Rechler Equity Partners, the largest owner of commercial real estate on Long Island, has entered the residential real estate market with the opening of its first rental community: Greybarn Amityville.
The company held a ceremonial ribbon-cutting attended by Suffolk County Executive Steve Bellone, Town of Babylon Supervisor Rich Schaffer and Town of Babylon Deputy Supervisor Tony Martinez along with local elected officials, the Babylon IDA, community groups, and local fire and police departments.
Managing partners Mitchell and Gregg Rechler then invited guests to tour the property and experience their new rental concept.
“Greybarn is our solution to the immense demand for high-quality rental apartments on Long Island,” said Mitchell Rechler. “Being in commercial real estate for more than 30 years, our tenants have always had concerns about retaining talent on Long Island because the rental housing options are so limited. After doing our research and finding this to be true, we decided to do something about it and fill the unmet demand for rental apartments by designing a community that truly embraces Long Island’s culture.”
“When developing Greybarn, it was essential for us to break the cycle of cookie-cutter rental communities and create a living environment inspired by a time when people lived in close proximity to one another,” said Gregg Rechler.
“What sets Greybarn apart from the rest is its distinctive and specific amenities that offer residents countless opportunities to connect and interact with their neighbors. It was our intention to build a community that can suit the housing and leisure desires of millennials, empty-nesters and everyone in between.”
Greybarn Amityville, which tenants started calling home this month, is the first of many planned locations to carry the Greybarn name.
With a centralized location minutes away from the downtowns of Amityville and Farmingdale, and within 15 minutes of Long Island’s primary business markets, Greybarn Amityville will help fill the shortage of quality rental apartments on Long Island and create economic growth for the surrounding areas.
“I’d like to congratulate Rechler Equity Partners, the residents of Greybarn Amityville, our community leaders and those who are here today to celebrate the grand opening of this state-of-the-art facility,” said Suffolk County Executive Steve Bellone.
“The unveiling of Greybarn Amityville is a sign of the progress that is being made here in Suffolk County to attract young, highly-skilled workers to our region in order to create an innovation economy. The opening of these residences will bring more people to our acclaimed downtowns along the south shore and will play a critical role in revitalizing our region.”
“This is a perfect example of what can be accomplished when everybody works together to create smart development that truly helps people,” said Town of Babylon Deputy Supervisor Tony Martinez.
“We were able to provide a fair relocation plan for the original residents while still maintaining 20 percent of attainable housing for Long Island residents. Compared to other similar initiatives, this was a successful effort because of the effective collaboration among the Town of Babylon, Rechler Equity Partners, and the local community.”
Greybarn Amityville will feature 500 one- and- two-bedroom apartment units ranging from 812 to 1,369 s/f. With one bedrooms starting at $2,275 and two bedrooms starting at $2,825, each apartment comes equipped with granite countertops; Nest temperature controllers; and state-of-the-art stainless steel appliances, including a washer and dryer in every unit.
Greybarn’s indoor common areas feature a lounge, private dining room, fitness center, screening room, billiards room, mail/package facility and more; the outdoor areas feature a bocce court, swimming pools, a dog park, a community garden, a fire pit and an outdoor kitchen.
