A developer based in Jericho, B2K Development, has agreed to purchase 49 acres of the Flowerfield Fairgrounds in St. James, Suffolk County for $28.7 million. The seller is a subsidiary of Gyrodyne, which owns the entire 63-acre site.
B2K Development did not comment on its plans for the land or details of the agreement. Gyrodyne released a statement referencing regional demand: “a meaningful need for assisted living facilities in the region,” said Gyrodyne’s chief executive officer.
The deal aligns with B2K’s business activities, as it operates The Bristol Assisted Living chain. The property is currently zoned for light industrial use. In past proposals, Gyrodyne had suggested building an assisted living facility along with a hotel and medical offices on the site.
According to Gyrodyne, B2K intends to keep more than 40 percent of the property as open space.
There has been local opposition to development at Flowerfield Fairgrounds. Three years ago, Head of the Harbor Village and area residents filed suit against Gyrodyne and the Town of Smithtown over an earlier plan to subdivide the land into eight lots. That lawsuit was dismissed last October after a judge found that Gyrodyne’s proposal fit existing zoning rules and Smithtown’s comprehensive plan. A civic group appealed that decision two months later.
Following news of this sale agreement, local critics stated that “the agreement dictates the transaction ‘can only move forward if Suffolk County approves Gyrodyne’s proposed sewage treatment plant and provides tax benefits that developer will request from the Suffolk County Industrial Development Agency,’” adding their view that these conditions may not be met.
B2K was established in 2022 by former principals from Engel Burman Group. Two years ago, B2K proposed developing 86 luxury senior townhomes in Commack.
— Holden Walter-Warner
