Making Quality Multifamily the ‘Right’ Fit on Long Island
Terwilliger & Bartone’s Managing Partners, Fran Terwilliger and Anthony Bartone, along with Chairman, Ron Terwilliger, sat down with Vision Long Island’s Long Island Main Street News for an insider interview on industry trends and the development philosophy guiding the company’s quality multifamily residential projects on Long Island.
As native Long Islanders, Terwilliger Bartone’s leadership is especially sensitive to the delicate balance between the urgent need for quality multifamily residential and the desire to maintain open space and a green environment to uphold Long Island’s natural beauty. As a result, the company’s focus is developing projects that are environmentally sensitive near transit to decrease auto-dependency, while emphasizing unique architectural design to uphold the culture of each community.
According to commercial real estate platform BisNow, “Demand for apartments across the U.S. has never been higher.” Younger people are moving out of NYC in this new post-pandemic reality in search of the open space, thriving downtowns and natural beauty Long Island offers, exacerbating the demand for quality multifamily housing that existed well before the pandemic. However, it’s not just Millennials seeking the 24/7 convenience style of multi-family living with amenities. Both Gen-Xers and empty nesters are driving strong demand, and Terwilliger Bartone is building to accommodate a variety of lifestyles from active adult 55+ age-restricted communities to younger demographics seeking a walkable residential community near transit.
In any community, the idea change can cause uncertainty. However, analysis of post-development conditions at actual properties demonstrates many of the misnomers associated with multifamily development are simply invalid. A common misconception of new multifamily development is that added school-aged children will drain school district resources. However, multifamily residential is often a net positive contributor to the school district, and this can be shown empirically. Another common myth is that multifamily residential properties will decrease surrounding home values, and yet studies demonstrate quality multifamily housing does not cause a decrease in home value with Farmingdale as a great example of values increasing where multifamily housing was established.
Apprehension associated with changes in communities is understandable, but when armed with the facts, residents can rest assured that revitalization can be accomplished working together to ensure the successful integration of the new properties. Renters today are becoming woven into the fabric of the communities where they rent, contributing to the economy, supporting local businesses and participating in civic life. Smart, quality, professionally managed multifamily development in a properly sited location is a major key to unlocking the revitalization potential of struggling downtowns and addressing the housing crisis that the nation, and specifically Long Island, face today.
WATCH THE FULL VIDEO HERE.