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.
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Economist Peter Schiff made his name by predicting the 2008 housing crash. Now he’s sounding the alarm on another potential crisis in America’s housing market — one that could see a wave of homeowners mailing back their keys.
“Why are housing prices so high? Because for a long time, the Fed kept interest rates at zero, and so a lot of people were able to get really low mortgages, 3% mortgages, 4% mortgages,” Schiff explained in a 2025 YouTube video (1).
“And because homes are bought — not based on what the home cost — but based on the monthly payment, the lower the monthly payment, the more somebody could pay for a house. Now you have a problem where housing prices went way up, but then mortgage rates went way up, and home prices never came back down to levels consistent with more expensive mortgages.”
Indeed, mortgage rates have surged. The average rate on a 30-year fixed mortgage has climbed from below 3% just a few years ago to more than 6.1% today (2). Normally, higher borrowing costs can cool down the market, but prices remain stubbornly high: the S&P Cotality Case-Shiller Home Price Index, which tracks the price of single-family homes in the U.S., jumped more than 43% over the past five years (3).
Schiff believes prices will “eventually” fall to match today’s higher rates — a painful adjustment that, he warns, could trigger “a housing emergency.”
“It’s going to create a bunch of defaults and a lot of people are going to walk away and mail in their keys because they can’t sell their houses for more than they owe,” he said.
The scenario sounds familiar. During the 2008 bust, many underwater homeowners — those who owed more than their homes were worth — simply mailed their keys to the lender and walked away.
Today’s market is different. Lending standards are tighter than during the subprime era, making widespread negative equity less common. Supply constraints are also a factor: Zillow estimates the U.S. is short roughly 4.7 million homes, a gap that has helped keep prices elevated (4).
Schiff argues that many owners are staying put only because they locked in ultra-low mortgage rates, which are now limiting the number of homes for sale.
“But at some point, there are people that have to sell their houses for whatever reason and if they have to slash the prices to do it, they may not have enough money to repay the mortgages. And so this could have a cascading effect,” he warned.
According to December 2025 sales data from the National Association of Realtors (NAR), pending home sales were down 3% on the previous year and had plunged 9.3% since November (6). While seasonality could be a factor here, the NAR suggests that the decline in pending home sales could be the result of consumers facing a lack of inventory and feeling like they don’t have a lot of good options on the table.
While Schiff is wary of the U.S. homeownership market, he acknowledges one persistent trend: “Rents go up every year,” he noted on his show.
America’s housing affordability crisis is, in part, a reflection of broader cost-of-living pressures — and it underscores how real estate can serve as a hedge. As inflation drives up the cost of materials, labor and land, home values tend to rise as well. Rental income often follows suit, giving landlords a stream of cash flow that adjusts with inflation.
In fact, investing legend Warren Buffett has often pointed to real estate as a prime example of a productive, income-generating asset. In 2022, Buffett remarked that if you offered him “1% of all the apartment houses in the country” for $25 billion, he would “write you a check (8).”
Of course, you don’t need billions of dollars — or to even buy a house outright — to benefit from real estate investing. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class.
Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.
The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase and then sit back as you start receiving any positive rental income distributions from your investment.
In a recent J.P. Morgan report, Al Brooks, the vice chair of Commercial Banking at J.P. Morgan said, “I think multifamily housing is absolutely where you want to be as an investor.” He added, “The multifamily rental market may still feel the impact of a recession, but to a lesser degree than other asset classes (9).
If diversifying into multifamily rentals appeals to you, you could consider investing with Lightstone DIRECT, a new investing platform from the Lightstone Group, one of the largest private real estate companies in the country with over 25,000 multifamily units in its portfolio.
Since they eliminate intermediaries — brokers and crowdfunding middlemen — accredited investors with a minimum investment of $100,000 can gain direct access to institutional-quality multifamily opportunities. This streamlined model can help reduce fees while enhancing transparency and control.
And with Lightstone DIRECT, you invest in single-asset multifamily deals alongside Lightstone — a true partner — as Lightstone puts at least 20% of its own capital into every offering. All of Lightstone’s investment opportunities undergo a rigorous, multi-stage review before being approved by Lightstone’s Principals, including Founder David Lichtenstein.
