A key property in the Village of Roslyn’s revitalization has changed ownership in what brokers are calling the largest real estate transaction in the village’s history.
The Roslyn Lumber Yard, a 25-unit mixed-use residential and retail complex at 17-21 Lumber Road, sold for $31 million to GB Family Holdings, a Melville-based real estate investment firm, according to Cushman & Wakefield, which brokered the deal. The transaction reflects a 5.2% capitalization rate.
Developed in 2016 by Lumber Earth Realty, owned by local builders Kevin Dursun and John Santos, the $11 million project transformed the former 1.5-acre Nassau-Suffolk Lumber site into a high-end waterfront property. It features two one-bedroom and 23 two-bedroom luxury apartments, as well as a restored historic barn housing five duplex units.
Average monthly rents for the two-bedroom apartments are $5,842. Amenities include a gym, storage rooms, rooftop entertainment space and a waterfront promenade.
The property also includes 14,000 square feet of fully leased retail space occupied by businesses such as the Roslyn Salt Cave, Bout Boxing and Fitness, Northeast Financial Network, and Great Shapes Swimwear.
The brokerage team of Rob Kuppersmith, Dan Abbondandolo, Joegy Raju, and Victor Little of Cushman & Wakefield represented both the buyer and seller in the transaction.
“This sale is the largest commercial transaction in the Village to date. 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,” said Abbondandolo in a statement. “New residents are continuing to move to Roslyn due to the village’s proximity to excellent dining, entertainment, 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 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 – it has become one of the most dynamic places to live in Nassau County,” said Kuppersmith in a statement.
Cushman & Wakefield is also currently marketing the nearby Grist Mill retail center, home to the TBar restaurant, further signaling growing investor interest in Roslyn’s evolving commercial landscape.
Located less than a mile from the Roslyn Long Island Rail Road station, 17-21 Lumber Road provides residents with direct access to both Grand Central Terminal and Penn Station, while also offering proximity to the village’s upscale dining and entertainment options.
