Facema New York Inc. leased 3,000 square feet of industrial space at 22 Industrial Blvd. in Medford. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, TDS Realty Inc., in the lease transaction.
1087-1099 Smithtown Ave., Bohemia
Seaford-based Petrakis Properties purchased the 6,160-square-foot building on .73 acres at 1087-1099 Smithtown Ave. in Bohemia for $1.82 million. The seven-store property is fully occupied by a variety of neighborhood retail tenants. The sale price equates to a 7.3 percent cap rate. Adam Silber, principal of Silber Investment Properties, represented the buyer, while his Silber Investment Properties colleague Abraham Adjmi represented the seller, Bohemia Shopping Center LLC, an affiliate of Robert Ferrara, in the sales transaction.
1707 Middle Country Road, Centereach
ARF Group leased a 2,500-square-foot retail space in the New Village Plaza shopping center at 1707 Middle Country Road in Centereach. Expected to open this spring, the Centereach store will join the ARF Group’s Pizza Hut locations in Patchogue, Shirley, Middle Island and Huntington Station. All of the franchisee’s Pizza Hut restaurants on Long Island are the chain’s new model called DELCO, which stands for delivery + carryout, as the company pivots from the traditional red-roofed, standalone dine-in restaurants. Rachel Butiu of Mason Asset Management represented ARF Group, while Peter Dilis of Olympic Property Management represented the landlord, MVC Properties, in the Centereach lease transaction.
707 Walt Whitman Road, Melville
Meinergy LLC, an affiliate of a Long Island-based commercial real estate investor, purchased the two-story, 4,100-square-foot mixed-use building on .09 acres at 707 Walt Whitman Road in Melville for $1.125 million. The 2,060-square-foot retail space on the building’s ground floor is occupied by Signature Carpet & Flooring, while the second-floor office space is currently vacant. The buyer plans to lease the available office space and possibly occupy a portion, according to a broker on the deal. Viola Deng of Go Go International Realty represented the buyer, while Marissa Cosentino and Juliana Chiarelli of Scout Realty Group represented the seller, BJAMD LLC, in the sales transaction.
611 Sunrise Highway, Patchogue
611 Sunrise Highway LLC, an affiliate of Steven Gomes, owner of Long Island automobile dealerships, purchased a 10,000-square-foot building on .87 acres at 611 Sunrise Highway in Patchogue for $2.85 million. The sale price equates to $285 per square foot. The property, once home to a Harrow’s store, was last occupied by an irrigation supply firm. The buyer plans on using the building as an auto parts warehouse. Jason Merrell of Island Associates Real Estate represented the buyer, as well as the seller, GEJAC Properties LLC, in the sales transaction.
675 Hempstead Turnpike, Franklin Square
Hermes Management LLC, whose principal resides in Muttontown, purchased a 2,456-square-foot building on .28 acres at 675 Hempstead Turnpike in Franklin Square for $3.75 million. The property is leased to Citizens Bank. The sale price equates to a 5.28 percent cap rate. Hermes Management also acquired a 2,500-square-foot building on .80 acres at 820 Bloomfield Ave. in West Caldwell, N.J. for $3.5 million. That property is also leased to Citizens Bank and the sale price equates to a 5 percent cap rate. Anne Chang of JadeStone Real Estate Consulting represented the buyer, while Dylan Silber of Silber Investment Properties represented the seller, Manzo-Doren Organization LLC, in the Franklin Square and West Caldwell sales transactions.
50 Montauk Highway, East Islip
50 E. Main LLC, an affiliate of Bellmore-based restaurateur Dimitrios Sourgoutsis, purchased the 3,000-square-foot building on .80 acres at 50 Montauk Highway in East Islip for $1.8 million. The property is triple net leased to Friendly’s through May 31, 2037, with four additional five-year options to renew. The sale price equates to a 5.87 percent cap rate. The Friendly’s in East Islip is one of nine of the chain’s Long Island locations, including East Meadow, Massapequa Park, Commack, Sayville, Stony Brook, Medford, Coram and Shirley. Dylan Silber of Silber Investment Properties represented the buyer, as well as the Dix Hills-based seller, 50 Montauk Highway LLC, in the East Islip sales transaction.
Pervez Kahn, principal of Kahn Capital Group, purchased the two-story, 6,137-square-foot building on .15 acres at 10-12 Railroad Ave. for $2.1 million. The fully occupied building has nine rental apartments, and a ground-floor commercial space leased to Susan’s Pub, a popular local watering hole.
The sale price equates to a 6.1 percent cap rate.
Kahn Capital Group, which focuses on the acquisition and long-term ownership of multifamily and mixed-use assets throughout Long Island, plans significant investment in renovations and improvements to the property, according to a broker on the deal.
Carle Place-based ERG Commercial Real Estate provided a $1.444 million acquisition loan to Kahn Capital Group for the Bethpage purchase.
“The owner’s goal was to purchase the property with good leverage to then invest back into the property to add value,” ERG’s Ryan Lewis announced on Instagram. “We were able to arrange a five-year fixed traditional mortgage with an interest only component for the first year which would then convert to an amortizing loan for the remaining years. We were also able to arrange that for the first year the borrower would have the option to cash out/refinance without penalty after adding value to recapitalize his investment further accomplishing the borrower’s goals.”
The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, MMC 2 Inc., in the sales transaction.
“Demand for mixed-use assets with durable residential income remains extremely strong,” Bigansky of North Village Realty told LIBN. “This transaction reflects both the depth of qualified buyers in the market and the appetite for properties that offer long-term upside through strategic capital investment. Executing an accepted offer within 30 days—while generating many qualified backup offers—is a clear indication of how competitive this segment remains and the depth of investor demand for well-located mixed-use properties.”
RXR and partner Chuo-Nittochi Group break ground on The Arden at Garvies Point
Five-story building will feature 101 luxury rental apartments and retail space
Project includes indoor and outdoor amenities, parking, and EV charging
The Arden is scheduled for completion in 2027
RXR is beginning construction on its latest addition to its $1.3 billion Garvies Point development in Glen Cove.
Along with its real estate investment partner Chuo-Nittochi Group, RXR will be constructing a five-story, 101-unit luxury rental building called The Arden.
