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Old Lyme Property, Once Slated for Affordable Housing, Sold to ‘Overseas’ Buyer

OLD LYME — A 12.3 acre parcel at 16 Neck Road, which was the subject a contentious application in 2018 to build 37 units of affordable housing, has been sold to an unknown buyer for $1,050,000.

The buyer is a newly-formed LLC, 16 Riverview Property Corp., according to town clerk records, with an address matching Westport-based Keystone Capital Corporation, whose president and CEO Frank Nocito told CT Examiner that he had bought the property on behalf of an “overseas” group. He did not provide further information. 

“I had very little to do with it. I just happened to be the one to sign but I have nothing to do with the property at the moment. They just bought it.,” he said. “It’s not mine, it has nothing to do with me,” Nocito said. 

Asked if there was a project planned for the site, Nocito answered, “not yet.” 

By text on Monday, the former co-owner of the property, Jeffrey Graybill, of Graybill Properties LLC, confirmed the sale, which was recorded on Nov. 29. 

The property located adjacent to the exit 70 off-ramp of I-95 North, was the planned location of a housing project developed by HOPE Partnership and the Women’s Institute for Housing and Economic Development under the state’s 8-30g affordable housing statute. 

The Zoning Commission held a number of public hearings before voting 3-2 to conditionally approve the project, which was eventually abandoned in August 2019 in the face of a legal challenge by residents of the town.

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