How it works is simple: Just sign up with your email, and you can schedule a call with a capital formation expert to assess your investment opportunities. From here, all you have to do is verify your details to begin investing.
Founded in 1986, Lightstone has a proven track record of delivering strong risk-adjusted returns across market cycles with a 27.6% historical net IRR and 2.54x historical net equity multiple on realized investments since 2004. All told, Lightstone has $12 billion in assets under management — including in industrial and commercial real estate.
As such, even if multifamily rentals don’t appeal to you, Lightstone could still serve you well as an investment vehicle for other real estate verticals.
Peter Schiff (1, 7); Federal Reserve Bank of St. Louis (2); S&P Global (3); Zillow (4); Gold Price (5); National Association of Realtors (6); J.P. Morgan (7, 9); CNBC (8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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.”
The Newbridge Residence at 558 LLC, headed by Andrew Zucaro, John Brunetti and James O’Donnell, is planning to construct two separate buildings totaling 21,210 square feet on a 1.15-acre vacant lot at 558 Newbridge Road. The lot previously belonged to St. Raphael Roman Catholic Church.
The development will have 20 two-bedroom, two-bathroom apartments. The $8 million project has town zoning and site plan approval, which were obtained by a prior owner, according to an IDA statement.
The developers are seeking a 20-year payment-in-lieu-of-taxes agreement, which would raise property taxes from $34,931 currently to $180,000 in its final year, according to the IDA. The project is expected to create up to 70 construction jobs and one part-time permanent position.
“This project will help to satisfy the demand for quality rental housing in East Meadow and in the Town of Hempstead while, over time, generating substantial revenues for the affected taxing jurisdictions,” Fred Parola, CEO of the Hempstead IDA, said in the statement.
Zucaro, who owns Freeport-based Zucaro Construction, is a prolific developer who has built a variety of multifamily, hospitality, retail and other commercial projects over the past 45 years. His developments have earned several accolades, including a Smart Growth Award from Vision Long Island for a 115-unit apartment complex in Amityville.
The IDA benefits for the East Meadow project still requires a public hearing, scheduled for Tuesday, Dec. 2, before a final authorizing resolution can be approved.
Construction on the development is expected to start shortly with completion projected towards the end of next year.
Elected officials and local business leaders will join development executives Tuesday at a groundbreaking ceremony for a new boutique apartment project in Kings Park.
Site work has already begun on the $22.5 million transit-oriented project that will bring a three-story, 59,715-square-foot building to the western side of the Tanzi Plaza shopping center at 30 Indian Head Road. The site was formerly occupied by a freestanding Sombrero’s Southwest Grill restaurant.
The 46-unit development, called Cornerstone Kings Park, is a partnership between Terwilliger & Bartone Properties and Tanzi Properties. Located just steps away from the Kings Park Long Island Rail Road station, it will consist of a mix of five studios, 32 one-bedroom and nine two-bedroom units. Five of the apartments will be offered at reduced rents and designated affordable workforce housing.
Amenities will include a clubroom, fitness center, virtual entry system, elevator and trash valet service. The project will feature 137 parking spaces, including 29 below-grade spots. Islandia-based GRCH Architecture is designing the development, and its civil engineer is Huntington-based R&M Engineering. Garrett Gray of Melville-based Weber Law Group represented the developers throughout the approvals and IDA application process.
The developers received a financial assistance package from the Suffolk County Industrial Development Agency for the project, including a payment-in-lieu-of-taxes agreement.
Cornerstone Kings Park is the first new multifamily development in Kings Park in decades, facilitated by the Town of Smithtown’s comprehensive plan for Kings Park’s downtown and the completion of Suffolk County’s expansion of the Kings Park sewer system. The project will create about 90 construction jobs and is expected to be completed in about 18 months, with first occupancies slated for Q1 2027.
Terwilliger & Bartone has been a prolific developer of Long Island downtown apartment projects in recent years. The company has built multifamily apartment developments in Farmingdale, Hauppauge, Lynbrook and Westbury.
LIBN was first to report on the developer’s newest endeavor, a $61 million project that will bring 106 apartments over 4,000 square feet of retail space to a 2-acre site on Jerusalem Avenue in Hicksville. Called Cornerstone Hicksville, the four-story building will have a mix of studios, one- and two-bedroom units with underground parking for more than 200 vehicles. The planned transit-oriented development is located a stone’s throw from the Hicksville Long Island Rail Road station.
