Fairfield Properties to split into two companies

Fairfield Properties, the rental giant that owns thousands of Long Island apartments, will split into two companies, a spokesperson confirmed Wednesday.

Co-managing partners Michael Broxmeyer and Gary Broxmeyer will divvy up the company to lead "two independently controlled family offices," said Anthony Manetta, a spokesperson for the Melville-based company.

Manetta said the split will not adversely impact the company's tenants or its Long Island workforce of more than 400 employees.

"Fairfield Properties will preserve family ownership for the next generation while supporting its continued investment in the Long Island region, building on their respective significant investments already made on Long Island over the last 12 months," Manetta said in a statement to Newsday.

Michael Broxmeyer, who controls a 39% stake in Fairfield, will run his new firm MDJ Realty Services. Gary Broxmeyer, who controls 61% of Fairfield, will run his business GB Family Office Holdings, Long Island Business News reported and Manetta confirmed to Newsday.

Manetta did not provide further details on how the two Broxmeyers would split Fairfield's properties, or why the duo decided to divide the business.

The split could position both companies for further growth, said Kyle Strober, executive director of the Association for a Better Long Island.

"The Broxmeyer family has been in business on Long Island as property owners for generations, and sometimes a realignment ensures that the tradition continues for the next 50 years," Strober said in an interview Wednesday. "The Broxmeyer family, regardless if operating as one or two entities, has always worked to protect and preserve our region's economic viability."

Fairfield owns more than 16,000 apartments across more than 200 properties, according to CoStar data. Long Island has roughly 60,000 multifamily units total, according to the commercial real estate data platform.

The Broxmeyer family — Joseph Broxmeyer, his former wife Muriel Broxmeyer and their oldest son Mark — started Fairfield Properties in 1973 with the purchase of one apartment building in Long Beach, Newsday reported in 2001.

Within a few years, Gary and Neal Broxmeyer joined the business, and by 1996 it had grown to 3,000 rental units, with a sister company managing another 4,000 apartments, including condo and co-op complexes, Newsday reported at the time.

In 2019, Fairfield spent $472.5 million to buy seven apartment complexes across Long Island in Bayport, Lake Grove, Westbury and other neighborhoods, Newsday reported. By 2022, Fairfield held more than 13,000 apartments — or roughly one-fifth of all the units in private apartment buildings on the Island, Newsday reported.