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September 25, 2019  

Apartments Teed Up on Long Island

An estate is marketing a sprawling apartment complex on Long Island that’s fully leased but needs to be modernized.The 643-unit property, in Patchogue, N.Y., is valued at about $150 million, or $233,000/unit. CBRE is representing the estate of one of the developers of the complex, which opened in the late 1970s.The 90-acre property has had limited upgrades over the years. Marketing materials suggest a buyer could increase rents by 35-40%...

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