Teaneck, N.J.-based Treetop Development is leaping over two rivers for the developer’s first venture in Queens, Crain’s reported.
Treetop has acquired Saxon Hall, a 16-story rental apartment at 62-60 99th Street in Rego Park for $82.25 million. The purchase, according to a press release cited by Crain’s, is part of the developer’s strategy to acquire “rental properties in emerging and undervalued New York City neighborhoods.”
“Some of the strengths Queens has over Manhattan and Brooklyn is that tenants can get a significantly cheaper apartment, oftentimes a larger apartment, in a nicer building,” Adam Mermelstein, general partner at Treetop, told Crain’s.
“We’re scouring the market for other buildings in Queens, Manhattan and Brooklyn,” he added.
The property’s 417 apartments range in size from studios to three-bedrooms and penthouse units, all complete with balconies. Treetop is planning to improve elevators and plumbing, modernize the exterior façade and upgrade the building’s common spaces, giving vacant apartments “Manhattan-style renovations” that include lacquer cabinets, hardwood floors and modern, tiled bathrooms, Mermelstein told Crain’s.
As only 17 of the building’s units are currently vacant, the upgrades will happen gradually. [Crain’s] –Julie Strickland