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Posted: October 19, 2021
Tuccillo of Marcus & Millichap brokers $118 million multifamily sale with Bick of S. Charaton Realty
Port Jefferson Station, NY Marcus & Millichap brokered the sale of The Vistas of Port Jefferson, a 244-unit, age 55-plus multifamily property. 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 NYC 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 Co., with Jack Bick of S. Charaton Realty.
Built in 2019 on 27 acres, the 30-building property is located on the North Shore of Suffolk County. The unit mix is 36 one-bedroom flat units, 144 two-bedroom flat units, and 64 two-bedroom townhouses. The gated-access community’s amenities include a pool, clubhouse, fitness center, pond, walking and biking trails. Apartments have in-unit washers and dryers, double-pane windows, and security systems. 15% of the units are affordable housing for area residents making between 30-80% of the area median income.
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