Press Releases
Marcus & Millichap Brokers 420-Unit Affordable Housing Asset Sale in Long Island
January 06, 2026
HEMPSTEAD, N.Y., Jan. 6, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Jackson Terrace Apartments, a six-story, 420-unit apartment complex in Hempstead, New York.
“Long Island remains one of the most competitive regions for affordable housing investments, and this sale reflects the strong demand for multifamily assets driven by consistent performance and long-term stability,” said Michael Tuccillo with Marcus & Millichap in Manhattan. Tuccillo procured the buyer, Hempstead Preservation LLC, an affiliate of Hudson Valley Property Group. The seller, Terrace 100 L.P., was self-represented.
Hempstead Preservation plans to complete substantial renovations at the property, including building modernization, kitchen and bathroom upgrades, and overall quality of life improvements. The renovations will also include elevator upgrades, repairs, parking garage repairs, a security overhaul, including high-resolution and night-vision security, as well as refurbishing of the Hempstead Police Department substation, according to the Hempstead Industrial Development Agency. The new ownership also plans to offer free wi-fi in both the apartments and common areas.
“Long Island remains one of the most competitive regions for affordable housing investments, and this sale reflects the strong demand for multifamily assets driven by consistent performance and long-term stability,” said Michael Tuccillo with Marcus & Millichap in Manhattan. Tuccillo procured the buyer, Hempstead Preservation LLC, an affiliate of Hudson Valley Property Group. The seller, Terrace 100 L.P., was self-represented.
Hempstead Preservation plans to complete substantial renovations at the property, including building modernization, kitchen and bathroom upgrades, and overall quality of life improvements. The renovations will also include elevator upgrades, repairs, parking garage repairs, a security overhaul, including high-resolution and night-vision security, as well as refurbishing of the Hempstead Police Department substation, according to the Hempstead Industrial Development Agency. The new ownership also plans to offer free wi-fi in both the apartments and common areas.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