Rendering of the inside of The Arden apartments in Glen Cove. / Courtesy of RXR
The Arden project, which had a groundbreaking ceremony on Monday, will include 2,400 square feet of retail space with outdoor patio seating, 94 covered garage parking spaces, 72 surface spaces, and 7,750 square feet of indoor amenities, including an attended lobby, resident lounge, and wellness lounge, according to an RXR statement. It will also feature 8,300 square feet of outdoor amenity space with a courtyard, swimming pool, grilling stations, bicycle storage, EV charging stations, and walking trail access to Garvies Point Preserve.
The Arden will join other Garvies Point rental buildings including the 385-unit Harbor Landing, and 55 units of workforce housing in two buildings from Georgica Green Ventures at the 56-acre mixed-use community that began rising in 2016. RXR also developed the 146-unit Village Square apartment complex about a half mile away in downtown Glen Cove.
With 167 residences, The Beacon, completed at the end of 2019, offered 800-square-foot to 2,400-square-foot condos at Garvies Point with prices ranging from $800,000 to about $3 million. Amenities at the condo building feature a movie theater, billiards and game room, library, fitness center, yoga studio, event space, outdoor pool and a 24-hour concierge.
First pitched in 2002, the redevelopment of the once blighted Garvies Point property, a former EPA Superfund site, has gone through changes in developers, a drawn-out environmental cleanup, a housing market crash and a few lawsuits that collectively delayed the massive project along the way.
The City of Glen Cove has had several different mayors since the plan was first presented. The city signed a land development agreement with the project’s original developers in 2003 and initial approvals were granted in 2008, but the start of construction was delayed by the massive clean-up needed to remediate the once-toxic property, changes in the development team and poor market conditions.
Though the name of the project, originally known as Glen Isle, and the plan itself has morphed since it was first proposed, Garvies Point was planned to bring a total of 1,100 residences, split between rentals and for-sale residences. RXR was assisted in the development with economic incentives from Glen Cove Industrial Development Agency and Local Economic Assistance Corp.
Larry Good MD leased 1,305 square feet of medical office space at 520 Franklin Ave. in Garden City. Dillan Morris-Timoney of Industry One Realty represented the tenant, while Matthew Kucker of Colliers represented the landlord, 520 Franklin Avenue Owner LLC, in the lease transaction.
675 Hempstead Turnpike, Franklin Square
Manhasset-based Hermes Management LLC purchased a 2,456-square-foot building on .28 acres at 675 Hempstead Turnpike in Franklin Square for $3.75 million. The property is leased to Citizens Bank. The sale price equates to a 5.28 percent cap rate. Hermes Management also acquired a 2,500-square-foot building on .80 acres at 820 Bloomfield Ave. in West Caldwell, N.J. for $3.5 million. That property is also leased to Citizens Bank and the sale price equates to a 5 percent cap rate. Anne Chang of JadeStone Real Estate Consulting represented the buyer, while Dylan Silber of Silber Investment Properties represented the seller, Manzo-Doren Organization LLC, in the Franklin Square and West Caldwell sales transactions.
205 Brookville Ave., Islip
Contracting firm Dussan, Inc. leased a 5,200-square-foot industrial building on .51 acres at 205 Brookville Ave. in Islip. The building, which features 20-foot ceilings in its warehouse, was formerly occupied by All State Roofing. Jesse Najjar of JNRE Leasing Corp. represented the tenant, while Roger Delisle and Robert Monahan of Island Associates Real Estate represented the landlord, 205 Brookville Ave. LLC, in the lease transaction.
1825 Brentwood Ave., Brentwood
Robin’s Barbershop leased 2,200 square feet of retail space in the Brent City shopping center at 1825 Brentwood Road in Brentwood. Bob Raffa of Island Associates Real Estate represented the tenant, as well as the landlord, 1825 Brentwood Road Associates LLC, in the lease transaction.
590 Oak St., Copiague
188 Long Island LLC, an affiliate of Wellwood Cabinetry, purchased the 32,578-square-foot industrial building on 1.5 acres at 590 Oak St. in Copiague for $5.5 million. Wellwood, a custom cabinet maker and assembler, is relocating from 11,107-square-foot building at 910 N. Wellwood Ave. in Lindenhurst. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, as well as the seller, 590 Oak Family Limited Partnership, in the sales transaction. The brokers are also marketing for Wellwood’s Lindenhurst property for sale.
45 Ranick Road, Hauppauge
Fulfillment Plus, a third-party logistics company, leased 56,500 square feet of industrial space at 45 Ranick Road in Hauppauge, consolidating and expanding from about 20,000 square feet it occupied at 25 Andrea Road in Holbrook. Fulfillment Plus is also looking to sublease the 50,000 square feet it has at 889 Waverly Ave. in Holbrook, with plans to expand further and eventually lease the entire 125,147-square-foot building on 8.73 acres at 45 Ranick Road, according to a broker on the deal. Fulfillment Plus provides order fulfillment, inventory storage and management, returns processing, subscriptions and custom packaging and syncing with major online platforms like Amazon, Walmart, Shopify and others, according to its website. Joshua Cohen and Kyle Burkhardt of Newmark represented Fulfillment Plus, as well as the landlord, SRE 45 Ranick Road LLC, an affiliate of Sterling Investors, in the Hauppauge lease transaction.
2040 Express Drive South, Hauppauge
Dealer Tire renewed its lease for 72,920 square feet of industrial space at 2040 Express Drive South in Hauppauge. Joshua Cohen and Kyle Burkhardt of Newmark represented the tenant, as well as the landlord, N&G Realty Co., in the lease transaction.
Evolving Motorsports Inc., which does business as Engineered Motorsports, leased a 16,836-square-foot industrial building on 1 acre at 65 Davids Drive in Hauppauge. Luke Anderson of Industry One Realty represented the tenant, while Luca Perinuzzi and Ralph Perna of Schacker Realty represented the landlord, A.B.J.L. Realty LLC, in the lease transaction.
The JAG Law Group, a personal injury law firm, purchased the two-story, 9,564-square-foot building on 1.1 acres in front of the Baldwin Square Shopping Center at 2300 Grand Ave. for $2.48 million. The building, currently about 80 percent vacant, was formerly occupied by Bank of America. The buyer plans extensive renovations to the building, where it will occupy the first floor. The available space on the second floor will be leased to other tenants, according to a broker on the deal. JAG Law Group, headed by Jason Greenberg, will be relocating to the Baldwin building from its current location on South Ocean Avenue in Freeport. The law firm handles all types of injury cases, litigating against the insurance industry throughout Long Island and the New York metropolitan area. Tom Bigansky of North Village Realty represented the buyer, while the seller, Nationwide Protection LTD, was self-represented in the Baldwin sales transaction.
