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The Blueprint:
- An 80-unit apartment building in Lynbrook sold for $36 million to an affiliate of Gary Broxmeyer.
- The property, Cornerstone at Yorkshire, opened in December 2021 and includes studios, one- and two-bedroom units.
- Birch Group bought the property in September 2022 for $42.85 million before selling it.
- Cushman & Wakefield’s Capital Markets team represented the seller and procured the buyer in the transaction.
An 80-unit apartment building in Lynbrook has sold for $36 million.
The buyer was not disclosed, though real estate sources say it was an affiliate owned by Gary Broxmeyer.
The property, known as Cornerstone at Yorkshire, was first developed by Terwilliger & Bartone Properties and opened in Dec. 2021. The building has 28 studio apartments, 44 one-bedroom and eight two-bedroom rental units on the 1-acre site formerly occupied by the Capri Motel at 5 Freer St.
The property was sold in Sept. 2022 to Jersey City, N.J.-based Birch Group for $42.85 million.
The Lynbrook rental residences feature oversized windows, energy-efficient stainless-steel appliances, quartz countertops and balconies. Amenities at the Cornerstone at Yorkshire include a fitness center, club room and courtyard. The building also features on-site parking for residents.
Niko Nicolaou, Ryan Dowd, David Bernhuat, Daniel Abbondandolo, Joegy Raju, Peter Welch, JP Hohl and Alexandria Ebers of Cushman & Wakefield’s Capital Markets team procured the buyer and represented the seller, Birch Group, in the Lynbrook sales transaction.
“This transaction underscores the continued demand for high-quality multifamily assets that have benefited from the regional demand fueled by the limited housing supply throughout the Northeast,” Nicolaou, co-head of Cushman & Wakefield’s Northeast Multifamily Advisory Group, said in a company statement. “Cornerstone Yorkshire offered investors the opportunity to acquire a well-performing property in a high-barrier-to-entry Nassau County submarket with durable renter demand and long-term growth potential. The strong pricing achieved reflects sustained investor appetite for institutional-caliber assets in premier suburban locations.”
Abbondandolo added that “the sale highlights the resilience of Long Island’s multifamily market, where limited new development and consistent rental demand continue to support liquidity and capital flows into stabilized assets, like Cornerstone. We are pleased to have delivered a strong outcome for our client in this transaction.”
The Birch Group, which has made some major Long Island acquisitions in recent years, has defaulted on some of its debt obligations for those assets. Birch Group bought the 695,000-square-foot office complex on 51 acres at One and Two Jericho Plaza in Jericho for $212 million at the end of 2021 and in Nov. 2020, the company purchased the 348,500-square-foot office complex on 8.64 acres at 1979 Marcus Ave. in Lake Success for $62 million. Both of those properties are currently in receivership, according to real estate industry sources.
Broxmeyer, who is also a principal of Melville-based Fairfield Properties, has recently purchased a couple of multifamily assets in Roslyn and Valley Stream. His acquisitions don’t involve Fairfield.
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David Winzelberg
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