Long Island FBO Is Sold, and Sold Again

Republic Jet Center, one of three service providers at Republic Airport (KFRG) on New York’s Long Island, has changed hands in a deal involving SR Aviation Infrastructure (SRAI)—the recently-launched subsidiary of real estate investment and development firm SomeraRoad that is looking to develop a nationwide network of aircraft hangar complexes—and FBO chain Modern Aviation.

Though SRAI purchased Republic Jet, a full-service FBO and formerly the lone independent service provider on the field, it showed no appetite for entering the FBO arena. Instead, it immediately flipped Republic's FBO assets to Modern, which already operates one of the other two facilities at KFRG. The Republic site features a 2,000-sq-ft main terminal, a 1,500-sq-ft satellite terminal on the north side of the field, and more than 60,000 sq ft of hangar space. While the location’s customer service and line staff were retained, most of Republic’s management was let go as the facility undergoes rebranding.

For SRAI, the real prize was Republic Jet’s more than 50 acres of undeveloped leasehold. While the company declined to provide more specific information at this early stage, it plans a multi-phase hangar development at Metro New York-area KFRG with modern amenities and 28-foot hangar door heights designed to accommodate the latest ultra-long-range private jets, injecting needed capacity into a very tight aviation real estate market.

“Farmingdale represents a significant growth milestone for SRAI and marks the expansion of our national portfolio into one of the country’s most dynamic private aviation markets,” said SRAI president Jonathon Reeser. “This project reflects our commitment to acquiring and developing best-in-class hangar facilities at strategically located airports nationwide. Farmingdale is one of the most important private aviation airports in the New York metro area and represents a pivotal step in SRAI’s continued growth and leadership in the general aviation infrastructure sector.”