Treetop Development buys Brooklyn portfolio for $76M in return to NYC

Adam Mermelstein’s firm acquired the properties, spanning 389 rent-stabilized units, from the Knoll family

New York /
Dec.December 09, 2021 07:12 PM
Treetop Development returns to NYC, buys 13 Brooklyn apartments for $76M

Steven Vegh of Westwood Realty Associates and Adam Mermelstein of Treetop Development with 381 Hooper Street, 390 Hooper Street, 1479 Dahill Road and 1529 Dahill Road (Westwood Realty Associates, Treetop)

Adam Mermelstein’s Treetop Development snagged 13 apartment buildings in Brooklyn for $76 million, signaling the firm’s return to the New York City market.

Treetop bought the portfolio, consisting of 389 rent-stabilized units, from the Knoll family, multifamily investors who amassed the properties over 40 years and appear to be the latest in a growing line of old-school city landlords unloading their buildings in the wake of the state’s 2019 rent-regulation overhaul.

Primarily in and around Williamsburg, along with some in Sheepshead Bay and Midwood, the buildings include 381 Hooper Street, 390 Hooper Street, 1479 Dahill Road and 1529 Dahill Road, among others.

Steven Vegh and Phil Goldstein of Westwood Realty Associates brokered both sides of the off-market deal, which also includes five commercial spaces. Vegh confirmed the purchase to The Real Deal.

Teaneck, New Jersey-based Treetop appears to be coming back to New York City after a hiatus on dealmaking for the past couple of years. The firm has historically focused on up-and-coming neighborhoods.

Some notable past deals include its 2019 sale of a mixed-use development site in Mott Haven to Domain Companies for $38.5 million. In 2017, the firm bought a four-building rental complex in Far Rockaway, Queens, from E&M Associates for $135 million.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    New York skyline
    Rising interest rates will dampen city’s investment sales market this year
    Rising interest rates will dampen city’s investment sales market this year
    G4 Capital's Robyn Sorid and a rendering of 313-315 Bond Street (G4 Capital, LinkedIn/Robyn Sorid)
    Rabsky Group scores $92M loan for big Gowanus project
    Rabsky Group scores $92M loan for big Gowanus project
    Legion Investment Group's Victor Sigoura and 26 East 84th Street (Getty Images, Google Maps, iStock)
    Old-guard landlords cash out in Manhattan, Bronx multifamily deals
    Old-guard landlords cash out in Manhattan, Bronx multifamily deals
    CHIP executive director Jay Martin (LinkedIn, iStock / Photo illustration by Priyanka Modi)
    Landlords called it: Vacancy rate jumps, rent-stabilization stays
    Landlords called it: Vacancy rate jumps, rent-stabilization stays
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    arrow_forward_ios

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

    Loading...