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Deals & Dealmakers

JP Morgan sells Mineola apartment complex for $150M

San Francisco-based Friedkin Realty Group has paid $150.5 million for The Allure and Hudson House, a residential complex in downtown Mineola, N.Y.

JLL brokered the sale for institutional investors advised by J.P. Morgan Asset Management.  This transaction represents the highest price per unit ever achieved in Nassau County and the second highest price paid for a single multifamily asset in Long Island during the past five years.

The seller and buyer were represented by Thomas Walsh, Joseph Garibaldi, Kelly Gaines, and Ray Ruiz, managing directors; and Katelyn Borovksy and Heather Lombardi, vice presidents, all with JLL.

“The Allure and Hudson House represent an extremely rare opportunity to acquire a large-scale institutional-caliber investment in Nassau County, which is arguably one of the highest barriers-to-entry submarkets in the country,” said Walsh. “Over the past decade, the village of Mineola has leveraged its location, infrastructure and unique assets to become the posterchild for suburban/urban downtown redesign.”

The Allure, located at 140 Old Country Road in Mineola, was completed in 2015 and offers 275 luxury, Class A residential rental units. The five-story property has LEED Gold Certification and offers residents at least nine-foot high ceilings, hardwood floors, quartz countertops, and chic urban finishes, combined with a best-in-class amenity package with hotel-inspired pool, 24-hour fitness studio with Pilates and yoga, golf simulator, package concierge, structured direct-access garage and two distinct courtyards for entertainment and community activities.

Hudson House, located at 104 Front Street in Mineola, less than 500 feet from The Allure, was also completed in 2015 and offers 36 units of luxury, age- and income-restricted affordable housing. The property is widely considered one of Nassau County’s highest-quality, age-restricted affordable housing developments. It offers spacious open floor plans, walk-in closets, covered parking and a community room for residents to play games, read and congregate.

The Allure and Hudson House are located two blocks from the Mineola Train Station, one of the most active train stations on Long Island and the busiest stop along the Long Island Rail Road east of Jamaica, Queens, N.Y. They are also directly across the street from the Nassau County government complex and just blocks from NYU Winthrop Hospital, which is one of the largest teaching hospitals in Long Island.

 

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