Vets Highway office building near MacArthur Airport sells for $13 million

An office property located near Long Island MacArthur Airport sold for $13 million last week.

MDJ Realty Services, a company controlled by Michael Broxmeyer and Daniel Broxmeyer, top executives at Fairfield Properties, bought the building at 4250 Veterans Memorial Highway from CAF Vets LLC, said broker Daniel Abbondandolo of Cushman & Wakefield.

He and a team at the firm represented the seller in the deal, which was first reported by Long Island Business News. The property will be managed by MDJ, and is unrelated to and separate from Fairfield Properties, according to Michael Broxmeyer.

The building's location near the airport and the housing and shopping Station Yards complex in Ronkonkoma helped get multiple bidders interested in the 145,000-square-foot property, Abbondandolo said.

The deal, which closed on Dec. 18, gives the Broxmeyer company a chance to renovate the office building, which was built in the 1970s, said David Pennetta, an executive managing director with Cushman & Wakefield, who also worked on the deal.

"Typically, what they do is they take B-Class office buildings, go in and do a full renovation, redo the interiors, redo the exteriors, the landscaping and reposition the building," said Pennetta.

The property sits on six acres of land in Bohemia, though it has a Holbrook postal address, according to the U.S. Census Bureau. 

The area lacks newer, modern office buildings, Pennetta said, but it is seeing more new construction, including the Station Yards redevelopment. 

"The Veterans Highway corridor has been a corridor that’s been sort of looked over," Pennetta said. "But this, in conjunction with the Station Yards development by the Ronkonkoma train station, all the changes and upgrades to SunVet Mall, which is just south of the property, and then all the residential that’s going up around Veterans' Highway, that’s going to help foster change."

CORRECTION: A previous version of this article incorrectly stated the ownership behind MDJ Realty Services. It's controlled by Michael and Daniel Broxmeyer.