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

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

New York /
Oct.October 08, 2015 05:24 PM

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.


Related Articles

arrow_forward_ios
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
1107 Dekalb Avenue (Google Maps)
Outer boroughs dominate mid-market deals last week
Outer boroughs dominate mid-market deals last week
Treetop Development's Adam Mermelstein and a rendering of 414 Gerard Avenue (Credit: Woods Bagot)
Treetop sells South Bronx development site because offer was too good to pass up
Treetop sells South Bronx development site because offer was too good to pass up
JDS sells Far Rockaway beachfront complex for $33M
JDS sells Far Rockaway beachfront complex for $33M
JDS sells Far Rockaway beachfront complex for $33M
Treetop gets $76M loan for Bronx multifamily complex
Treetop gets $76M loan for Bronx multifamily complex
Treetop gets $76M loan for Bronx multifamily complex
Kenny Liu plans resi tower at former Catholic Church site in Queens
Kenny Liu plans resi tower at former Catholic Church site in Queens
Kenny Liu plans resi tower at former Catholic Church site in Queens
Here’s what the $20M-$30M NYC investment sales market looked like last week
Here’s what the $20M-$30M NYC investment sales market looked like last week
Here’s what the $20M-$30M NYC investment sales market looked like last week
Why multifamily buildings don’t trade very often in Queens
Why multifamily buildings don’t trade very often in Queens
Why multifamily buildings don’t trade very often in Queens
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...