238-240 Deer Park Ave., Babylon
Darius Mroczkowski, a local commercial real estate investor, purchased a three-story, 13,500-square-foot mixed-use building on .16 acres at 238-240 Deer Park Ave. and 8-14 Railroad Ave. in Babylon Village for $4.625 million. The fully occupied property, located across from the Babylon Long Island Rail Road station, has eight apartments, four two-bedroom units and four one-bedroom units, above ground floor commercial space. Current tenants include La Bottega Italian Gourmet, Salon Hue, Lucky Barbershop, Momentum School of Music, OG Ramen and ATL Wings. The sale price equates to $342 per square foot and a cap rate of nearly 7 percent. Stacy McFadden of Signature Premier Properties procured the buyer and represented the seller, 240 Deer Park Ave. LLC, an affiliate of Paulicelli Brothers Properties, in the sales transaction.
Tony’s Tacos leased a 4,000-square-foot restaurant space in a newly built pad-site building in the Levittown Mews shopping center at 3335 Hempstead Turnpike. The Levittown restaurant is expected to open in the fourth quarter of this year. Tony’s Tacos has four existing locations, including Franklin Square, Huntington, Garden City and Floral Park, already open. Last November, the chain also leased a 4,400-square-foot pad site in the redeveloped Shops at SunVet shopping center in Holbrook. Tony’s Tacos is an Italian-inspired taqueria with a menu of more than 40 tacos, as well as bowls, salads, quesadillas, sides and frozen margaritas. The restaurant’s unique taco options include Short Rib Peter Luger, Chicken Parm, Smoked Salmon, Mushroom Risotto and a Surf & Turf taco. Anthony Russo of the Breslin Organization represented Tony’s Tacos, as he is the exclusive broker for the restaurant chain. The landlord, Breslin Organization, was self-represented in the Levittown lease transaction.
Dorf Associates purchased a 3,700-square-foot industrial building on .28 acres at 670 Pine Air Drive in Bay Shore for $950,000. Robert Desmond of Industry One Realty represented the buyer, as well as the seller, N. Bay Shore Realty Co. LTD, in the sales transaction.
3B Surf LLC purchased .73 acres of land on Manor Yaphank Road in Manorville for $535,000. Robert Desmond of Industry One Realty represented the buyer, as well as the seller, IJRH North Road, LLC, in the sales transaction.
Total Restoration Industries purchased the 30,500-square-foot building on 1.5 acres at 130 Eileen Way in Syosset for $9.093 million. The company, in business for more than 30 years, specializes in restoring property damaged by fire and smoke, water and flooding and mold remediation. It will be relocating from its current location down the street at 160 Eileen Way. The Syosset property at 130 Eileen Way had been the home of Big Blue Products, a global provider of IT products, computers, laptops, tablets and related parts and accessories. Max Omstrom of JLL represented the buyer, while Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the seller, Alnwick Castle LLC, in the sales transaction.
4250 Veterans Memorial Highway, Holbrook
MDJ Realty Services, an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway in Holbrook for $13 million. The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as MacArthur Plaza, is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent. Though the Broxmeyers are also executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be managed by MDJ. Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust. The buyer was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield’s Long Island Investment Sales and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction.
60-70 Cleveland Ave., Bay Shore
ZNM LLC purchased a 41,419-square-foot industrial building on 2.9 acres at 60-70 Cleveland Ave. in Bay Shore for $6.35 million. The building has a 13,000-square-foot mezzanine and 22-foot-high ceilings. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, while Reid Berch and Joseph Lagano of Avison Young represented the seller, SLMP Facility LLC, in the sales transaction.
21-23 S. Park Ave., Rockville Centre
Eager Realty LLC, an affiliate of a family-owned real estate investment group, purchased a 2,640-square-foot restaurant building at 21-23 S. Park Ave. in Rockville Centre for $1.675 million. The building is triple-net-leased to The Ivy Kitchen & Bar, which also has a location in Huntington. The sale price equates to $634 per square foot and a 7 percent cap rate. The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, CSK Realty Inc., in the sales transaction.
1821 Broadhollow Road, East Farmingdale
Value Outlet leased a 20,000-square-foot building on 1.13 acres at 1821 Broadhollow Road in East Farmingdale, where it plans to open its first store. The property was the former long-time home of Ashley Furniture.
The newly minted Value Outlet is an off-price retailer of apparel, footwear, home goods and accessories. The East Farmingdale building is currently undergoing renovations, and the new store is expected to open in the next few months. Luciano Oliverio of Summit Commercial Real Estate represented Value Outlet, while the landlord JSP Realty Group was self-represented in the lease transaction.
48 West Main St., Patchogue
Tapster, a self-pour tasting room franchise, leased a 4,200-square-foot retail space at 48 West Main St. in Patchogue. The space was formerly occupied by Pinball Long Island. This will be the first Long Island location for Tapster, a growing franchise that has other locations open in Seattle and Bellevue, Wash., Cleveland, Ohio, Chicago, Philadelphia and Lexington, Ky. Tapster offers a self-serve tasting room model, allowing guests to explore a wide selection of craft beers, wines, cocktails, ciders, kombucha, and non-alcoholic beverages purchased by the ounce. The Patchogue Tapster, owned and operated by franchisee Allison Dee, is expected to open this spring. John Pacifico of NAI Long Island represented the tenant in the Patchogue lease transaction.
365 Oser Ave., Hauppauge
Boduo International Trade LLC, an affiliate of a supplier of bubble tea ingredients and products, leased a 20,000-square-foot industrial building on 1.14 acres at 365 Oser Ave. in Hauppauge. The company is relocating from its current facility in Farmingdale. Founded in 2014, Boduo International is a subsidiary of Boduo Holding Group, one of the largest milk tea suppliers in China since 2000, according to its website. The company’s product offerings include tea, non-dairy creamer, popping boba, toppings, powder, jam and syrup. Desmond Mullins of Premier Commercial Real Estate represented the tenant, as well as the landlord, Heartland Associates, in the lease transaction.
