UPDATED 5:05 p.m., September 12: A New Jersey-based firm that has vowed to snap up multifamily properties in “emerging” New York City neighborhoods is making good on its promise, buying a $22 million portfolio in West Harlem, city records show.
Treetop Development of Teaneck, N.J., closed on the twelve properties earlier this month; they are on 122nd Street, St. Nicholas Avenue and Frederick Douglass Boulevard.
The redevelopment specialist paid $82.25 million in June for its first Queens purchase, a 417-unit rental apartment at 62-60 99th Street in Rego Park. At the time, Treetop principal Adam Mermelstein told TRD that his company was “scouring the market” in Queens, Manhattan and Brooklyn for “rental properties in emerging and undervalued New York City neighborhoods.”
In July, according to published reports, Treetop closed on the $13.6 million purchase of a 50-unit apartment building at 17-27 West 125th Street, adding to a portfolio of more than 1,000 apartments in Manhattan.
The West Harlem properties will boast hundreds of units, according to a review of the buildings on PropertyShark.
Aaron Jungreis, founder of Manhattan-based Rosewood Realty Group, represented both buyer and seller in the transaction, he told TRD.
A call to Treetop was not immediately returned.