A Long Island developer has filed a lawsuit against the Town of Hempstead for not acting on its application to build a $154 million transit-oriented mixed-use building in Inwood.
Two affiliates of Commack-based Heatherwood Communities LLC filed the Article 78 lawsuit last week in Nassau County State Supreme Court citing the town’s failure to comply with the process established in the Transit-Oriented Development District that Hempstead Town enacted in May 2019 for areas of North Lawrence and Inwood.
Enabled by the town’s rezoning, Heatherwood has invested more than $30 million in property acquisitions and other costs since the end of 2021 towards its proposed project that would bring a five-story, 391,241-square-foot building to a 5.3-acre site on Lawrence Avenue between Wanser Avenue and Bayview Avenue, less than 100 feet from the Lawrence Long Island Rail Road station.
Street view of the Inwood development site. / Courtesy of Heatherwood Communities
The Heatherwood project, which would replace a school bus depot, aims to bring 309 rental apartments over about 20,900 square feet of ground floor commercial space and a garage parking lot to accommodate 427 vehicles.
The town’s TOD District covers about 11.7 acres near the Lawrence LIRR station and about 9 acres near the Inwood LIRR station. The zoning allowed for the redevelopment of light industrial and manufacturing uses in the area to encourage a “mix of housing and commercial uses” that will “sustain vibrant flourishing hamlet centers,” according to the town’s plan. The TOD District also required that 20 percent of the housing be priced affordably for people making up to 60 percent of the area median income and rents no higher than 30 percent of a renter’s income, to which the Heatherwood project adheres.
The Town of Hempstead Industrial Development Agency approved economic incentives for Heatherwood’s Inwood project in Dec. 2021. But even though the town’s IDA supported the plan and Heatherwood submitted its building permit application in Feb. 2022, the developer says the town still refused to act on it. In addition, the town failed to form the Design Review Committee that was supposed to review and fast track projects that complied with the new zoning.
Instead, the Hempstead Town Board enacted a temporary building moratorium for the new Inwood and North Lawrence zoning areas in Sept. 2022 and extended it twice.
The town board cited concerns that the requisite environmental impact statements conducted to establish the new zoning districts, and previously accepted by the town, failed to take a “hard look” at potential negative impacts on infrastructure, transportation, public safety and special districts. The board said the moratorium would give it time to consider “potential amendments and/or alternatives” to the zoning districts, according to the resolution, to “insure the health, safety and welfare” of the town’s residents.
Though the moratorium, which wound up lasting 20 months, finally ended in June 2024, the Heatherwood application has yet to advance. In fact, as the moratorium expired, the town board introduced a resolution that would rescind all the new zoning districts it had created for Inwood and North Lawrence five years ago. That resolution is still pending.
A town spokesman has yet to respond to requests for comment.
Meanwhile, Heatherwood’s lawsuit claims that the town’s “delays and dilatory tactics” have caused the developer tremendous financial hardship. The lawsuit, filed by attorney Daniel Shapiro of Uniondale-based Ruskin Moscou Faltischek, who represents the petitioner, seeks to compel the town to form the Design Review Committee to review Heatherwood’s application and issue a building permit for the project.
“Heatherwood fully expects that the court will compel the town to form the Design Review Committee and act on our long pending, fully compliant, applications, thereby unlocking new housing stock and the long-awaited revitalization around the LIRR station in Lawrence,” the developer said in a written statement.
Less than a decade ago, quaint single-family homes sat on the Northside block of 26th Avenue and Alcott Street in Denver’s working-class Jefferson Park neighborhood.
It was the sort of community where a teacher could afford to live.
Across town, Denver property values were rising fast. The Latino Northside community was being rebranded as “the Highlands,” as dense luxury apartments, duplexes and condos rose.
Through the change, longtime neighbors, including many Latino families, were priced out. More white and wealthier individuals moved in.
Former Coloado Poet Laureate Bobby LeFebre wrote an entire play about the gentrification of the Northside. History Colorado created a Northside Memory Project to preserve the legacy of the largely demolished Latino neighborhood.
