Treetop makes first foray into Queens with $82M buy

TRD New York /
Jun.June 28, 2013 04:00 PM

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

 
 

Related Articles

arrow_forward_ios
131-01 39th Avenue in Flushing (Credit: Google Maps)

Another megaproject coming to Flushing

Queens, New York

Here are the neighborhoods where homes are flying off the shelf

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company

Meredith Marshall, co-founder of BRP Companies and 163-05 Archer Avenue in Queens (Credit: Marshall by Emily Assiran and Agorafy)

BRP is bringing another apartment complex to Jamaica

arrow_forward_ios