The Real Deal New York

Treetop buys Far Rockaway rental complex for $135M

The four buildings have 916 apartments
By Mark Maurer | Twitter_logo_blue copy November 21, 2017 04:00PM

711 Seagirt Avenue

UPDATED, Nov. 28, 3:45 p.m.: Treetop Development picked up a four-building rental complex in Queens’ Far Rockaway neighborhood from E&M Associates for $135 million, the buyer said.

The complex at 711 Seagirt Avenue has four interconnected properties with a total of 916 rental apartments and eight commercial units. The buildings, known as the Sand Castle, sit just two blocks from the beach.

Westwood Realty Associates’ Steven Vegh represented both sides in the deal.

From left: Steven Vegh, Azi Mandel and Adam Mermelstein

Vegh said the purchase is a “significant value-add opportunity in one of New York City’s emerging residential neighborhoods.”

Treetop also secured a $97.5 million loan from Signature Bank, property records show.

Irving Langer’s E&M Associates has owned the complex since at least 2008, property records show. The landlord sold 42 rental buildings in Sunset Park in June to Fairstead Capital for about $100 million.