Considered one of Lengthy Island’s prime multifamily builders goes by means of a breakup.
Michael and Gary Broxmeyer are dividing Fairfield Properties amongst each other, Newsday reported. The rental agency might be break up into two unbiased household places of work; Michael is Gary’s nephew.
A spokesperson for the corporate mentioned the division wouldn’t have an effect on tenants or staff, of which there are greater than 400. No purpose was given for the break up, although, or how the household will go about deciding who will get what property.
Gary controls the bigger stake of Fairfield, a 61 % share of the agency. He’ll run his enterprise as GB Household Workplace Holdings. Michael has a 39 % stake within the agency and can lead MDJ Realty Providers.
Fairfield counts greater than 200 properties in its portfolio, comprising greater than 16,000 models. That’s greater than 1 / 4 of the multifamily models on all of Lengthy Island, in accordance with CoStar information.
Fairfield started with the acquisition of a single Lengthy Seaside residence constructing in 1973. Joseph Broxmeyer, his ex-wife Muriel Broxmeyer and their eldest son Mark began the corporate.
In late 2023, Fairfield purchased the 225-unit Sutton Touchdown at Mount Sinai in Suffolk County for roughly $118 million. That deal got here weeks after Fairfield acquired a 200-unit 55-and-older complicated in Deer Park for $90 million.
Fairfield additionally bought a portfolio of 5 rental complexes comprising 228 models in Bay Shore from the property of Joan Wimmer for $60 million.
Lots of its important initiatives are age-restricted, together with an 86-unit luxurious townhouse proposal in Commack that confronted opposition over tax breaks.
Fairfield did run into hassle initially of 2023. New York State Lawyer Common Letitia James’ workplace recovered greater than $422,000 from Fairfield Properties, which was illegally withholding partial or full safety deposits from former tenants.
Learn extra
Fairfield buys another 55+ Long Island community for $118M
AG recovers $420K from LI’s largest apartment landlord
Fairfield adds to Long Island portfolio with $60M purchase
