Treetop buys Far Rockaway rental complex for $135M

The four buildings have 916 apartments

New York /
Nov.November 21, 2017 04:00 PM

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.


Related Articles

arrow_forward_ios
Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
Big month for retail sales bodes well for landlords
Big month for retail sales bodes well for landlords
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
250 Park Avenue and IWG CEO Mark Dixon (Google Maps, IWG)
IWG to open 58K sf co-working site on Park Ave
IWG to open 58K sf co-working site on Park Ave
Tritec Principal Robert Coughlan with the project (Tritec)
Tritec lands $173M for Bay Shore Residences
Tritec lands $173M for Bay Shore Residences
A recent report by Harvard’s Joint Center for Housing Studies shows mom-and-pop landlords were hit harder than big firms by rental delinquencies. (iStock)
Mom-and-pop landlords, Black tenants hit harder by pandemic: report
Mom-and-pop landlords, Black tenants hit harder by pandemic: report
Deconstruct Podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Jason Pomeranc and 305 West 48th Street (CIVILIAN, Google Maps, Kelleecaitlin/Wikimedia)
Jason Pomeranc to launch new Theater District hotel
Jason Pomeranc to launch new Theater District hotel
Renaissance Westchester Hotel entrance (Marriott)
Renaissance Westchester Hotel to shutter West Harrison property
Renaissance Westchester Hotel to shutter West Harrison property
arrow_forward_ios

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

Loading...