One of Long Island’s and the state’s largest family-owned real estate companies, Fairfield Properties is splitting into two companies, each controlled by a family member.
Melville-based Fairfield Properties, a roughly 50-year-old company, is an owner and manager of residential and commercial real estate.
Michael Manetta, a spokesman, said the company was splitting into two businesses, with the split expected to be finalized later this year.
“Fairfield Properties informed employees and tenants that it is undertaking a business planning initiative that would result in the formation of two independently controlled family offices, led by Gary Broxmeyer and Michael Broxmeyer,” Manetta told the Long Island Press.
The division will create GMS Real Estate Holdings, led by Gary Broxmeyer, who owns about 62 % of Fairfield, and MDJ Realty Services, led by Michael Broxmeyer, who controls the remaining 38 %, Manetta said.
He added that this transition will have “no adverse effect on its workforce or its tenants,” as the two companies continue to build on “a long track record of delivering high-quality residential communities and office spaces.”
Manetta said this split “will allow each family office to expand in the Long Island market, which they have already begun to do.” Each has been buying properties separately for the past 12 months, Manetta added.
“This is ultimately good not only for the two new entities, but also for the region, as jobs will be created and vendors (contractors, service professionals, etc.) will receive even more work as a result,” Manetta said.
Both businesses will remain family-owned and controlled by future generations of the family who are expected to continue in the business.
“Fairfield Properties will preserve family ownership for the next generation,” Manetta continued, “while supporting its continued investment in the Long Island region, building on their respective significant investments.”
Source: LI Press
