A long-delayed apartment development on the Roslyn waterfront was sold at a foreclosure auction for $15.1 million in September, and the new owner will assume tax benefits originally granted to the previous developer, according to property and court records.
GB Family Office Holdings LLC, linked to Fairfield Properties Co-managing Partner Gary Broxmeyer, purchased the unfinished four-story building at 45 Lumber Road. The loan was foreclosed on by 1 Lumber Lender LP, an investment fund tied to Cirrus Real Estate Partners
The property had been owned by a company connected to Huntington developer Greg DeRosa, who was sued by investors for alleged fraud last year. The auction price, according to property records, was more than double the $6.1 million DeRosa’s firm paid for the land in 2021.
Broxmeyer’s company will also take over the project’s payments-in-lieu-of-taxes, or PILOT, agreement, which began in 2024. The Nassau County Industrial Development Agency granted DeRosa up to $360,347 in sales and mortgage tax exemptions in 2022 and 2023 to support construction of the planned 33-unit building, including six affordable apartments.
Plans to redevelop the waterfront date back to 2019, when developers first proposed a 150-foot luxury condominium tower. Following community opposition, they returned with a four-story apartment plan, then later exited the project and sold the land to DeRosa’s G2D Development in 2021.
G2D obtained a $21.5 million construction loan from ConnectOne Bank in 2022 and began work on the building, which was expected to include a rooftop pool and fitness center. But by spring 2024, several contractors filed more than $3 million in liens alleging unpaid bills.
ConnectOne sold the loan to 1 Lumber Lender LP, which moved to foreclose. By December, the lender said G2D owed nearly $9 million.
At an Oct. 30 meeting, an attorney for GB Family Office Holdings told the Nassau IDA that Broxmeyer plans to complete the project. The IDA unanimously approved transferring the PILOT benefits to the new owner.
Fairfield Properties, based in Melville, owns more than 13,000 apartments across Long Island. Broxmeyer’s purchase covers fees and outstanding taxes, giving the firm control of a project that has stalled for years.
