Treetop plans resi building in Mott Haven

Developer could build as much as 91K sf at South Bronx site, which it recently bought for $6M

TRD NEW YORK /
Feb.February 24, 2016 10:02 AM

Treetop Development is setting its sights on the South Bronx.

The Teaneck, N.J.-based developer is planning a large residential building at 121-129 East 144th Street, which it recently purchased for $6 million from M&N Partners.

Treetop – led by Azi Mandel and Adam Mermelstein – hasn’t yet decided whether to include affordable apartments in their plans. If it does, the project could yield a building as large as 91,100 square feet. If the company elects to go fully market-rate, the maximum square footage would be just over 68,000 square feet, New York Yimby reported.

Major developers such as the Related Cos., RXR Realty, the Chetrit Group and Somerset Partners have recently begun to move more forcefully into the Bronx (The Real Deal dove into the trend in its November 2015 issue). Medium-sized developers like Treetop are now benefitting from the influx, Ariel Property Advisors’ Jason Gold, who brokered Treetop’s buy, told Yimby.

“We feel very confident about development sites and mixed-use projects [in Mott Haven],” Gold told the blog. “You get more investors coming when they see a larger institutional firm already established in the location.”

Treetop isn’t concerned about the expiration of the 421a, Gold told Yimby, as the developer wasn’t certain whether it would take advantage of the program.

Earlier this month, Treetop entered into contract to sell the massive rental complex at 62-60 99th Street in Rego Park to Madison Realty Capital for $135 million.

The firm traded two large rental portfolios in December, buying eight Queens buildings from Algin Management for $138.8 million, and selling six buildings in Washington Heights to Hillcrest Acquisitions, who paid $36 million. [NY YIMBY]Ariel Stulberg


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

From the top: 1600 Macombs Road, 625 Brook Avenue and 2082 Boston Road in the Bronx (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

1073 Summit Avenue in the Bronx and Stagg Group CEO Mark Stagg (Credit: Google Maps)

Stagg Group to build 105-apartment complex in Highbridge

Rendering of La Central (Courtesy of FXCollaborative)

Here are the details on the next building in the Bronx’s La Central development

Mayor Bill de Blasio and City Council Speaker Corey Johnson with an aerial of 320 Concord Avenue, the site of the jail project (Credit: Getty Images, Google Maps)

Housing complex takes South Bronx jail project to court

NYCFC is close to a deal for its own stadium (Credit: Getty Images)

Maddd Equities, NYCFC nearing deal for Bronx stadium

arrow_forward_ios
Loading...