MARKET INSIGHTS · LOCAL TRENDS · FUTURE OPPORTUNITIES
July brought major healthcare announcements, notable net lease trades, and continued investment across Nassau and Suffolk. From Oceanside to Patchogue, activity highlighted the appeal of established retail corridors, medical facilities, and properties with long-term redevelopment potential.
Newly Built Oceanside 7-Eleven Sold for $7.74 Million
North Village Realty represented the buyer in the acquisition of 2962 Long Beach Road in Oceanside, a newly constructed, corporate-guaranteed 7-Eleven gas station, for $7,740,000. The property traded at a 4.39% cap rate with a fresh 20-year corporate lease and no financing contingency. The asset was quietly offered to buyers rather than publicly marketed. The transaction highlights continued private investor demand for long-term net lease properties at established South Shore retail corners.
Amazon Files $1 Billion Fulfillment Center Plans in Holbrook
Amazon filed plans with the Town of Islip on July 16 for a $1 billion, 4.2 million sq. ft. fulfillment complex on approximately 140 acres near Sunrise Highway and Beacon Drive. Known as Project Sunrise, the proposal would become Amazon’s largest Long Island facility and is expected to create approximately 1,000 full-time jobs. Construction was projected to take 18 to 24 months after approvals. A project of this scale is relevant well beyond Holbrook, with potential implications for industrial demand, land use and infrastructure across the region.
North Village Closes Downtown Hempstead Mixed-Use Sale
North Village Realty also closed the sale of 243–245 Fulton Avenue in Hempstead, a 10,524 sq. ft. mixed-use building with two ground-floor retail tenants and second-floor office space, occupied by four tenants in total. The property traded at approximately a 6% cap rate to a private investor. The sale took place against a backdrop of ongoing public and private investment, transit access, and a growing pipeline of mixed-use and multifamily development in downtown Hempstead.
NYU Langone Opens 54,000 Sq. Ft. Patchogue Care Center
NYU Langone Health opened a new 54,000 sq. ft. ambulatory care center at 196 East Main Street in downtown Patchogue, in the renovated former Burlington Coat Factory. The facility features six operating rooms and multispecialty physician practices, including general surgery, urology, orthopedics, hand surgery, podiatry, plastic surgery, gynecology and pain management. It forms part of NYU Langone’s wider Long Island expansion, alongside its planned Melville academic medical center and a Manhasset ambulatory surgery facility.
Catholic Health and GE HealthCare Announce $500M Alliance
Rockville Centre-based Catholic Health and GE HealthCare announced a 10-year, approximately $500 million Care Alliance to modernize imaging infrastructure and expand access to diagnostic and specialty care across Long Island. The agreement includes more than 1,300 pieces of medical equipment across Catholic Health’s six hospitals and more than 40 clinical sites, with roughly half expected in the first three years. The investment focuses on cardiology, oncology, neurology and women’s health, underscoring the scale of healthcare investment across the region.
Former Bay Shore Seminary Sells for $5.2 Million
The Montfort Missionaries sold their former seminary at 26 South Saxon Avenue in Bay Shore to the United American Muslim Association for $5.2 million. The three-story, approximately 70,000 sq. ft. building occupies 14.6 acres and had served as a Catholic seminary and retreat center since 1926. The purchaser proposed an Islamic boarding school and mosque serving approximately 120 middle- and high-school students. At the time of this edition, the proposed use remained under Town of Islip zoning review. The sale illustrates the adaptive reuse potential of large institutional campuses in Suffolk County.
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July 2026 newsletter archive. Development plans and market conditions reflect the information in this edition and may change.