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New Construction 55-Plus Complex Fetches $118M on LI’s North Shore
Marcus & Millichap closed sale of The Vistas of Port Jefferson, a 244-unit, age 55-plus multifamily property in Port Jefferson Station, NY. The asset sold for $118 million, or $483,607 per unit.
“This was a rare opportunity to acquire a new construction multifamily asset in a growing suburban market in the New York City metro area,” said Michael Tuccillo, a Long Island commercial real estate specialist in Marcus & Millichap’s Manhattan office.
Tuccillo procured the buyer, Greystar, and represented the seller, Benjamin Company, in collaboration with Jack Bick of S. Charaton Realty.
Built in 2019 on 27 acres, the 30-building property is located on the North Shore of Long Island, in Suffolk County. The Port Jefferson Long Island Rail Road station is five minutes away and Northwell Mather Hospital is nearby. Fifteen percent of the units are affordable housing for area residents making between 30-80% of the area median income.
- ◦Sale/Acquisition
