The Real Deal New York

Treetop makes first foray into Queens with $82M buy

June 28, 2013 04:00PM

Saxon Hall and Adam Memelstein of Treetop Development

Saxon Hall and Adam Mermelstein

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

 

 

  • Very disappointed

    DO NOT RENT from this management company!! Terrible people, no concern for welfare of tenants, phonecalls disregarded, rent raised over 800 dollars upon lease renewal with no heads up, changes made to building without notifying tenants, constant threat of eviction, frequent lack of hot water or rusty water. Horrible disgusting people, do yourself a favor and look elsewhere!!!

  • RegoMama

    Agreed! These people are beyond arrogant with no regard for anyone but themselves. Very rude, constantly saying they will pursue eviction for stupid things like balcony furniture or walking your pet through the lobby rather than through the basement. Unbelievable people, DO NOT WASTE YOUR TIME

  • RegoMama

    Also there are no such units as “Penthouse units”. You simply live on the top floor, bahahahahahah. They are really trying to sell this aren’t they. State of the art gym, is 3 treadmills and an elliptical machine. Look out NYSC!!

  • IT

    Absolutely the worse people that I have ever dealt with. Bait and switch going on. Joe the manager of the property is absolutely horrible. Was given all the incorrect information and once I gave the deposit I was notified of more fees and rules that they had there. When I complained about this they basically said that they didnt want to rent to me because I was unhappy. It took them 3 days to actually tell me that I could not rent there. After giving them $300 in application fees from my bf and I, selling our car and paying a deposit for movers. Then they gave away my deposit to my broker without notifying me first. ABSOLUTELY the worst experience I have ever had with finding an apartment. I cannot believe they get away with these things.

  • Ragav

    My experience with this new management (tree top) is horrible. I use to live in that building for past 2-3 years. There are trying to make money by doing cheap things rather than focusing on renting. When I moved out from this place, these guys deducted around $1,000 from my deposit and did not even provided my any detail. My apartment was in good condition but the manager Joe was trying to pick on all nits which was totaly sensless and made it very obvious that they do not intent to return your deposit. Warning to everyone – These guys have two managers. Adam is not bad as Joe and he shows the apartment and trys to get people in and joe is the one who tries to be rude. and shrew and wants to charge you for even a nail in the apartment.

  • Katarzyna

    I am currently trying to leave this building. I have been here for a year and a half and renewed the lease for 2 years before I knew this management company is taking over. I have hated all the changes since. I am currently moving out of queens and buying a house but am having a really difficult time getting out of the lease and they say that finding a replacement tenant is not an option. Joe is being horribly rude to my husband and he is not responding to my emails for days. And yes I live in one of those fake penthouse apartments, ie top floor apartments.

    I have requested window guards on multiple occasions as I have a young child and they have never been installed!

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