33 Buffalo Ave · Freeport, NY 11520

The Gardens at Buffalo

200-Unit Multifamily Development Opportunity

Rehabilitate. Expand. Elevate.

Watch it rise Offering Memorandum

0Units

0Square feet

0Stories

0Preferred dividend

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01 — The Story

From a forgotten asset to a premier rental community.

Then

The flood-damaged, long-vacant Moxey Rigby public housing complex on Buffalo Avenue: a 3-story brick shell on 2.8 acres in the heart of Freeport.

Now

Strategic demolition, rehabilitation and expansion of the existing structure, an approach that delivers a significantly faster timeline than ground-up development.

Next

A 5-story, 200-unit Class B+ community with a landscaped courtyard, roof deck, fitness center, club room and EV charging. Target certificate of occupancy: Q1 2028.

02 — The Build

Watch the Gardens rise as you scroll.

Phase 1 Demolition & site preparation

Brick façades come down, the concrete skeleton is stripped to its frame, and the 2.8-acre site is cleared and graded.

01Demolition
02Foundations
03Structure
04Finishes

03 — The Project

A vacant 3-story building on 2.8 acres, transformed into a vibrant 200-unit Class B+ community.

BOSFA Properties is adding two floors to the existing 3-story, 120-unit structure and renovating it with new hallways, mechanicals, kitchens, bathrooms, landscaping and parking, saving significant time and money versus ground-up development. The project received approval for economic incentives from the Town of Hempstead Industrial Development Agency in September 2023, and the Village of Freeport is working in tandem with BOSFA to entitle the asset.

🏢200Total units

📐165,000Square feet

🏗️5Stories planned

🌳2.8Acres

🚗177Parking spaces

⚡EVCharging stations

Unit mix

Studio11
One bedroom134
Two bedroom49
Three bedroom6

Total200 units

Amenities & finishes

Outdoor rooftop amenity space
Club room
Fitness area with yoga studio
Valet parking, 177 spaces
Outdoor gardens
EV charging stations
Quartz countertops
In-unit washer and dryer
Kitchen islands
Stainless steel appliances

Gross potential rental revenue (stabilized) $7,878,000 annually

Aerial rendering of The Gardens at Buffalo courtyard — Aerial rendering: two connected 5-story wings around a landscaped central courtyard.

04 — Investment Highlights

Transforming today. Delivering value tomorrow.

8% preferred dividend

Investors will enjoy an 8% preferred dividend on their investment.

⏱

Accelerated timeline

The rehabilitation approach delivers a significantly faster timeline compared to ground-up development.

🏛

IDA approval

The project received approval for economic incentives from the Town of Hempstead IDA in September 2023.

📈

Strong cash flow potential

Stabilized cash flow is projected to support a cash-out refinance in year 3.

Projected investor returns

8%Preferred return

14.06%Projected investor IRR

2.83xProjected equity multiple

65 / 35Profit split, investors / sponsor

$24.0MInvestor equity

Year 3Projected cash-out refinance

Offering summary: sources & uses

Land price$19,679,500

Construction hard cost$46,996,068

Project contingency$3,678,367

Construction soft costs$3,184,246

Working capital$1,618,247

Closing costs$1,795,530

Interest reserve$8,100,000

Prospective construction loan$64,000,00030 months · 1-month term SOFR + 4.50%

Gross rent (stabilized)$7,878,000per year

Sale analysis, FYE 2035

Net operating income$7,290,268
Sale price at 5.50% cap rate$132,550,327
Mortgage payoff($74,226,334)
Closing costs (3%)($3,976,510)
Profit on sale after expenses$54,347,483
Investor split$35,835,872

Rent comparables

Property	Studio	1 BR	2 BR	3 BR
The Gardens at Buffalo Freeport · 200 units · 2028 est.	$2,500	$3,050	$3,700	$4,300
The Hawthorne Valley Stream · 90 units · 2013	–	$3,710	$4,524	–
Heritage Westminster West Hempstead · 428 units · 2026 est.	$3,200	$3,650	$4,560	$5,713
The Avalon at Rockville Centre 349 units · 2017	$2,917	$3,297	$4,054	$5,902

Underwritten rents sit below every comparable in the submarket.

