Fairfield Properties bought the 225-unit Sutton Landing at Mount Sinai in Suffolk County for approximately $118 million, Newsday reported. Long Island’s largest multifamily owner quickly renamed its 55-and-older community “Fairfield Knolls at Mount Sinai.”
The acquisition from B2K Development breaks down to more than $524,000 per unit.
The deal, which closed last week, resembles a similar deal made between Fairfield and B2K just weeks ago, in which Fairfield acquired a 200-unit 55-and-older complex in Deer Park for $90 million, or $450,000 per unit.
The Melville-based Fairfield is run by Michael and Gary Broxmeyer, and focuses largely on Long Island’s multifamily market. The family firm is coming up on 50 years in business, owning and operating more than 200 properties and 14,000 units across Long Island and Queens.
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This year, Fairfield also purchased a portfolio of five rental complexes comprising 228 units in Bay Shore from the estate of Joan Wimmer for $60 million.
Many of its significant projects are age-restricted, including an 86-unit luxury townhouse proposal in Commack that has faced opposition over tax breaks.
— Holden Walter-Warner