The Real Deal New York

Treetop pays $38M for 8-building Manhattan leg of “Three Borough Pool”

Normandy, Westbrook close to selling all of portfolio's 1,700 rental units

May 11, 2015 01:15PM
By Mark Maurer

Treetop Development Manhattan

From left: 536-538 West 158th Street and 1885 Amsterdam Avenue (inset: Normandy’s Finn Wentworth and Treetop’s Adam Mermelstein)

Treetop Development closed on the purchase of the eight-building Manhattan portion of Normandy Real Estate Partners and Westbrook Partners’ 1,700-unit multifamily portfolio for $38 million, The Real Deal has learned.

Since March, Normandy and Westbrook have been selling off a 42-building “Three Borough Pool” assemblage to several different buyers, in an effort to focus on office properties. Black Spruce Management and Prana Growth Fund have already snapped up many of their rental buildings in the Bronx and Brooklyn, as TRD reported.

Treetop, a Teaneck, N.J.-based development firm led by Azi Mandel and Adam Mermelstein, bought fully rent-regulated buildings throughout Washington Heights, Inwood and Hamilton Heights.

The properties, each rising either five or six stories, are located at 17-19 Vermilyea Avenue, 8 and 10 Vermilyea Avenue, 536-540 West 158th Street and 1883, 1885 and 1887 Amsterdam Avenue. The latter three buildings are in Hamilton Heights’ Sugar Hill historic district.

An undisclosed buyer is set to close on the $19 million acquisition of the portfolio’s remaining buildings, which are based in Brooklyn, sources said.

Rosewood Realty Group’s Aaron Jungreis, who declined to comment, represented both sides in the deal. Representatives for Normandy and Westbrook could not be reached for comment.