The Real Deal New York

Long Island firm grabs Queens rental building for $28.5M

Acquisition marks a return to NYC for Fairfield Properties
By Mark Maurer | December 30, 2013 12:10PM

Suffolk County-based real estate management firm Fairfield Properties has made its first Queens purchase: a 114,000-square-foot rental building in Douglaston, one of the borough’s more affluent areas, for $28.5 million, according to property records filed with the city late last week.

Fairfield Manor at Douglaston, located at 43-60 Douglaston Parkway at Church Street, holds 148 units. The building was constructed in 1963 and is almost fully leased.

Sellers Gary Grossman and Judith Katten, listed collectively as East Rockaway-based Guildford Associates in property records, appear to have owned the building for about 38 years. All units have hardwood floors.

Fairfield Properties has plans for “major improvements” to the common areas in the building, David Berger, director of leasing, told The Real Deal.

Fairfield Properties, headquartered in Melville, has not acquired any properties in the city in at least a decade, for its focus is Long Island. In August, the firm, led by Gary Broxmeyer and Michael Broxmeyer, acquired a 50,000-square-foot mixed-use building in Cedarhurst for $16 million, the Herald Community Newspapers reported. David Schachne, founding partner of the firm, died last Monday at age 88, according to a New York Times obituary.

Grossman declined to comment. Neither party would disclose the broker on the sale.

Elsewhere in the world of Queens rentals, developer Criterion Group sold two high-end rental buildings in Astoria for a total of $60 million, as reported last month. Vornado Realty Trust filed plans in September to build a 314-unit rental building above its Rego Park shopping mall.