California investor adds Mineola buildings to LI portfolio for $150.5 million

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The Allure building at 140 Old Country Rd. is one of the buildings bought by Friedkin Realty Group. Photo credit: Shea Communications

By Maylan L. Studart

Friedkin Realty Group has purchased two rental properties in Mineola for $150.5 million, the second highest price paid for a single multi-family asset on Long Island in the last five years.

It marked a record high per-unit price in Nassau County.

The San-Francisco-based real estate investment firm bought The Allure and Hudson
House residential complex in downtown Mineola from J.P. Morgan Asset Management.

The Allure, formerly known as Modera Mineola, is a 275-unit, five-story luxury building with a swimming pool and 24-hour fitness studio located on 140 Old Country Road. The Hudson House, located less than 500 feet from The Allure, is a 36-unit, four-story affordable housing building on 104 Front St. Both are walking distance from the Mineola LIRR station.

Mill Creek Residential developed the properties in 2015, then sold them to J.P. Morgan in 2017.

JLL, the international real estate broker that settled the deal between Friedkin and J.P. Morgan, said in a statement that the transaction is the highest price per unit ever paid in Nassau County, which translates to about $484,000 per unit. It’s also the second highest price paid for a single multi-family asset on Long Island in the last five years.

“The Allure and Hudson House represents an extremely rare opportunity to acquire a large-scale, institutional-caliber investment in Nassau County, which is arguably one of the highest barriers-to-entry submarkets in the country,” said JLL Vice President of Capital Markets Thomas Walsh. “Over the past decade, the village of Mineola has leveraged its
location, infrastructure and unique assets to become the poster child for suburban/urban downtown redesign.”

Friedkin’s only other real estate asset on Long Island is the 450-unit, garden-style apartment complex Point at Pine Ridge in Coram.

 

1 COMMENT

  1. DO NOT MOVE HERE. The town thinks it’s completely acceptable to hit an elderly couple’s car and take NO responsibility for it!!!!!

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