Treetop Development picked up a pair of adjacent six-story rental buildings in East Flatbush for $25 million, or $238 per square foot according to property records filed this week with the city.
The properties at 560 and 570 Lefferts Avenue in Brooklyn sit next to Hamilton Metz Field, just east of Kingston Avenue in East Flatbush. The sellers were Fred and Ivan Leist, who had owned the buildings since at least 1979.
The building at 560 Lefferts Avenue holds 56 rental units, while the one at 570 Lefferts Avenue holds 48. Together, the buildings span some 105,000 square feet. Both buildings receive SCRIE rent-stabilization tax abatements, according to city property tax records.
Treetop, a New Jersey-based investment firm led by Azi Mandel and Adam Mermelstein, has become a frequent buyer of small- to mid-size multifamily properties across New York City in recent years, with notable purchases and occasional projects in Brooklyn, Manhattan, Queens and the Bronx. Last year, the company picked up a 141-unit building in Elmhurst for $41 million. In Mott Haven, Treetop is planning an up to 91,000-square-foot residential development. Last year, the company sold the 420-unit Rego Park building known as Saxon Hall to Madison Realty Capital for $135 million, in what was the neighborhood’s largest-ever investment sale.
Treetop’s Lefferts Avenue acquisition occurs as East Flatbush’s residential market continues to heat up and Brooklyn development continues pushing further east and south away from prime Crown Heights. For example, Eli Karp’s Hello Living is developing a 153-unit building, including 60 condominiums, at 1580 Nostrand Avenue in East Flatbush.
Clarification: A previous version of this post listed one of the buildings purchased by Treetop Development as 556 Lefferts Avenue, which is an alternate address for 560 Lefferts Avenue.