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.