A view of Mile High Stadium from the new Skyline at Highlands apartment building in Jefferson Park. June 26, 2024.
Different neighborhoods looked to the Highlands as a cautionary tale of how development can destroy naturally affordable housing and displace longtime residents.
Others promised that more supply would bring prices down, something that has not panned out in the short-term, and something that many former Northsiders who left the city will never enjoy.
Fast forward to 2024, and the homes at 26th Avenue and Alcott Street are now gone, replaced with luxury apartments dubbed Skyline at Highlands.
The largest multifamily apartment building to open in the city since 2021, Skyline at Highlands is bringing 533 units to the neighborhood.
New residents will enjoy “gourmet kitchens,” “luxurious finishes,” “scenic mountain views” and “intelligent smart features.”
The pool at the new Skyline at Highlands apartment building in Jefferson Park.
The building includes a large pool and hot tub; gathering spaces with hammocks, chairs and barbeque grills; a small dog park; rentable video-game consoles and outdoor equipment; a movie room and a music room with instruments and a turntable to play; a fitness center and a separate Pilates room; personal trainers; concierge service; and stylish apartments.
Renting at Skyline at Highlands looks like a great life — for those who can afford it
You can rent a studio apartment for a mere $1,899. A one-bedroom starting at $2,049 a month. Two bedrooms start at $3,189.
The new Skyline at Highlands apartment building in Jefferson Park. June 26, 2024.
A family would need a gross income of roughly $126,000 a year, according to Rent Cafe’s Rent Affordability Calculator, which estimates how much rent a household can afford if they spend the recommended max of 30 percent on housing a month.
That’s nearly $9,000 higher than the area median income for a Denver family of three: $117,360.
The developer, Grand Peaks, acknowledged housing affordability is a big issue in Denver with a free rent lottery.
The company gave 10 Denver teachers free rent for a year. The homes were divvied out through a lottery between 218 teachers in their first three years of service who applied.
In total, roughly 1,200 received the invitation. The district employs around 15,000 educators, most of whom were not eligible.
Those educators in their first three years on the job make between $63,586 and $72,422 a year. That’s far below the $91,280 area median income for a single person in Denver or $117,360 for a family of three.
A music room in the new Skyline at Highlands apartment building.
“I think it’s no secret that there’s an affordability housing crisis right now in Denver,” said the foundation’s CEO Sara Hazel. “I also know is that Denver benefits from having our leaders like our teachers living in the communities that they serve.”
The ten lucky teachers living rent-free could pay off debt, or save for a downpayment on a house.
“I heard from one educator yesterday that I notified that she won,” Hazel said. “And she responded right away, just saying this was this was life-changing for her and her family, this opportunity. And so I think that being able to provide that, at this scale, and hopefully bigger scales in the future is just really powerful.”
Mayor Mike Johnston and Superintendent Alex Marrero came out to cut the ribbon on the building.
Marrero praised Grand Peaks for its “innovative” approach in housing 10 teachers.
While he’s aware of developers focused on workforce housing for educators he has never heard of a market-rate developer offering free rent to teachers.
Johnston described Denver as a world-class city where young people want to move. But it also has a housing affordability crisis he attributes to a lack of housing.
Skyline at Highlands is now open on 26th Avenue in Jefferson Park. June 26, 2024.Kevin J. Beaty/Denverite
Even the creation of market-rate housing, he argued, has the potential to lower prices in the long term.
“When you have a real shortage of housing, when you build more units, even market-rate units, that has a dramatic effect of immediately opening up more affordable units,” he said.
He described this phenomenon as the “moving chain effect.”
“These 500 units are going to be incredible for folks to move here,” he said. “They’re gonna be incredible for that teachers will be able to live and work in their neighborhood. They’ll also be incredible for the other 400 units that open up around the city that create more affordability around them.”
The TULU “vending machine” for tents and Nintendos.
A rooftop dog park at the new Skyline at Highlands.
School Board Director Scott Esserman said “it’s hard” for Denver teachers to afford to stay in the city.
While some can afford Aurora, they are burdened with long commutes and often decide to leave the city or the profession altogether.
The question the city has to answer beyond the 10 who now have a year of free rent: “How can we make living in the city more affordable for educators?”
An apartment in the new Skyline at Highlands apartment building in Jefferson Park. June 26, 2024.
