Fairfield Properties Acquires Multifamily Property In Nassau County For $8.25M

The multifamily property located at 20 Wyoming Ave in Nassau County, Long Beach, NY was recently sold in a closed transaction. The property consists of 26 units, with a sale price of $8,250,000. The price per unit was approximately $317,307, and the total square footage of the property is 15,000, resulting in a price per square foot of $550.

Summary of Transaction details

• Property Type: Multifamily
• Transaction Amount: $8,250,000
• Units: 26
• Price Per Unit: $317,307
• Square Footage: 15,000
• Price Per Square Foot: $550
• Address: 20 Wyoming Ave, Nassau County, Long Beach, NY
• Market: Nassau County

The buyer of the property was Fairfield Properties, while the seller was Peconic Equities. Peconic Equities is a real estate development company based in Melville, NY, specializing in value-add investments in Long Island and other locations across the United States. The sale of 20 Wyoming Ave marks a significant transaction for Peconic Equities, as they acquired the property for $4,000,000 just 18 months ago. During their ownership, they renovated and turned over over 50% of the units, resulting in rent increases of approximately 60% to 70% and a nearly 100% growth in net operating income within 16 months.

Peconic Equities is actively involved in developing apartments, self-storage facilities, and luxury boutique hospitality projects in the Long Island market. For more information about Peconic Equities, you can visit their website at www.peconicequities.com.