Huntington-based G2D Development has purchased a development site in downtown Riverhead for $2.55 million.
The half-acre property, which currently has a vacant, 10,000-square-foot medical office on it, is located at 205 Osborn Ave., a block from the Riverhead Long Island Rail Road station and across the street from the Suffolk County Supreme Court building.
The project has preliminary site-plan approval for a five-story, 37-unit luxury apartment building, which G2D will soon be constructing.
Mark Walsh of Select Real Equity Advisors represented the buyer, while Matt Eberhardt of Select Real Equity Advisors represented seller AKA Holdings in the sales transaction.
Walsh also brokered the sale of another downtown Riverhead property on East Main Street, where G2D is nearing the completion of a 36-unit luxury rental building.
The projects are part of the ongoing revitalization of Riverhead’s downtown, which got a boost last month with the award of a $10 million Downtown Revitalization Initiative grant from New York State.
“We continue to be excited about the growth and development of downtown Riverhead and we’re proud to be a part of the area’s ongoing revitalization,” said Greg DeRosa, CEO of G2D. “Town officials and planners have been instrumental in advancing both of our Riverhead projects and working with the community to make sure our developments are a good fit.”