A statewide conversation about housing affordability for teachers is happening across Colorado.
School Board President Carrie Olson, who serves on the Colorado Association of School Boards, said that the organization is in a constant conversation about how to make housing affordable for teachers — especially in mountain towns.
“This is what we need to be doing to make sure we’re supporting our teachers, especially our first, second and third year teachers — making it affordable for them to be able to live and work in their community,” Olson said. “Because when teachers are a part of the community, it just makes it different. They know their families better. They know the places that their families shop and live and worship — whatever there they do inside and out of school.”
The gym at the new Skyline at Highlands apartment building.
Her peer group is made up of teachers, and many in her community are struggling to stay in town.
“Ten for free is a drop in the bucket,” she said. “But all of the units that are here are going to serve more than 10. So teachers can still access affordable housing, and I think this is something that DPS is going to continue to work with.”
The main courtyard at the new Skyline at Highlands apartment building in Jefferson Park. June 26, 2024.
Melville-based Fairfield Properties expanded its growing portfolio of Long Island rental communities with its acquisition of the 225-unit Sutton Landing at Mount Sinai.
The price was not disclosed, though real estate sources say it was north of $100 million.
The sale of the Mount Sinai property comes on the heels of Fairfield’s acquisition of the 200-unit Sutton Landing at Deer Park rental community in October. Fairfield has renamed that community Fairfield Knolls at Deer Park.
Opened in 2020 and built by Jericho-based B2K Development along with its investment partner Harrison Street, Sutton Landing at Mount Sinai is a mix of two-story, garden-style apartments and single-story single-family rentals for people aged 55 and over. Amenities include a clubhouse with fitness center, yoga room/Pilates studio, massage room, game room, lounge area with coffee and sports bar, leasing office, catering kitchen and secured storage spaces. The complex has an outdoor pool with an outdoor kitchen, fire pits, pickleball courts, two putting greens, a bocce ball court and walking paths.
B2K also builtThe Bristal at Mount Sinai assisted living facility on the 24-acre development site it shares with the Sutton Landing complex. Also opened in 2020, The Bristal at Mount Sinai, not part of the sale to Fairfield, has 76 assisted living apartments, and 44 additional apartments within its Reflections neighborhood, a memory care program that specializes in helping aging adults manage Alzheimer’s disease and other memory-related cognitive disorders.
B2K has created some 5,000 multifamily condos and rentals, developing over-55 and non-age-restricted residential communities for more than two decades. B2K has one other Sutton Landing community on Long Island, the 198-unit Sutton Landing at Uniondale. The company is currently developing a new Sutton Landing project on 7.2 acres in Commack that will have 86 rental townhouses.
Harrison Street, headquartered in Chicago and London, has deployed a significant amount of capital in senior housing. The firm has invested more than $13.8 billion in senior housing properties including more than 41,700 independent living, assisted living and memory care units.
Fairfield, Long Island’s largest apartment landlord, now has a massive portfolio of 225 multifamily communities totaling more than 15,000 units.
Jeff Dunne and Eric Apfel of CBRE’s New York Metro Institutional Sales team and Aron Will, John Sweeny and Scott Bray of CBRE’s Senior Housing team secured the buyer and arranged the deal’s financing via its Freddie Mac Optigo lending platform. Assisting in arranging the financing was Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz of the CBRE Debt and Structured Financing Team, along with Will and his Senior Housing team colleagues Matthew Kuronen, and Michael Cregan.
“We are pleased to have represented B2K and Harrison Street in the sale of Sutton Landing at Mount Sinai,” Dunne said in a company statement. “B2K brings incredible attention to detail to their communities from their amenities to their unit finishes. They have created an exceptional platform and brand which is delivering exceptional and attainable housing options to the residents of Mount Sinai and Long Island. We expect the buyer, Fairfield Properties, will realize the benefits of owning such a high-quality property for years to come.”
Will added that there was significant interest from prospective buyers because offerings of senior housing on Long Island are rare.
“Residents benefit from access to coveted employment sectors of healthcare, higher education and finance which drives a robust employment sector,” Will said in the statement. “The buyer will benefit greatly from steady cashflow and high occupancy rates due to the strong demand for active-adult rental product on Long Island.”