301 Walt Whitman Road, Huntington Station
Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road in Huntington Station for $14.2 million. The acquisition was completed to satisfy the buyer’s 1031 exchange requirement. The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building. The sale price equates to $727 a square foot and a 6.45 percent cap rate. Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of Cushman & Wakefield procured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction.
445 Winding Road, Old Bethpage
Daniels Real Estate Acquisition Inc., an affiliate of Daniels Health, purchased the 23,159-square-foot industrial building on 1.5 acres at 445 Winding Road in Old Bethpage for $6.69 million. Paul Leone of CBRE represented the buyer, while Gary Chimeri and Michael Berndt of Paramount Properties Group represented the seller, Quarter to Five Inc., in the sales transaction.
41 Howard Place, Ronkonkoma
ISP Millwork Inc. leased 9,000 square feet of industrial space at 41 Howard Place in Ronkonkoma. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 41 Howard Place LLC, in the lease transaction.
A newly built self-storage facility has opened in Copiague.
The three-story, 108,201-square-foot building is on 1.9 acres at 1550 Sunrise Highway. The site was formerly occupied by a 32,400-square-foot building occupied by Pets Warehouse.
The property had been acquired by Lake Success-based SNL Storage for $5.2 million in Jan. 2024, as first reported by LIBN. But the Copiague facility was ultimately developed by Atlanta-based Ardent Companies (Ardent) and Ironwood Development Partners. The facility, which is managed by Extra Space Storage and has 970 storage units along with 340 lockers, is Ardent’s first Long Island property.
“Our expansion into Long Island underscores the opportunity to partner with experienced local teams that share our commitment to quality and execution,” Ricardo De Rojas, managing director for Ardent, said in a company statement. “Ironwood’s market knowledge and aligned vision were instrumental in bringing this project to life.”
The Copiague project’s development team included Huntington Station-based Park East Construction as general contractor, Center Moriches-based Michael Sudano Architect, and Huntington-based R&M Engineering as civil engineer.
“Long Island continues to face persistent undersupply, and this project delivers a needed solution for residents, seasonal visitors and businesses,” Blair Sweeney, founder and president for Ironwood Development Partners, said in the statement. “This development is well-positioned for success given its location, highway access and strong market fundamentals.”
The Copiague facility is one of the final assets delivered as part of Ardent’s Self-Storage Development Fund II, which has completed nine of 11 development deals, according to the company.
“Ardent’s self-storage development strategy is focused on bringing durable, Class-A product to infill markets with significant demand and limited supply,” Thomas Olson, head of Self-Storage Strategy for Ardent, said in the statement. “Fund II’s performance is a testament to our team’s disciplined sourcing approach, meticulous underwriting and well-established local partnerships.”
Earlier this year, Ardent launched Self Storage Development Fund III, which seeks to raise $150 million to support the ground-up development of Class-A self-storage projects in high-demand, supply-constrained U.S. markets. The new fund’s pipeline includes 11 sites totaling about 1 million rentable square feet, the company said.
A medical waste management company with a global reach is expanding with its first Long Island facility.
Daniels Real Estate Acquisition Inc., an affiliate of Daniels Health, purchased the 23,159-square-foot industrial building on 1.5 acres at 445 Winding Road in Old Bethpage for $6.69 million. The property was formerly owned by a trucking firm and the sale price equates to $289 per square foot.
Daniels Health, which designed the widely used Sharpsmart waste containment system, services all medical waste streams generated by healthcare facilities, including regulated medical waste, sharps waste, pharmaceutical waste, chemotherapy waste and hazardous waste.
The company serves several health systems in New York State, including Stony Brook Medicine, according to its website. Its New York facility is located in the Bronx and the Old Bethpage acquisition will bring Daniels closer to the growing medical community on Long Island and reduce truck trips to the Bronx and beyond.
Founded in 1986, Daniels Health is a subsidiary of Australian waste management conglomerate Cleanaway, which acquired Daniels’ parent company Toxfree Solutions in May 2018 in a $700 million deal, according to Australian Financial Review. Publicly traded Cleanaway reported fiscal year 2025 revenue of $3.85 billion.
Daniels Health has operations throughout the U.S., Australia, Canada, Europe and South Africa.
Paul Leone of CBRE represented the buyer, while Gary Chimeri and Michael Berndt of Paramount Properties Group represented the seller, Quarter to Five Inc., in the Old Bethpage sales transaction.
“The price per square foot is an all-time high for the area and only continues to show the strength of the industrial market for a desired product,” Chimeri told LIBN.
A retail property in Huntington Station that’s anchored by a Barnes & Noble store has sold for $14.2 million.
Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road. The acquisition was completed to satisfy the buyer’s 1031 exchange requirement.
The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building.
The property is located across from the Whole Foods Market-anchored Huntington Shopping Center, which recently underwent a $75 million redevelopment.
The sale price equates to $727 a square foot and a 6.45 percent cap rate.
The Barnes & Noble Huntington Station store serves as the chain’s replacement for the East Northport location that closed in Jan. 2024. That space in the Huntington Square shopping center at 4000 Jericho Turnpike is now home to a 21,000-square-foot Aldi supermarket that opened in Dec. 2024.
Manhattan-based Wharton Properties had purchased the Huntington Station property in early 2024 for $6.3 million, as previously reported by LIBN. Wharton renovated and repositioned the property and added the two current tenants.
Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of Cushman & Wakefield secured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction.
“Having Whole Foods directly across the street in one of the most desirable retail corridors in Suffolk County continues its growth and adds even more value to that area,” Abbondandalo told LIBN. “This sale is a testament to Long Island’s retail strength and how repositioning continues to be a major trend and driver of capital.”
Rising construction costs, financing pressure and approvals slowed some development activity.
While this year saw interest rates level off slightly from the nearly 7 percent average from the previous year, 2025 still presented a slew of obstacles for Long Island’s real estate and development industry.
Tariffs on building materials and other products, hiring issues and the ever-present opposition to development projects were challenges to overcome this year. In addition, continued low inventory and soaring home prices plagued the residential market, cutting into sales activity and highlighting the need for more housing.
Nevertheless, the region saw progress on some major development projects and some big deals in commercial real estate and the retail sector, with many new businesses planning or opening their first Long Island locations.
