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$230M garden apartment deal

An Eagle Rock property in Woodbury.

An Eagle Rock property in Woodbury. Photo Credit: Handout

A Plainview apartment management company has just closed on a $230 million deal to buy the holdings of Fairhaven Apartments, with more than 1,600 units on Long Island. The purchasing company is Eagle Rock Management of Plainview.

“We are the proud owners as of today. We’re ecstatic,” said Adam Seelig, president of Eagle Rock. He and his brother and partner, Mark Seelig, Eagle Rock chief executive, have been working on the deal for about a year.

They closed on it Wednesday.

The 1,666 Fairhaven apartments are in Mineola, Jericho, Carle Place, Hicksville, Nesconset and Woodbury. (That's an Eagle Rock property in Woodbury, above.)

“This is one of the most sought-after properties on Long Island, and it’s been held for the past 40 years,” Adam Seelig said. He said Eagle Rock has always managed its own properties and will do the same with its newly purchased Fairhaven apartments.

In a statement announcing the purchase, Mark Seelig said, “My brother and I operate on a simple philosophy: ‘Work hard, limit risk, and do not overreach.’ We buy properties based upon the strength of each individual property and its tenants. It sounds old fashioned but we have always believed slow and steady wins the race.”

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