A newly-constructed, luxury mid-rise apartment community has sold in Nassau County, announced commercial real estate services firm Cushman & Wakefield. A team of capital markets specialists based in New York and New Jersey brokered the trade of The Jefferson at Farmingdale Plaza—representing the seller, a joint venture of H.I.G. Realty Partners and JPI, and procuring the buyer, Fairfield Properties.
Located on 2.5 acres at 148 South Front Street, the 154-unit rental community sits adjacent to the Farmingdale LIRR rail station in downtown Farmingdale. “This transit-oriented development offers superior connectivity, allowing residents to reach New York Penn Station in just 49 minutes,” said Cushman & Wakefield’s Kevin Donner, who co-headed the transaction with Brian Whitmer, working in conjunction with their teams including Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Ryan Dowd and Mark Phillips in New Jersey and Adam Spies and Michael Collins in New York. “The Jefferson is also located one block from Farmingdale’s Main Street, well-known for its active nightlife scene, numerous restaurants and shops.”
Built in 2015, The Jefferson at Farmingdale Plaza features two, three-story buildings with open concept floor plans, high-end finishes and a market-leading amenity package. Residents enjoy ample parking; a health club with a yoga studio and aerobics center; fully equipped business lounge; club room with billiards, shuffleboard and gaming consoles; movie theater with a media center and more. The property also features 20,000 square feet of retail leased to a desirable tenant mix, including Starbucks, TAO Asian Bistro and Eastern Breeze spa.
“This community has drawn renters seeking to live within a dynamic, amenity-rich and transit-oriented area,” Whitmer noted. “Farmingdale has experienced sustained growth and development over the past few years with The Jefferson well-positioned to benefit as one of the centerpieces of the town’s renaissance.”
Cushman & Wakefield’s New Jersey capital markets team, based in East Rutherford, specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
