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TreeTop Development
TreeTop Development is a real estate investment firm with holdings mainly in its home state of New Jersey but also in Manhattan and states in the Midwest and Southeast. The firms approach is to identify emerging neighborhoods and create signature anchor properties, then build around those properties with continued investment in that neighborhood. Such properties include multifamily properties in West Harlem and an $82 million purchase of a Rego Park apartment building. The firm has invested heavily in Brooklyns Greenpoint neighborhood, as well. TreeTop has also been a big investor in Newark, building or buying up large residential buildings in the city from 2008 onwards. In 2014 TreeTop bought a multifamily high-rise apartment building in Philadelphia for $47.3 million. In 2015 the firm dabbled with raising funds from Israeli investors via the Tel Aviv Stock Exchange, but eventually TreeTop pulled out.
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01/22/19
...tenants in Prospect-Lefferts Gardens at buildings owned by Treetop Development, a landlord that bought them just two years ago for $25 million. Recently, Treetop filed...
11/19/18
...those particular assets,” he said.
There are exceptions. Treetop Development and the Weinroth family sold a six-building multifamily portfolio in Flushing and Elmhurst to...
10/30/18
...A&E Real Estate Holdings bought from Treetop Development — 132-57 Sanford Avenue and 41-40 Denman Street in Queens for $40.4 million and $36 million, respectively...
09/20/18
...is also a quiet backer of Slate and Treetop Development, the firm headed by Azi Mandel and Adam Mermelstein. Fruchthandler and Treetop did not...
...of Finance records in July
The seller was Treetop Development. Meanwhile, in the Bronx, buyers recorded $176 million in transactions in total. That was about...
08/06/18
...from Real Capital Analytics. Other notable deals included Treetop Development’s sale of a multifamily portfolio in Queens to A&E Real Estate...
07/26/18
...during the first half of the year included Treetop Development’s $127.5 million sale of its multifamily portfolio to A&E Real Estate Holdings...
07/16/18
...s largest deal was the $127.5 million sale of Treetop Development’s central Queens portfolio...
06/26/18
...buildings were part of an eight-building portfolio that Treetop Development and the Weinroth family acquired in 2015 for $138.8 million. The addresses are 41-40 Denman Street...
06/12/18
...the park,” said Mandel, co-founder of New York-based Treetop Development with Mermelstein. “You open the treasure chest and money comes pouring out.”
The partners...
06/04/18
...Avenue. The company purchased the apartment complex from Treetop Development for $56.5 million and plans to make several renovations to the building.
10. Moore is better...
05/25/18
...giant is purchasing a total of 428 apartments from Treetop Development and the Weinroth family in three separate transactions, which are all expected to close...
05/21/18
...sale of 94-25 56th Avenue in Elmhurst to Treetop Development, the only deal in the borough to break the $10 million mark.
The city’s...
04/12/18
...Queens and Adam Mermelstein
UPDATED, 1:55 p.m. April 13: Treetop Development has sold its Elmhurst apartment complex to Zara Realty for $56.5 million, according to property...
03/21/18
...nucleus is Manhattan,” said Adam Mermelstein, whose firm Treetop Development is an active rental developer in the Bronx. “And from there, the neighborhoods spread...
03/02/18
...E Real Estate Holdings, Fairstead Capital, Vanbarton Group, Treetop Development, Akelius Real Estate Management and Emerald Equity Group. There are also firms known for...
...nucleus is Manhattan,” said Adam Mermelstein, whose firm Treetop Development is an active rental developer in the Bronx. “And from there, the neighborhoods spread...
02/22/18
...investors have largely faded from view. Stalwarts like Treetop Development and Black Spruce Management, for example, have quieted down their shopping sprees.
“The buyers...
02/14/18
...Rosenberg, Gideon Asset Management’s JoJo Chehebar and Treetop Development’s Adam Mermelstein were among others in attendance.
Headquartered in the ultra-Orthodox Jewish enclave...
02/09/18
...a pair of mixed-use South Bronx buildings from Treetop Development at 445 and 414 Gerard Avenue, a 20-story, 216-unit apartment building on Coney Island from iStar...
02/08/18
...in the marketplace,” Adam Mermelstein, managing member of Treetop Development, said Thursday morning during a panel discussion hosted by Ariel Property Advisors.
Mermelstein said...
02/07/18
...rental complex known as the Sand Castle to Treetop Development for $135 million, and Related Companies is planning a pair of new buildings in the...
02/05/18
...in Flushing for $115 million.
Other notable sales included Treetop Development’s $135 million purchase of 711 Seagirt Avenue in Far Rockaway and Madison Realty Capital’s...
01/29/18
...the park,” said Mandel, co-founder of New York-based Treetop Development with Mermelstein. “You open the treasure chest and money comes pouring out.”
The partners...
01/19/18
...of 131-01 39th Avenue (Credit: Google Maps and Treetop Development)
Astoria and Long Island City might be the darlings of the Queens real estate...
