The Real Deal New York

Treetop Development sells Elmhurst rental complex for $57M

Company sold 164-unit development on 56th Avenue to Zara Realty
By Eddie Small | April 12, 2018 11:50AM

94-26 56th Avenue in Queens and Adam Mermelstein

UPDATED, 1:55 p.m. April 13Treetop Development has sold its Elmhurst apartment complex to Zara Realty for $56.5 million, according to property records.

The property at 94-26 56th Avenue is a 164-unit rental complex with three commercial units. Treetop purchased it in 2016 for $40.7 million from Mydac Realty Corp, which had owned the building since 1986. Most of the apartments are rent-stabilized.

Rosewood Realty Group president Aaron Jungreis brokered the deal for both sides but declined to comment on the sale. Treetop did not immediately respond to a request for comment.

Zara plans to renovate the Queens building with new facades and doors, along with a new roof, courtyard improvements and outdoor landscaping, according to the company.

Treetop is also working on an 11- and 14-story building in the South Bronx, and the company purchased a four-building rental complex at 711 Seagirt Avenue in Far Rockaway for $135 million late last year.

This story has been updated to include information from Zara Realty.