News
EAGLE ROCKIN' LONG ISLAND
June 14, 2010
| Eagle Rock Management has again landed on Long Island—this time, the firm purchased 1,666 garden apartments in Nassau and Suffolk counties from Fairhaven Apartments, valued near $230M. |
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| See the family resemblance? That's president Adam Seelig and brother/CEO Mark, who tells us that the firm can always count on the island—its school districts, proximity to Manhattan, and economic base offers a risk-adjusted return of 6% to 7%. These guys are no strangers to LI—they grew up in East Rockaway and Smithtown, and have been buying residential properties on the island for nearly 20 years. Here, they stand in front of its Woodbury acquisition. Eagle Rock also owns properties in Jericho, Hicksville, Mineola, Carle Place, Seaford, Amityville, Huntington Station, Levittown, Freeport, Rockville Center, Copiague, North Bellmore, Nesconset, Brentwood, and Lindenhurst. Overall, their portfolio boasts a 1% vacancy rate, says Mark, who is also founding partner of law firm Meister Seelig & Fein, which repped the buyer along with Select Realty Investment Advisors. Private investors and local lender partners, including New York Community Bank, provided financing. |
