The Real Deal New York

Treetop wants $150M for 420-unit Rego Park rental

500K sf property Saxon Hall last sold for $85M in 2013

October 08, 2015 05:24PM
By Mark Maurer Twitter_logo_blue copy

Saxon Hall

62-60 99th Street in Rego Park (inset: Adam Mermelstein and Steven Vegh)

Just two years after buying a 420-unit Rego Park rental building, Treetop Development is looking to part ways with it for $150 million.

Saxon Hall, a 16-story 503,000-square-foot property at 62-60 99th Street, was Treetop’s first purchase in Queens in 2013, when it paid $85.3 million. The Teaneck, N.J.-based development firm led by Adam Mermelstein and Azi Mandel has since renovated more of the 50 of the apartments.

The property is one of the few remaining large rental buildings in the neighborhood, according to Westwood Realty Associates’ Steven Vegh, who is marketing the building.

“Nothing else of its kind ever trades there,” Vegh said. “All the other comparable buildings are all condo or co-op buildings. Rents are way below market at this building.

Rents range from $1,925 to $3,350 for the units, which are a mix of one-, two- and three-bedroom units, according to StreetEasy.

News of the deal was first reported by Real Estate Weekly.

Before Vantage Properties sold the building to Treetop, Saxon Hall sold in 2008 for $74 million.

Elsewhere in Rego Park, developer Kenny Liu filed plans last month for a 50-unit condo building.