FCP Supplies Most well-liked Fairness to Fairfield Properties for Acquisition of 367-Unit Avalon Glen Cove House Neighborhood in New York

FCP Provides Preferred Equity to Fairfield Properties for Acquisition of 367-Unit Avalon Glen Cove Apartment Community in New York

GLEN COVE, NY – FCP announced that it recently made a preferential equity investment to facilitate Fairfield Properties' acquisition of a residential development, currently known as Avalon Glen Cove, in the village of Glen Cove, New York. Fairfield Properties, a Melville-based commercial property owner and developer, is Long Island's largest multi-family owner and operator with over 45 years of experience.

The luxury, mid-height property will be renamed Fairfield Metro in Glen Cove and consists of 367 residential units. The traffic-oriented property is located near Glen Cove Station on the Oyster Bay Branch of the Long Island Railroad, which is a 1-hour journey between Glen Cove and New York City. The brand new Glen Cove Ferry offers passengers an additional option for their daily trips to Manhattan.

The Fairfield Metro in Glen Cove offers thoughtfully designed one- and two-bedroom studios and apartments with gourmet kitchens with refined finishes, washers and dryers, spacious walk-in closets, and private patios or balconies. The communal facilities include lobbies supervised by a concierge, two outdoor pools with a sun terrace, two fitness centers, an underground parking garage, a landscaped picnic area and an in-house cinema.

"We are excited to expand our relationship with Fairfield with our investment in this Class A community in the Glen Cove market that complements Fairfield's portfolio and operational experience," said FCP Senior Vice President, E.J. Corwin.

Fairfield Metro in Glen Cove represents FCP's fifth transaction with Fairfield Properties.

Source: FCP


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