- Event Sales
- Address 132-57 Sanford Avenue
- Neighborhood Flushing
- Borough Queens
- Square feet 388,768
- Price $ 127,500,000
- Publication Date 07/16/2018
- Event Date 07/13/2018
- Party 1 Treetop Development, Weinroth family
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 A&E Real Estate Holdings
- Party 2 Brokerage Rosewood Realty Group
- Party 2 Broker Aaron Jungreis
notes
The buyer secured the Queens portfolio for $127.5 million.
- Event Sales
- Address 94-26 56th Avenue
- Neighborhood Elmhurst
- Borough Queens
- Price $ 56,500,000
- Publication Date 04/17/2018
- Event Date 04/12/2018
- Party 1 Treetop Development
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 Zara Realty
- Party 2 Brokerage Rosewood Realty Group
- Party 2 Broker Aaron Jungreis
notes
The buyer acquired the Elmhurst property for $56.5 million.
- Event Sales
- Address 711 Seagirt Avenue
- Neighborhood Far Rockaway
- Borough Queens
- Square feet 774,719
- Price $ 135,000,000
- Publication Date 12/04/2017
- Event Date 11/21/2017
- Party 1 E&M Associates
- Party 1 Brokerage Westwood Realty Associates
- Party 1 Broker Steven Vegh
- Party 2 Treetop Development
- Party 2 Brokerage Westwood Realty Associates
- Party 2 Broker Steven Vegh
notes
The buyer acquired the 4-building, 916-unit rental complex in Far Rockaway for $135 million.
- Event Financing
- Address 41-40 Denman Street, 132-25 Maple Avenue and 132-57 Sandford Avenue
- Neighborhood Flushing
- Borough Queens
- Square feet 216,189
- Price $ 54,747,741
- Price per foot $ 253.00
- Publication Date 07/01/2017
- Event Date 05/23/2017
- Party 1 Treetop Development
- Party 2 Acore
notes
The entity secured a $54.747 million refinance for the three Flushing multifamily properties.
- Event Office Leasing
- Address 120 West 45th Street
- Neighborhood Midtown
- Borough Manhattan
- Square feet 10,093
- Publication Date 07/01/2017
- Event Date 05/01/2017
- Party 1 Treetop Development
- Party 2 Acore
- Party 2 Brokerage Norman Bobrow & Company
- Party 2 Broker Benjamin Blumenthal
notes
The business development service signed a new 10-year lease for their 5th floor expansion. The company currently occupies part of the 2nd and 6th floors.
- Event Sales
- Address 132-40 Sanford Avenue
- Neighborhood Flushing
- Borough Queens
- Square feet 83,430
- Price $ 29,870,000
- Price per foot $ 358.02
- Publication Date 05/01/2017
- Event Date 03/30/2017
- Party 1 Treetop Development
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 Pinnacle Realty
- Party 2 Brokerage Rosewood Realty Group
- Party 2 Broker Aaron Jungreis
notes
The 6-story, 94-unit building in Flushing was sold for $29.9 million.
- Event Sales
- Address 133-21 Sanford Avenue
- Neighborhood Flushing
- Borough Queens
- Square feet 74,007
- Price $ 27,650,000
- Price per foot $ 373.61
- Publication Date 05/01/2017
- Event Date 03/30/2017
- Party 1 Treetop Development
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 Pinnacle Realty
- Party 2 Brokerage Rosewood Realty Group
- Party 2 Broker Aaron Jungreis
notes
The 6-story, 89-unit, mixed-unit building in Flushing was sold for $27.7 million.
- Event Sales
- Address 556 Lefferts Avenue, 570 Lefferts Avenue
- Neighborhood Flatbush
- Borough Brooklyn
- Square feet 105,000
- Price $ 25,000,000
- Publication Date 04/01/2017
- Event Date 02/15/2017
- Party 1 Fred Leist, Ivan Leist
- Party 2 Treetop Development
notes
The two multifamily properties were sold for $25 million.
- Event Sales
- Address 417 Gerard Avenue
- Neighborhood Mott Haven
- Borough Bronx
- Square feet 9,816
- Price $ 5,000,000
- Publication Date 01/01/2017
- Event Date 11/17/2016
- Party 1 Galaxy General Consulting
- Party 1 Brokerage Ariel Property Advisors
- Party 1 Broker Jason Gold, Scot Hirschfield, Marko Agbaba, Victor Sozior
- Party 2 Treetop Development
- Party 2 Brokerage Ariel Property Advisors
notes
The development site was sold for $5 million.
- Event Sales
- Address 417 Gerard Avenue
- Neighborhood Mott Haven
- Borough Bronx
- Square feet 9,816
- Price $ 5,000,000
- Publication Date 11/01/2016
- Event Date 09/15/2016
- Party 1 Galaxy General Contracting
- Party 1 Brokerage Ariel Property Advisors
- Party 1 Broker Jason Gold, Scot Hirschfield, Marko Agbaba, Victor Sozio
- Party 2 Treetop Development
notes
The development site sold for $5 million.
