Brookhaven, NY JLL Capital Markets has secured $18 million in joint venture equity for Ornstein Leyton Co. for the development of The Vineyards at Mount Sinai. The for-sale, age-restricted town home community will feature 91 homes. Sculptor Capital Management Inc., formerly known as Och-Ziff Capital Management Group, provided the equity investment.
The development will be located at Plymouth Ave. and Canal Rd. Mount Sinai. It will comprise 91 town homes, including 77 market-rate homes and 14 moderate-income homes. The project will feature a two-story clubhouse with a pool and a host of community activities, along with outdoor recreational facilities geared towards an active adult lifestyle.
The Vineyards at Mt. Sinai will encompass 91 town homes averaging around 2,000 s/f, and all homes will be sold in one phase. The market-rate town homes will have two bedrooms, two and one-half baths, nine-foot ceilings on the first floor, and oversized master baths. The architectural designs of the project maximize light and air by including high ceilings, oversized windows, and volumizing space. All homes will have basements, and, many will have either a one or two car attached garage.
The Vineyards at Mount Sinai is in close proximity to Long Island’s North Shore marinas and beaches, as well as shopping, entertainment, recreation, health care facilities, and other destinations sought by baby-boomers and empty nesters who wish to downsize and pursue a maintenance-free lifestyle.
The JLL Capital Markets professionals handling the assignment included Evan Pariser, senior managing director; Rob Hinckley, managing director; Nicco Lupo, associate; and Sophie Cohen, analyst.
“The Vineyards at Mount Sinai represents OLC’s fifth active-adult community branded under ‘The Vineyards’ label,” said Pariser. “With 56 combined years of construction and development expertise, the company has a proud track record of completing each and every project successfully once a shovel hits the ground, and will continue to add to its stellar history with The Vineyards at Mount Sinai.”
Pariser and Hinckley were part of the same team from HFF, prior to its acquisition by JLL, that worked with OLC in 2018 to raise equity for OLC’s development of The Vineyards of Brookfield, located in Center Moriches, also on Long Island. The firm secured an investment from a separate New York City-based investment manager, to develop that property.