Fairfield Properties Buys Transit-Oriented Property
The investor has expanded its footprint with the acquisition of a 154-unit community in Farmingdale, N.Y.
The Jefferson at Farmingdale Plaza. Image courtesy of Cushman & Wakefield
Fairfield Properties has purchased The Jefferson at Farmingdale Plaza, a 154-unit community in Farmingdale, N.Y. Cushman & Wakefield represented the seller, a joint venture between H.I.G. Realty Partners and JPI, and procured the buyer in the deal.
The property occupies 2.5 acres at 148 S. Front St., next to the Farmingdale LIRR rail station in the city’s downtown. The community is also near Freeway 24 and Southern State Parkway, enabling access to John F. Kennedy International Airport and New York City.
Constructed in 2015, the two-building community encompasses a mix of one- and two-bedroom apartments, averaging 932 square feet. The units feature vaulted ceilings, above standard ceiling heights and washers and dryers. Property amenities include a health club with a yoga studio and aerobics center, business lounge, club room and movie theatre with media center. The buildings also feature 20,000 square feet of retail space, leased to tenants such as Starbucks, TAO Asian Bistro and Eastern Breeze Spa.
Cushman & Wakefield’s team included Kevin Donner, Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Ryan Dowd and Mark Phillips based in New Jersey and Adam Spies and Michael Collins based in New York. Earlier this year, the team also arranged the $97.9 million sale of a 217-unit property in Morristown, N.J.
