Long Island firm grabs Queens rental building for $28.5M

Acquisition marks a return to NYC for Fairfield Properties

TRD New York /
Dec.December 30, 2013 12:10 PM

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.

Related Articles

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company

Meredith Marshall, co-founder of BRP Companies and 163-05 Archer Avenue in Queens (Credit: Marshall by Emily Assiran and Agorafy)

BRP is bringing another apartment complex to Jamaica

Among Brooklyn's priciest spots is DUMBO; pictured is the neighborhood's Main Street Park (Credit: iStock)

Why fewer Brooklyn and Queens tenants are moving

Rentals still rule in Connecticut as multifamily portfolio trades hands