Long Island Multifamily Development Firm Breaks Up

One of Long Island’s top multifamily developers is going through a breakup.

Michael and Gary Broxmeyer are dividing Fairfield Properties amongst one another, Newsday reported. The rental firm will be split into two independent family offices; Michael is Gary’s nephew.

A spokesperson for the company said the division would not affect tenants or employees, of which there are more than 400. No reason was given for the split, though, or how the family will go about deciding who gets what property.

Gary controls the larger stake of Fairfield, a 61 percent share of the firm. He will run his business as GB Family Office Holdings. Michael has a 39 percent stake in the firm and will lead MDJ Realty Services.

Fairfield counts more than 200 properties in its portfolio, comprising more than 16,000 units. That’s more than a quarter of the multifamily units on all of Long Island, according to CoStar data.

Fairfield began with the acquisition of a single Long Beach apartment building in 1973. Joseph Broxmeyer, his ex-wife Muriel Broxmeyer and their eldest son Mark started the company.

In late 2023, Fairfield bought the 225-unit Sutton Landing at Mount Sinai in Suffolk County for approximately $118 million. That deal came weeks after Fairfield acquired a 200-unit 55-and-older complex in Deer Park for $90 million.

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 faced opposition over tax breaks.

Fairfield did run into trouble at the start of 2023. New York State Attorney General Letitia James’ office recovered more than $422,000 from Fairfield Properties, which was illegally withholding partial or full security deposits from former tenants.

— Holden Walter-Warner