Hamptons builder Joe Farrell lands $65M to finance a Long Island rental project

The loan was provided by Webster Bank and RXR Realty

Feb.February 13, 2019 05:40 PM

300 Carleton Avenue in Central Islip and Joe Farrell (Credit: Getty Images)

Prolific Hamptons builder Joe Farrell has snagged financing for a luxury rental project on Long Island, and a prominent Manhattan developer was one of the lenders.

Farrell Communities, part of the Farrell Organization, closed on a $65 million loan for a project at 300 Carleton Avenue in Central Islip. The financing was provided by Webster Bank and developer RXR Realty, the company said.

Farrell is planning a 268-unit rental building on a 30-acre site. If all goes well, it will open for renters in 2021. Amenities at the project will include a fitness center, co-working space, outdoor area and children’s playground.

“We and our partners recognize the need for new and high quality multifamily housing on Long Island and look forward to delivering a first class community to this underserved location,” Paul White, a principal at the firm, said in a statement.

RXR and Webster Bank didn’t immediately respond to requests for comment.

The Central Islip project marks the fifth building Farrell’s rental arm has broken ground on since 2016. After starting in the Hamptons, the developer has been looking beyond Hamptons spec mansions to multifamily projects in Long Island and upstate New York, including a luxury apartment development in Newburgh that will begin leasing in spring 2019. It also has rental projects in Fishkill and Smithtown, New York. The company claims to have built 400 projects over 20 years.

Last year, Farrell listed his own Hamptons mansion for $49.95 million. It hit the market again after being listed for $59.9 million in May 2009. Farrell has previously said he’s rejected offers for the building.

Related Articles

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone