Roslyn Lumber Yard sells for $31M in record deal

A prime asset in the Village of Roslyn’s ongoing renaissance has traded hands. 

The mixed-use property known as the Roslyn Lumber Yard has sold for $31 million, the village’s largest-ever transaction, according to the brokers on the deal. 

GB Family Holdings, a Melville-based commercial real estate investment firm and an affiliate of Fairfield Properties principal Gary Broxmeyer, purchased the 25-unit apartment building with 14,000 square feet of retail space at 17-21 Lumber Road. 

The sale price equates to a 5.2 percent cap rate. 

The waterfront complex, known as the Roslyn Lumber Yard, was developed in 2016 by

Lumber Earth Realty, owned by local builders Kevin Dursun and John Santos, which transformed the 1.5-acre site that was formerly owned by Nassau-Suffolk Lumber. The $11 million mixed-use project, which was assisted by economic incentives from the Nassau County Industrial Development Agency, created two one-bedroom and 23 two-bedroom luxury apartments and included the restoration of a historic barn on the property that houses five duplex apartments. 

Amenities include a gymnasium, storage rooms, rooftop entertainment space and waterfront promenade. The average monthly rent for the two-bedroom apartments is $5,842. 

The development’s nine retail spaces are fully occupied with tenants such as the Roslyn Salt Cave, Bout Boxing and Fitness, Northeast Financial Network and Great Shapes Swimwear. 

Rob Kuppersmith, Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield procured the buyer and represented the seller, Lumber Earth Realty, in the sales transaction. 

“The Roslyn Lumber Yard set the standard for premium mixed-use developments and has helped to further elevate the Village of Roslyn as a thriving dining and entertainment hub on Long Island,” Kuppersmith said in a written statement. “It has become one of the most dynamic places to live in Nassau County.” 

The C&W brokerage team points out that Roslyn is being transformed into a vibrant downtown with projects like Roslyn Lumber Yard and Roslyn Landing, a 78-residence townhome development that was more than a decade in the making.  

“This sale is the largest commercial transaction in the village to date,” said Abbondandolo. “The quality of Lumber Road, coupled with the growth of Roslyn, made this an attractive opportunity for the buyers to thoughtfully grow their portfolio on Long Island. New residents are continuing to move to Roslyn due to the village’s proximity to excellent dining, entertainment and access to major roads, setting the property up for future success. The acquisition underscores the continued demand for high-quality, well-located mixed-use assets in thriving downtown communities.” 

The brokers credit the village administration and recent private investment for advancing its reboot. 

“The growth and success of the downtown can be attributed to many players, starting with Mayor Durkin and continued forward by local developers committed to the overall vision,” Raju said.