Fairfield Properties Buys $59.M Bay Shore Real Estate Portfolio

BAY SHORE, NY — Fairfield Properties, which owns almost 200 rental properties on Long Island and in Queens, just added another location to its list.

The Melville-based location recently purchased a family-owned portfolio of Bay Shore rental properties for $59.6 million.

The portfolio consists of five apartment rental community: The Hedges in Bay Shore, an 88 unit-community on five acres at 405 E. Main Street; The Maples, a 39-unit complex on 2.21 acres at 11 S. Saxon Ave.; The Laurels, which has 45 apartments on 1.75 acres at 92 S. Clinton Ave.; The Birches, a 28-unit community on 1.37 acres at 91 S. Clinton Ave.; and The Pines, which has 28 apartments on 1.5 acres at 21 Brentwood Road.

The sale also includes a vacant single-family house on .50 acres at 88 S. Clinton Ave.

Long Island Business News reported that the portfolio was created by Alfred and Rosina Wimmer in the 1960s and was later passed down to their daughter Joan Wimmer, who died in Oct. 2021.

Fairfield Properties already owns 10 apartment communities in Bay Shore, including four on South Clinton Ave.

"Honestly, it's really a positive thing for Bay Shore because, Bay Shore's downtown is one of the most vibrant on an island," Wash told Patch. "And this will just give people a great option to live closer to the beaches, as well as all that's going on in downtown Bay Shore. Really, it's really good news."

The company currently owns 126 properties in Suffolk County, 64 properties in Nassau County, and six properties in Queens County.

The sale comes weeks after Attorney General Letitia James recovered more than $422,000 for about 900 former tenants of tenants whose security deposits were illegally withheld by Fairfield Properties.

According to an investigation, the real estate company "illegally withheld full or partial security deposits without providing tenants with a written itemized list of deductions, inspected apartments without the tenant present, and did not allow tenants to make repairs before vacating their apartment to avoid penalties. "

As a result of today’s agreement, Fairfield must return security deposits that it illegally withheld to former tenants, including interest, and pay $90,000 in penalties, a release said.

Patch has reached out to Select Real Equity Advisors, who handled the sale, for more information.