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Deals & Dealmakers

LI to get first luxury apartment hotel

The Beechwood Organization has laid the foundation for The Vanderbilt, the region’s first combined luxury apartment rental and extended stay hotel with 195 units, 178 apartments and 17 hotel suites, for 2018 occupancy. “We have built and sold more than 6,000 homes across the metro area in over 30 years and continue to do so. We also see the need for housing without responsibility. We see young people who are not ready to buy, empty nesters who are transitioning from family home ownership and others who want to be on Long Island but for part of year,” said Michael Dubb, founding principal, The Beechwood Organization.

Located next to The Vanderbilt is Beechwood’s nearly sold out 720-unit Meadowbrook Pointe active adult lifestyle community.

The $85 million Vanderbilt will offer 178 studio, one and two-bedroom rental apartments plus 17 extended stay hotel suites.

The six-story building features an Old World-styled façade. It will have an English garden and private courtyard with outdoor swimming pool and dining. Interiors for the ground level and units are being designed by Stonehill & Taylor.

One and two-year apartment leases will be priced in the mid-to-upper $3000s. Minimum hotel stays will be 30-days.

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