Treetop Development sells Elmhurst rental complex for $57M

Company sold 164-unit development on 56th Avenue to Zara Realty

TRD New York /
Apr.April 12, 2018 11:50 AM

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.


Related Articles

arrow_forward_ios
1107 Dekalb Avenue (Google Maps)

Outer boroughs dominate mid-market deals last week

Outer boroughs dominate mid-market deals last week
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
McDonald’s on 220 West 42nd Street (Getty, iStock)

McDonald’s closes Times Square flagship

McDonald’s closes Times Square flagship
arrow_forward_ios

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

Loading...