As always, LIBN covered it all, reporting on some of the biggest business stories of the year.
The new Wegmans store in Lake Grove. / Courtesy of Wegmans
After eyeing Long Island for more than a decade, Wegmans finally opened its first supermarket here. Casanova, the chain’s animatronic rooster, began welcoming customers in February to the freshly minted 101,000-square-foot store at 3270 Middle Country in Lake Grove.
Though the new Lake Grove store is the chain’s first on Long Island, it won’t be its last. Brokers say Wegmans is planning to eventually have three or four locations here; the company is actively pursuing sites and properties that can accommodate its 100,000-square-foot supermarkets.
After opening those New York City stores, Wegmans finally secured a Long Island foothold in 2023 when it closed on its purchase of the 8.5-acre Lake Grove development site. The grocery chain paid Prestige Properties & Development, owner of DSW Plaza, $15.3 million for the property.
Also in the supermarket space, LIBN was first to report that national grocery chain Trader Joe’s planned to develop a sprawling warehouse and distribution complex at the 66-acre former CA site in Islandia, which it purchased in August for $118.5 million.
The Monrovia, Calif.-based supermarket chain’s Islandia distribution complex will total 921,000 square feet, which will be one of the largest single-user industrial properties on Long Island. And based on the staffing at the company’s other larger distribution centers, the Islandia hub could create as many as 800 jobs. The project will also open the door for the chain to expand its area retail footprint and add to its seven stores already on Long Island.
In other retail news, LIBN broke the story that Rite Aid had missed rent payments in April, foretelling the chain closing all of its Long Island locations. The eventual Rite Aid closings announcement in May came as little surprise to Long Island landlords, as the struggling chain has closed several stores over the last few years and just 13 remained here.
After emerging from bankruptcy in Sept. 2024, the formerly publicly traded corporation went private while cutting $2 billion in debt and adding $2.5 billion in exit financing. Rite Aid, which had more than 4,000 stores nationwide 30 years ago, has also slimmed its footprint and was down to about 1,400 stores as of Q3 2024, according to its website.
And while Rite Aid is no longer, several new chains either opened or planned for their first Long Island locations this year. Prolific franchise firm Doherty Enterprises, which owns and operates Applebee’s and Panera Bread among others, will soon be opening the Island’s first Jinya Ramen Bar in Lake Grove with another to follow in Massapequa Park. Florida-based Mexican restaurant chain Rocco’s Tacos & Tequila Bar opened a 5,500-square-foot restaurant at Walt Whitman Shops this month, its first on Long Island.
Dave’s Hot Chicken, the chain’s first here, opened a 2,555-square-foot eatery in the Parkway Plaza shopping center at 207 Glen Cove Road in Carle Place. The Froccaros, Long Island’s first family of franchisees, plan on eventually opening 14 Dave’s Hot Chicken locations—seven on Long Island and seven in Queens.
LIBN was first to report that Joe & The Juice, a global chain of juice bar cafés,
has leased locations in Woodbury and Manhasset, where it will debut the concept here. The Denmark-based chain, which primarily offers coffee, juice, shakes and sandwiches, is in the midst of an aggressive expansion. The first Long Island location will be the 2,769-square-foot store in Woodbury Town Plaza at 8025 Jericho Turnpike in Woodbury, formerly the long-time home of Gabby’s Bagels and the company will also open a 2,249-square-foot eatery in the new Manhasset Row at 1579 Northern Blvd. in Manhasset. Both will open next year.
Pickleball continued its march to open clubs and facilities across the area. The first Long Island location for fast-growing pickleball chain The Picklr opened this month. The 33,900-square-foot club opened at 231 Centereach Mall in Centereach, a space formerly occupied by a Big Lots store. It features 11 courts with sound-reducing matrix systems and performance lighting, as well as a pro shop, café, lounge and locker rooms. Pickleball Heaven opened a 55,700-square-foot pickleball complex at 645 National Blvd. in Medford, featuring 18 courts, a 2,500-square-foot pro shop and player lockers and a 60-foot bar with a full kitchen.
On the development side, some major projects moved forward in 2025. LIBN was first to report on a $160 million luxury apartment project primed to transform a rundown section of Patchogue‘s downtown. Farmingdale-based Nord Development Group, led by Joseph Rossi and Peter Ferrandino, recently began construction on a two-building, 455,000-square-foot residential rental complex that will bring 262 apartments to a 4.08-acre site on West Main Street.
The development called Carriage House will create two five-story buildings bisected by the northern end of the Patchogue River. The plan includes a reclamation of the waterway and a new riverwalk and park area spanning 32,570 square feet. The buildings also provide on-site parking for 410 cars on the ground level and a slew of amenities.
MTA’s rendering of the proposed $100M TOD at the Westbury LIRR station. / Courtesy of MTA
LIBN also exclusively reported on a new $97 million transit-oriented residential development in Westbury from Manhattan-based Alpine Residential. The project will bring 187 apartments to a 1.91-acre site across from the Westbury LIRR station. LIBN was also first to report on Manhattan-based Gotham Organization’s proposed $100 million mixed-use development on the former MTA parking lot at the Westbury LIRR station.
The Westbury project will be the MTA’s first transit-oriented development on Long Island as part of its ongoing TOD campaign aimed at leveraging private investment to create housing opportunities on underutilized property at commuter train stations.
Gotham plans to build a five-story, mixed-use building on 1.92 acres of an MTA-owned surface parking lot on Railroad Avenue. The plan would bring 157 apartments over 15,000 square feet of ground-level retail space to the now closed parking lot just south of the Westbury LIRR station, according to MTA documents.
Other new developments that advanced this year included an $82 million project from Heatherwood Luxury Rentals called Heritage on Main, which will bring 165 apartments over 3,500 square feet of retail space to a 1.42-acre vacant site once occupied by a Sears store at 203-213 East Main St. The new five-story, 238,342-square-foot building will bring a mix of 52 studios, 80 one-bedroom and 33 two-bedroom market-rate apartments. Amenities at Heritage on Main will include a clubroom, fitness center, resident lounges and rooftop terrace with views of the Peconic River and beyond.
Matinecock Court, an affordable limited-equity cooperative, is ready to welcome its first residents. / Photo by David Winzelberg
Just before Thanksgiving, families began moving into the long-awaited Matinecock Court affordable development in East Northport. After more than 46 years in the making, the $97-million development, a partnership between D&F and Greenlawn-based Housing Help, the complex on 14.5 acres on the northwest corner of Elwood Road and Pulaski Road brings 146 residences in 17 two-story residential buildings consisting of 18 one-bedroom units, 89 two-bedroom units, 38 three-bedroom units and a two-bedroom unit for the superintendent. Eight of the units are reserved for individuals with developmental disabilities and five are set aside for veterans. The project includes a 2,500-square-foot community building with a fitness center, administrative offices and meeting areas for residents. It also has its own sewage treatment plant.
Finally, in another LIBN exclusive, Taconic Capital closed on its $14 million purchase of a 13.3-acre development site next to Oheka Castle in Huntington, aimed at reviving a plan to develop a condominium project. The property, part of the Cold Spring Country Club, has been enmeshed with a controversial development plan for the last 17 years.
Sources say Taconic is waiting to take over the castle property before it moves forward with a plan to build condos, possibly as many as 190. Taconic was granted a foreclosure judgment and was about to take over the property at a foreclosure sale scheduled for last August, when Gary Melius’ Oheka entity Kahn Property Owner filed for Chapter 11 on July 31 in a last-ditch effort to stop the foreclosure sale. The bankruptcy action automatically stayed the foreclosure proceedings, which are currently stalled.
Smithtown Town Board unanimously approved a zoning change for the project
Beechwood’s $220M development includes 288 condos on a 71-acre site
Community will feature single-family homes, townhomes and villas
Project includes 29 affordable units and extensive resort-style amenities
One of the largest multifamily housing developments in the history of Kings Park cleared a big hurdle Thursday when the Smithtown Town Board unanimously approved a zoning change for Beechwood Organization‘s proposed 288-home condominium project.
The $220 million project, called Country Pointe Estates at Kings Park, will bring a mix of 53 single-family homes, 153 townhomes and 82 villas to a 71-acre site near the northwest corner of Old Northport Road and Lawrence Road.
Rendering of the clubhouse at the planned Kings Park condo community. / Courtesy of Beechwood Organization
The property, currently a poultry farm and woods, which had been zoned for single-family homes on half-acre lots and some light industry, was rezoned as a Planned Residential Development.
“We could have had on this property probably 140 to 150 three-to-five-bedroom McMansions or an Amazon-type warehouse,” Smithtown Councilman Thomas McCarthy said at the meeting. “But what we’re getting is all two-bedroom units which will help the elderly and will help the younger people of Kings Park and I think it’s a phenomenal application.”
Smithtown Supervisor Ed Wehrheim said he agreed with McCarthy’s assessment.
“I think it’s a development that will be good for the Kings Park community,” he said.
The condos are expected to be priced from the low $700,000s to $1 million, depending on the model and location. There will be 29 homes designated as affordable and offered at reduced prices.
Amenities will include a 12,000-square-foot staffed clubhouse, two heated pools, two pickleball courts, a fitness center, a yoga studio, a sports lounge, bocce courts and a putting green.
The next step for the project will be site-plan approval, which Beechwood principal Michael Dubb said he hopes to have some time next year.
“What is special about this community is that most condominium developments are six units to the acre and up, including most of the condominium developments I’ve done recently,” Dubb told LIBN. “This is four units to the acre. So there is a tremendous amount of open space that we were able to save in this community.”
Once approvals are received, Dubb said the Kings Park development would take about three years to complete.
“These communities create such a great sense of camaraderie while offering a maintenance-free alternative for people to stay here on Long Island, stay close to their roots and their grandchildren,” Dubb said. “This community will also give young people the opportunity to set up roots in a community that they might desire to raise their children in one day, whether they’re just starting a family or planning a family.”
Played a key role in launching Cushman & Wakefield‘s first Long Island office
Served in civic leadership roles including chair of the Hempstead Industrial Development Agency
Ted Sasso, a real estate leader and a friend to many in the business and nonprofit communities on Long Island and beyond, died on Dec. 13. He was 81.
A “warm, kind and gentle man,” Sasso will be missed, his colleagues at the Commercial Industrial Brokers Society of Long Island (CIBS) said in an email shared with members and friends. The cause of death was a heart attack.
Sasso was working on a book about New York real estate with this reporter. He shared insights about some of New York’s most iconic properties, from the World Trade Center and Rockefeller Center in Manhattan to what is now RXR Plaza in Uniondale, and more. He spoke of the relationships he built with the some of the biggest names in real estate, from developer Larry Silverstein to CBRE‘s Steve Siegel. Over the course of his long career, he dealt with the Trumps, Rechlers and Dubbs, as well as Leona Helmsley, and even Lee Radziwill (Jackie Onasis’ sister) and Walter Cronkite.
The president of Sasso Commercial Real Estate Services, Sasso served earlier at various Fortune 500 companies, including as director of real estate for Macmillan and manager of worldwide real estate for CBS. He had also served as a leasing agent for Rockefeller Center.
Sasso began his real estate career in 1963, working for Port of Authority of New York and New Jersey as a real estate representative, according to his online bio.
He first joined the Long Island Business Development Council in 1976, serving as its co-chairman, according to CIBS. By 1980, he was instrumental in launching Cushman & Wakefield’s first Long Island office, and served as its manager. He went on to found Sasso & Fitzsimons, a firm that evolved into the Edward S. Gordon Company of Long Island and ultimately CB Richard Ellis, according to CIBS.
A community leader, Sasso chaired the Hempstead Industrial Development Agency. He served as a trustee of the Incorporated Village of Brookville and served as its police commissioner, according to his bio. His civic engagement included serving as a trustee of the Henry Viscardi School, according to his bio.
A funeral wake will be planned by the Sasso family in January. No additional details were immediately available.
127,496-square-foot mixed-use property sold at 1300 Franklin Ave. in Garden City
Buyer paid $36 million, according to public records
Building is 78.5% occupied with medical and retail tenants
A mixed-use property in the heart of Garden City has been sold.
The 127,496-square-foot building on 2.3 acres at 1300 Franklin Ave. has a new owner after Garden City Buyer LLC, an entity with an address of Manhattan law firm Tarter Krinsky & Drogin, purchased it from Boston-based Intercontinental Real Estate Corporation. The sale price was not disclosed, though public records show the deed transferred for $36 million.
Once the home of Saks Fifth Avenue in a canyon of big-box retailers more than two decades ago, the building at 1300 Franklin Ave. was acquired for $13.5 million in Jan. 2005 by Yonkers-based Alfred Weissman Real Estate which redeveloped it into a mix of office and retail. Weissman then sold the Garden City building to Intercontinental for $31.3 million in Oct. 2010, according to public records.
Today, the Franklin Avenue building is 78.5-percent occupied by tenants that include NYU Langone Health, Walgreens, Cornell Medicine and Healthtrax. About 27,000 square feet at the building is available to lease.
Jose Cruz and Jeremy Neuer of JLL‘s Capital Markets Investment Sales and Advisory team represented the seller, with JLL’s David Leviton providing leasing and market support, according to a company statement.
“Medical buildings continue to appeal to investors due to the stability of their tenants and the recession-proof nature of the sector in general,” Cruz said in the statement. “The value-add aspect of this offering also drew significant interest particularly given its central location in a healthcare hub on Long Island.”
The building at 1300 Franklin Ave. is next to another department-store-turned office building at 1200 Franklin Ave. That property, which now has Morgan Stanley as a 62,000-square-foot tenant, was once a Lord & Taylor store which closed as part of the company’s bankruptcy five years ago.
Once known as “Long Island’s Fifth Avenue,” the Garden City corridor was a shopper’s paradise, with department store chains like Bloomingdales, Abraham & Strauss, Saks, Lord & Taylor and furniture retailer W.J. Sloane. Eventually, the stores either fled to greener pastures like the nearby Roosevelt Field mall or closed up shop entirely.
Since then, much of Franklin Avenue and its environs have become home to a collection of financial firms and ever-growing medical tenants.
Land to support Jake’s 58 Casino Hotel expansion, including parking
Trader Joe’s developing major warehouse project on adjacent former CA site
Jake’s 58 expansion to add gaming space, food court, parking garage and jobs
An 8.5-acre parcel of land that was donated to the Village of Islandia and suggested as a site for veterans housing has been sold to Suffolk Regional Off-Track Betting for its ongoing expansion of Jake’s 58 Casino Hotel.
Suffolk OTB paid $12.5 million for the parcel that adjoins the existing Jake’s Islandia property. The land had been donated to the village a couple of years ago by the owners of the former CA Technologies property next door. The donated land was earmarked by the village as a potential development site for veterans’ housing, according to real estate sources, but the village sold it to Suffolk OTB instead.
About half of the land will be used as parking for Jake’s and use for the rest of the property is yet to be determined, according to Suffolk OTB CEO Phil Boyle.
Islandia Property Owner LLC, the ownership group that acquired the 800,000-square-foot former CA headquarters on 66 acres in Oct. 2021, sold the property to the Monrovia, Calif.-based grocery chain Trader Joe’s for $118.5 million in August, as first reported by LIBN. Trader Joe’s is already constructing a three-building, 921,000-square-foot project on the site that will include a 756,032-square-foot warehouse and distribution building.
The Islandia site’s former ownership group, Axonic Capital, Taconic Capital Advisors, Onyx Equities and Jericho-based Oxford and Simpson, acquired the sprawling CA campus after paying $24.1 million for the $165.6 million commercial mortgage-backed securities (CMBS) note on the property and took ownership after negotiating with the borrower on a mutually agreed upon “friendly” foreclosure, as LIBN previously reported. The group had planned on developing an eight-building industrial facility before selling the Islandia property to Trader Joe’s.
Rendering of the new Center Bar at Jake’s 58. / Courtesy of bld Architecture
The $210 million expansion of Jake’s Casino Hotel includes a new 110,500-square-foot building that will house 1,000 additional video slot machines and a 200-seat food court. The project also features a new three-and-a-half level, 168,000-square-foot parking garage that will accommodate about 500 vehicles, a 17,500-square-foot VIP lounge and entertainment area, a 3,500-square-foot space for weddings, parties and corporate events, a “high-end” restaurant, and renovations to the existing casino, third floor offices and the hotel’s 210 guest rooms.
The expansion project, headed by Ronkonkoma-based Aurora Construction and designed by Patchogue-based bld Architecture, is creating 800 construction jobs and more than 200 additional permanent jobs, eventually bringing the total staff at Jake’s to nearly 700 employees.
The Village of Islandia, which already receives $2.25 million a year from Jake’s, will begin getting $4.25 million annually once the additional slot machines go live next year.
Industrial demand remains strong from pharmaceutical and home goods sectors.
Cold storage construction grows as e-commerce and food logistics expand.
Transit-oriented housing, casinos, and infrastructure projects expected to rise.
Financing challenges, high construction costs, and approvals may slow development.
With 2025 soon in the rearview mirror, Long Island’s real estate and construction leaders are looking ahead to next year, and what trends will dominate the commercial landscape.
MARIO ASARO: ‘I am having some discussions with key players to offer some interesting strategies to target some specialized tenants that might ensure these buildings are not sitting vacant in the coming years.’
Certain industrial sectors have shown promising activity that will likely carry over into 2026. “The pharmaceutical industry here on Long Island continues to grow and absorb industrial inventory,” says Mario Asaro, president of Industry One Realty in Melville. “Other tenants buying industrial properties are home goods and improvement distribution companies.”
However, new industrial inventory coming online may prevent vacancies from falling significantly. “There are a few projects in Melville and Bethpage that should get absorbed quickly because of their location,” Asaro says, “but what concerns me is additional large industrial buildings being built on speculation for lease only over the next 12-18 months.”
In order to fill these vacancies, Asaro is focused on finding companies that make a good fit for these spaces, along with some creative approaches to leasing. “I am having some discussions with key players to offer some interesting strategies to target some specialized tenants that might ensure these buildings are not sitting vacant in the coming years.”
Construction firms project the hot market for cold storage to continue after a booming 2025. “Across Long Island and the broader New York region, demand for cold storage is being driven by e-commerce, food logistics, and pharmaceutical distribution, and those needs remain steady,” says Michael Adler, director of business development for Aurora Contractors in Ronkonkoma. “With limited high-quality cold storage inventory in the market, we see a consistent pipeline ahead rather than a short-term cycle.”
