The Real Deal New York

Long Island multifamily complex trades hands for $150M

The resi properties have a combined 311 units in Mineola
By Meenal Vamburkar | March 07, 2019 03:30PM

The Hudson House and Allure House in Mineola with Friedkin Realty Group chairman Morton Friedkin

Long Island just saw one of priciest sales of a single multifamily property in the last five years.

Friedkin Realty Group bought the Allure and Hudson House in Mineola for $150 million from JPMorgan Asset Management, according to JLL, which facilitated the sale and represented the buyer.

The deal is the second priciest deal for a single multifamily asset on Long Island in the last five years, according to the brokerage. The price works out to roughly $482,000 per unit.

JLL’s Thomas Walsh, Joseph Garibaldi, Kelly Gaines, Ray Ruiz, Katelyn Borovksy and Heather Lombardi worked on the deal.

Both properties were owned and developed by Mill Creek Residential and JPMorgan, which bought out Mill Creek’s stake roughly two years ago. Mill Creek’s other New York properties include Modera Metro Mineola and Modera Hudson Riverfront in Yonkers.

The Allure, at 140 Old Country Road, has 275 rental units spanning five stories. The building was completed in 2015, and amenities include a fitness center, golf simulator and two courtyards. Hudson House, at 104 Front Street, is adjacent to the Allure. The senior-living property has 36 income-restricted units.

“Over the past decade, the village of Mineola has leveraged its location, infrastructure and unique assets to become the poster child for suburban/urban downtown redesign,” Walsh said in a statement.

San Francisco-based Friedkin Realty couldn’t immediately be reached for comment. The company’s portfolio includes multifamily properties across the country. Its other New York property is the Point at Pine Ridge, also on Long Island. The 450-unit project is near Pine Ridge Golf Club.

In 2018, Friedkin also bought an apartment building in Stamford from Fuller Development LLC and Spinnaker Real Estate Partners for $78 million — the largest multifamily sale in the city last year.

The deal for the Allure and Hudson House isn’t the only recent pricey trade on Long Island. Lone Star Funds just sold a seven-property multifamily portfolio to Fairfield Properties and Maryland-based real estate investor FCP for $472.5 million.