B2K Development, a Jericho-based firm founded by former Engel Burman principals, is acquiring 49 acres of the Flowerfield Fairgrounds in St. James, Long Island, for $28.7m from Gyrodyne. The site, zoned for light industrial use, is expected to be redeveloped for assisted living, consistent with B2K’s Bristol Assisted Living brand. Gyrodyne noted a regional need for such facilities and said more than 40% of the property will be preserved as open space. Local civic groups, long opposed to redevelopment, argue the deal depends on approvals for a sewage treatment plant and tax incentives from Suffolk County.
B2K Development