MICHAEL ADLER: ‘Many Long Island communities are prioritizing transit-oriented developments, condominiums, and market-rate apartments to expand housing options and support smart-growth planning around their downtowns.’
The aging stock of existing cold storage facilities necessitate further development to meet the demand for space that is custom-tailored for activities such as e-commerce and grocery delivery, each of which have seen significant growth on Long Island. “The market still lacks sufficient modern, purpose-built facilities—many existing cold storage buildings are 20-plus years old and no longer meet the operational needs of today’s users,” says Dale Koch, principal at Bohler in Melville.
There is already momentum in the sector, and firms have reason to believe more development activity is on the horizon. “The Trader Joe’s and Venture Park projects are exciting examples of the kinds of construction projects that the need for modern cold storage facilities has created,” says Stephen Hayduk, principal and chief engineer of Hayduk Engineering in Ronkonkoma, referring to projects currently under way in Islandia and Hauppauge. “Modernization of this type of infrastructure is good for the environment, and good for business.”
Some firms foresee more activity in residential construction. “Many Long Island communities are prioritizing transit-oriented developments, condominiums, and market-rate apartments to expand housing options and support smart-growth planning around their downtowns,” Adler says.
Increased casino and hospitality sector development on Long Island could also lead to more construction activity. “We’re closely watching the momentum around casino and gaming proposals,” says Adler. “These large-scale entertainment and hospitality projects carry significant potential for the region, and our experience within the gaming market sector and other highly technical developments positions us well to support them as they advance in the coming year.”
STEPHEN HAYDUK: ‘The Trader Joe’s and Venture Park projects are exciting examples of the kinds of construction projects that the need for modern cold storage facilities has created.’
In addition to housing, civil engineering and infrastructure projects are expected to keep firms busy, including Suffolk County’s sewer expansion, to which Hayduk Engineering has contributed design support. “Here on Long Island, we will also be handling site and civil design for the Mastic Beach Revitalization and other housing projects,” Hayduk says.
Recent zoning initiatives mean more makeovers are on the way for Long Island’s retail landscape, driving the ‘de-malling’ trend into the new year. “We expect big box conversions to remain active, driven largely by ongoing efforts to reposition aging shopping centers across Long Island,” Koch says. “Commercial redevelopment zones—especially flexible floating zones like Brookhaven’s CRD—continue to incentivize this type of investment.”
The growth of the region’s healthcare industry may also spur local development, and Koch believes Bohler is primed for meeting the coming demand. “Healthcare is another area where we’re seeing a clear uptick heading into 2026,” he says. “As major healthcare systems continue to merge, grow, and rethink their real estate strategies, our in-house survey team is helping them fully understand their existing assets and evaluate opportunities for repurposing.”
Among the perennial obstacles that are believed to be impeding all types of development activity on Long Island, financing woes may tie up capital that could otherwise drive growth in the industrial real estate sector. “One major challenge is the wave of commercial mortgage-backed securities loan maturities hitting the market in 2026, which will put a lot of pressure on the industrial and flex building owners who can’t refinance at today’s higher rates,” explains Asaro. “Another continued concern is the high cost of construction… even with the scarcity of developable land, construction costs drive up the price of good potential development projects.”
DALE KOCH: ‘We expect big box conversions to remain active, driven largely by ongoing efforts to reposition aging shopping centers across Long Island.’
A complex and convoluted approval process for construction projects could continue to cause a slowdown in activity. “One of the ongoing challenges on Long Island is navigating the municipal approvals process, whether entitlements, site plan approvals, or zoning updates that help modernize long-standing requirements,” notes Adler. “These efforts require early coordination and close engagement with local agencies, and the timeline can be a real hurdle for developers, particularly in mixed-use and residential projects.”
Even with surging demand, finding talent to support large-scale projects remains difficult. “Recruitment of experienced project managers in the current environment has been a challenge,” admits Hayduk.
Despite the potential bumps in the road, industry leaders like Adler remain optimistic in their outlook. “When owners, design teams, and public officials collaborate early and often, we’ve seen that good projects can move forward in a way that benefits both the community and the long-term development goals of the region.”
Mortgage rates are trending lower, with forecasts pointing to further easing next year.
The number of Long Island home sales rose last month, as inventory fell and prices pulled back.
There were 2,218 closed home sales in Nassau and Suffolk counties in October, 204 more than the previous month and 109 more than in Oct. 2024, according to numbers from OneKey MLS.
Inventory decreased last month as compared with the previous month and also dropped year over year.
There were 5,783 Long Island homes listed for sale at the end of October—2,473 in Nassau and 3,310 in Suffolk. That’s 312 fewer homes than were listed for sale the previous month, and nearly 10 percent fewer than the 6,421 homes that were listed for sale at the end of Oct. 2024.
The numbers for listings and sales include single-family homes, condominiums, and co-ops. The Suffolk numbers don’t reflect all sales on the East End.
Home prices retreated last month, falling in both Nassau and Suffolk.
The median price of closed single-family home sales in Nassau last month was $837,000. That’s $12,000 less than the September median price of $849,000, but still 6.1 percent higher than the $789,000 median price recorded in Oct. 2024.
In Suffolk, the median price of closed single-family home sales last month was $701,000, which is $19,000 more than the September median price of $720,000 and 4.6 percent higher than the $670,000 median price of Oct. 2024.
Mortgage rates continue to trend lower. The average rate for a 30-year fixed mortgage loan in New York was 6.19 percent as of Monday, according to bankrate.com. That’s down a bit from September, and below the 2024 average rate of 6.7 percent.
Mortgage rates are projected to decline modestly, averaging around 6 percent next year, according to Lawrence Yun, chief economist for the National Association of Realtors. He said that while rates are influenced by more than Federal Reserve decisions alone, broader economic factors are contributing to gradually lower borrowing costs.
“As we go into next year, the mortgage rate will be a little bit better,” Yun said in a NAR statement. “It’s not going to be a big decline, but it will be a modest decline that will improve affordability.”
Nationally, existing home sales are projected to rise by around 14 percent in 2026, according to Yun, though prices are expected to stay firm. He said the expected rebound reflects the easing mortgage rates and improving market stability after several challenging years. Home prices are forecast to increase by 4 percent next year, supported by steady demand and persistent supply shortages.
“Next year is really the year that we will see a measurable increase in sales,” Yun said. “Home prices nationwide are in no danger of declining.”
