Pantzer Makes First NY Acquisition

BROOKHAVEN, NY-Pantzer Properties just closed on its acquisition of the first phase of the newly constructed Alexan Brookhaven apartment and townhome community here in this Long Island township. This marks the Saddle Brook, NJ-based company’s first New York-area venture. Because Pantzer’s affiliate is also under contract to acquire the second phase of the property, the financial arrangements of the sale could not be revealed.

“It was a hard-fought deal,” Pantzer VP Jordan Pantzer, tells GlobeSt.com, adding that firm won a bidding war with approximately 50 to 60 bidders. He also says that the multi-phase deal took approximately 10 months and involved “a lot of structuring.”

Alexan Brookhaven contains 795 luxury rental units in total, with 597 apartments and town homes in Phase I and 198 in Phase II. The property–including both phases–is situated on 117 acres and has two full-service clubhouses, four swimming pools, three tennis courts and 14 ponds.