Fairfield Properties, Long Island’s biggest residential landlord, has acquired an age-restricted luxury apartment building in Roslyn, New York.
Marcus & Millichap announced it brokered the sale of The Horizon at Roslyn, a 50-unit, 55-plus building for $33 million, or $660,000 per unit, the highest price per unit for a Long Island multifamily property over 10 units.
Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo in Marcus & Millichap’s Manhattan office represented the seller, Horizon at Roslyn LLC, and secured the buyer, Fairfield Knolls LLC.
“The quality of The Horizon at Roslyn’s luxury apartments and the breathtaking views were the main drivers of the investment,” said Tuccillo. “The record price per unit is a clear indication that Long Island is a prime market for investors.”
The Horizon at Roslyn is located at 61 Bryant Ave., minutes from Downtown Roslyn Village, near golf courses, parks, and the harbor area.
Owned and led by the Broxmeyer family, Fairfield Properties owns more that 12,000 units, primarily in Nassau and Suffolk with about two percent in Queens. It acquired about 85 percent and built 15 percent — or 1,000 units — since its founding in 1974.
In 2019, it paid nearly half-billion-dollars for a seven-property portfolio of 1,496 units from Lone Star Funds.
The company has a large portfolio of 55 & Over properties across Long Island offering “resort style” living for active adults and amenities that include social hall and party kitchens, health clubs, swimming pool, game and hobby room. Some have tennis and shuffleboard courts, putting greens and nature trails as well as Grandchild Tot Lots and kiddie pools.