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New York & Tri-State  + Long Island  + Apartments  | 
The Vistas of Port Jefferson apartments Port Jefferson Station NY

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.

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Marcus & Millichap’s Tuccillo

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition