At the town meeting of February 6, 1670, the committee reported that the town had obtained the title to the Mioschassiky lands from the Indians. The land was laid out "to ye number of thirty lots, four acres to the homelot." These purchasers would be later called the "27 Proprietors of 1672." Gershom Lockwood was listed. This area known as "Greenwich Old Towne", now Sound Beach, was first settled on the east side of the Myanos River. Horseneck, roughly what is now the modern city of Greenwich, Connecticut, was not settled until later.
In the tax year of 1694 to 1695, he and his son are listed as having 153 pounds, and 10 shillings.

"Lieut. Gershom Lockwood was the principal carpenter and builder in the town of Greenwich, and filled many offices of trust and importance." "Gershom Lockwood was one of the twenty-seven proprietors of Greenwich." (Mead's His, of Greenwich, p. 113.)