Figures are drawn from the Gardens at Buffalo Investment Offering dated June 22, 2026 and are projections, not guarantees. This information is summary in nature and subject to change. This is not an offering for sale. An offering can only be made by means of a Private Placement Memorandum.

Street-level rendering of The Gardens at Buffalo

05 — A Strategic Opportunity in Freeport, NY

New York's second-largest village, with a waterfront lifestyle and strong rental demand.

45,000+residents

Primebetween Buffalo Ave and Albany Ave

LIRRFreeport station and MTA bus service

Waterfrontabundant parks and amenities

Freeport offers an attractive waterfront lifestyle, abundant parks and amenities, and strong rental demand. The site sits steps from the Freeport Long Island Rail Road station, with direct service to Manhattan, and adjacent to neighborhood retail.

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06 — Progress on the Ground

Demolition is complete. Foundations are in. The structure is rising.

As of spring 2026 demolition of the existing structure is complete, the foundation permit is in place and the helical piles are installed. Foundation walls and elevator pits are being poured, the building permit application has been filed, and superstructure construction follows. Construction is projected to run about 21 months, targeting a certificate of occupancy in the first quarter of 2028, with units designated for veterans, seniors and families.

Aerial view of the original Moxey Rigby complex — Before: the vacant Moxey Rigby complex

Structure stripped to its concrete frame — Selective demolition: stripped to the concrete frame

Foundation formwork — Foundation wall formwork

Pile caps and elevator pit — Pile caps and the elevator pit

Formwork for new foundation walls — Formwork for the new foundation walls

Rebar mat and steel deck — Rebar mat over steel decking

Foundation slab ready for pour — Slab ready for the pour

New foundation beside the retained frame — New foundation rising beside the retained frame

Founder Daniel Goldstein on site, breaking ground 2026

Warren Chauncey Homes for Heroes rendering — Concept rendering: Warren Chauncey Homes for Heroes

Mayor Robert Kennedy of Freeport joins the BOSFA Properties team on site to walk through the demolition and foundation progress, and to share the vision for this 200-unit, multi-generational community.

07 — About BOSFA Properties

Finding value in underappreciated situations and transforming them into thriving communities.

BOSFA Properties is a private and family-owned real estate investment company focusing on development and value-add distressed assets. Founded by Daniel Goldstein and headquartered in Nassau County, New York, BOSFA has acquired over 50 real estate assets throughout the United States since its inception.

Our portfolio is focused on developing, rehabilitating and stabilizing neglected assets in growing communities. We have an outstanding track record in purchasing, financing and managing those assets, and bringing once-neglected properties back to their original pristine condition. The BOSFA team consists of in-house professionals in finance, property management, project management, leasing and acquisitions.

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Founder & Managing Member

Daniel Goldstein

Daniel began his career in 1981 as an electrician, working in both the construction and electrical fields. In 1992 he founded an import and manufacturing company in Israel that grew to number three in sales in its category before it was sold in 1998, while he managed his family's rental and sales portfolio in Israel.

In 2010 Daniel joined E&M Management, a prominent New York real estate company operating over 12,000 units, working on the acquisition, rehabilitation and repositioning of a portfolio of over 3,400 apartments. He and his son Aron then started BOSFA Properties, focused on the Long Island metro area. Daniel served as a volunteer firefighter and Captain with the Meadowmere Park Fire Department and as a Village of Lawrence Trustee for over four years.

Development Manager

Benjamin Diehl

Benjamin manages a portfolio encompassing over 2 million square feet of development space. His journey at BOSFA began on the leasing and management team before his passion for architecture and development led him into his current role, where he plays a pivotal part in every stage of the development process, from acquisition to construction.

With a Bachelor's degree in Architecture from Virginia Tech, Benjamin brings a blend of design expertise and project management to the team.

Learn more at bosfaproperties.com

08 — Offering Memorandum

Review the full offering.

The Gardens at Buffalo Investment Offering (June 22, 2026) covers the executive summary, development pro forma, location and market overview, and rent comparables. Read it in place, download a copy, or request a conversation with the BOSFA team.

This information is summary in nature and subject to change. This is not an offering for sale. An offering can only be made by means of a Private Placement Memorandum. Any investment involves risk, including the possible loss of principal. Prospective investors should consult their own legal, tax and financial advisors.