Stewart Manor apartments sold for $13.3M
605-625 Tulip Avenue at Stewart Manor is one of two new acquisitions by Fairfield Properties. Credit: Chris Ware
Fairfield Properties, the largest apartment owner on Long Island, picked up another 50 units in Stewart Manor for $13.3 million, according to an investment brokerage company in Dix Hills.
Fairfield closed on two garden apartment complexes located at 605-625 Tulip Ave. and 130-150 Covert Ave. Wednesday, according to Ron Kleinberg and Dale Staudigel, co-presidents of Tri-State Properties, which represented both the seller and buyer. The buildings sold by Stewart Manor Realty contain a total of roughly 40,000 square feet and 50 apartments, said Kleinberg.
The prior owner, was "somewhat of a unicorn," because it didn't rent the 1950s-era apartments at maximum rates, Kleinberg said.
"The ownership maintained the buildings' integrity for 40 years and never strived to extract maximum capital from the undervalued rents, even though the buildings were not under rent stabilization," he said.
Fairfield executives didn't respond to questions about their plans for the apartments or the current rent rates.
Newsday reported this summer that Fairfield Properties owned more than 13,260 apartments and town houses on Long Island — or one-fifth of all units in private rental developments in the region. The Melville-based landlord and management company also owns about 18 office buildings.
Sarina Trangle covers affordability and cost of living issues and other business topics. She previously worked as an editor and reporter at amNewYork.
