s where they raise their kids and family,” he said.
The pace of demand since the launch just last week, caught even Caspi off guard. Units priced between $9 million and $10 million sold first, and he raised prices repeatedly to keep up.
“We started raising prices immediately and we’re now getting close to breaking $12 million,” he said.
Caspi says roughly a quarter of Chilston Court’s buyers already own property in New York City, and several have sold their city homes to make Greenwich their new secondary residence instead.Courtesy of Hypertecture
For many of these buyers, the move isn’t a downgrade but a repositioning, since Greenwich often remains the family home base even after they establish residency elsewhere for tax purposes.Courtesy of Hypertecture
Competition got fierce enough that he pulled the remaining top-tier units to release later in the sales process rather than let buyers keep bidding each other up.
Even Caspi admitted he wasn’t sure the market would support it.
“I was nervous and my brokers said look this is new territory. And we didn’t know what the response was going to be,” he said. “It was very reassuring.”
Mamdani’s tax rollout, meanwhile, has hit turbulence in court. A Staten Island judge briefly blocked enforcement earlier this month after a group of homeowners sued, arguing the city had wrongly flagged their primary residences as subject to the surcharge. An appellate court in Brooklyn lifted that block on Thursday, clearing the city to resume the rollout while the underlying case continues, with the next hearing set for later this month.
The back-and-forth in court hasn’t slowed the exodus Caspi is capitalizing on.
Chilston Court, designed by Robert A.M. Stern Architects with interiors by Bryan O’Sullivan Studio, is leaning into hospitality-style amenities to justify its price point, including a private speakeasy with individual wine lockers, a 55-foot lap pool, and concierge-run in-unit delivery closets.
Demand for the priciest units outpaced Caspi’s expectations, forcing him to raise prices multiple times and eventually pull remaining top-tier inventory to release later in the sales process.Courtesy of Hypertecture
Chilston Court is designed by Robert A.M. Stern Architects with interiors by Bryan O’Sullivan Studio and includes hotel-style amenities like a private speakeasy, wine lockers, and a 55-foot lap pool.Courtesy of Hypertecture
The development is expected to be completed in 2028.Courtesy of Hypertecture
Units, which range from mid $4 to $5 million two-bedrooms to penthouses starting at $11.5 million feature custom millwork, bespoke lighting, single-slab marble kitchens, unique parquet flooring, and ceilings exceeding nine feet throughout the living spaces.
Caspi said he modeled the building on what he’s seen resonate with guests at Fouquet’s.
“It really gives you all the benefits of what you would get in like a high-end hotel or a condo building in New York City. But it’s in downtown Greenwich,” he said.