Fairfield Properties Buys Long Island Community
The purchase brings the firm's portfolio in the town of Farmingdale to nine assets.
Jefferson at Farmingdale Plaza. Image courtesy of JPI
A joint venture of JPI, H.I.G. Realty Partners and Bartone Properties has sold the Jefferson at Farmingdale Plaza in Farmingdale, N.Y., to Fairfield Properties for an undisclosed price.
Built in 2015 by JPI, the community offers 154 one- and two-bedroom units. The luxury mid-rise sits on a 2.5-acre site located at 184 S. Front St. that is across the street from the Long Island Rail Road’s Farmingdale station, giving tenants an approximately hour-long commute into New York City. The apartments are equipped with washer and dryer units, electric key entry, programmable thermostats and pre-wired flat screen TV mounts.
The three-story building also offers its tenants amenities including a health club with a yoga studio and aerobics center, a business lounge, gated and covered parking, an outdoor courtyard, a 24-hour club room with a billiards table, shuffleboard and game consoles, a movie theater and media center and dog park. Residents also get valet trash pick-up and a package concierge service.
According to Yardi Matrix data, Jefferson at Farmingdale Plaza currently has a 98 percent occupancy rate with its tenants paying an average rent of $3,056.
The ground-floor retail is currently home to a mix of tenants including Starbucks, Taste of Asia, Farmingdale Dry Cleaners, Eastern Breeze Spa and a dentist office. Jefferson at Farmingdale Plaza is also a block away from the village’s Main Street that offers more retail, dining and nightlife options.
FAIRFIELD IN FARMINGDALE
Jefferson at Farmingdale Plaza now joins Fairfield’s portfolio of eight other Farmingdale properties and many other Long Island communities. The Melville-based property manager handles both residential and commercial assets and recently purchased a portfolio of seven properties spread throughout Long Island for $473 million.