- Event Sales
- Address 94-26 56th Avenue
- Neighborhood North Corona
- Borough Queens
- Square feet 187,800
- Price $ 40,700,000
- Price per foot $ 217.00
- Publication Date 10/01/2016
- Event Date 08/15/2016
- Party 1 Mydac Realty
- Party 2 Treetop Development
notes
The rental building sold for $40.7 million.
- Event Financing
- Address 132-40 Sanford Avenue
- Neighborhood Flushing
- Borough Queens
- Price $ 118,000,000
- Publication Date 03/01/2016
- Event Date 01/01/2016
- Party 1 Treetop Development
- Party 1 Brokerage Meridian Capital Group
- Party 1 Broker Ronnie Levine, Isaac Lifshitz, Aggelos Sklavenitis
- Party 2 ACORE Capital
notes
The company secured a $118 million loan for the package that also includes 132-25 Maple Avenue, 132-45 Maple Avenue, 132-57 Sanford Avenue, 132-61 Sanford Avenue, 132-48 41st Road and 133-17 Sanford Avenue and 41-40 Denman Street.
- Event Sales
- Address 273 West 131st Street
- Neighborhood Harlem
- Borough Manhattan
- Square feet 59,880
- Price $ 14,800,000
- Price per foot $ 247.16
- Publication Date 03/01/2016
- Event Date 01/01/2016
- Party 1 Treetop Development
- Party 1 Brokerage Westwood Realty Associates
- Party 1 Broker Steven Vegh
- Party 2 Hillcrest Acquisitions
- Party 2 Brokerage Westwood Realty Associates
- Party 2 Broker Steven Vegh
notes
The multifamily residential building sold for $14.8 million.
- Event Sales
- Address 17 West 125th Street
- Neighborhood Central Harlem
- Borough Manhattan
- Square feet 9,000
- Price $ 30,000,000
- Price per foot $ 3,333.33
- Publication Date 10/01/2015
- Event Date 08/22/2015
- Party 1 TreeTop Development
- Party 1 Brokerage Westwood Realty Associates
- Party 1 Broker Steven Vegh, Phil Goldstein
- Party 2 Thor Equities
- Party 2 Brokerage Westwood Realty Associates
- Party 2 Broker Steven Vegh, Phil Goldstein
notes
The five story property sold for $30 million.
- Event Retail leasing
- Address 2143 Adam Clayton Powell Boulevard
- Neighborhood Central Harlem
- Borough Manhattan
- Square feet 900
- Publication Date 07/01/2015
- Event Date 05/22/2015
- Party 1 Treetop Development
- Party 1 Brokerage Kassin Sabbagh Realty
- Party 1 Broker Steven Pollan
- Party 2 Oui Oui Crepes
- Party 2 Brokerage Kassin Sabbagh Realty
- Event Retail leasing
- Address 2143 Adam Clayton Powell Boulevard
- Neighborhood Central Harlem
- Borough Manhattan
- Square feet 700
- Publication Date 07/01/2015
- Event Date 05/22/2015
- Party 1 Treetop Development
- Party 1 Brokerage Kassin Sabbagh Realty
- Party 1 Broker Steven Pollan
- Party 2 A & S Deli
- Party 2 Brokerage Kassin Sabbagh Realty
- Event Retail Leasing
- Address 17 West 125th Street
- Neighborhood Harlem
- Borough Manhattan
- Square feet 1,700
- Publication Date 01/01/2015
- Event Date 11/17/2014
- Party 1 Treetop Development
- Party 1 Brokerage Kassin Sabbagh Realty
- Party 1 Broker Dan Myers
- Party 2 Buffalo Boss
- Party 2 Brokerage Task Realty
- Party 2 Broker Adam Stupak, Alex Spanbock
notes
The organic chicken wing chain signed a 10-year lease. The reported asking rent was $100 per square foot.
- Event Sales
- Address 565 West 139 Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169 Street, 507 West 170 Street
- Neighborhood Midtown
- Borough Manhattan
- Price $ 24,500,000
- Publication Date 11/01/2014
- Event Date 09/17/2014
- Party 1 Brokerage Cignature Realty Associates
- Party 1 Broker Lazer Sternhell and Peter Vanderpool
- Party 2 Adam Mermelstein, Treetop Development
- Party 2 Brokerage Cignature Realty Associates
- Party 2 Broker Lazer Sternhell, Peter Vanderpool
- Event Sales
- Address Harlem portfolio
- Neighborhood Midtown
- Borough Manhattan
- Price $ 11,250,000
- Publication Date 10/01/2014
- Event Date 08/17/2014
- Party 1 2261-2273 ACP Residences LLC
- Party 1 Brokerage Cignature Realty Associates
- Party 1 Broker Lazer Sternhell, Peter Vanderpool
- Party 2 Treetop Development
- Party 2 Brokerage Cignature Realty Associates
- Party 2 Broker Lazer Sternhell, Peter Vanderpool
- Event Sales
- Address Harlem portfolio
- Neighborhood Midtown
- Borough Manhattan
- Price $ 29,000,000
- Publication Date 10/01/2014
- Event Date 08/17/2014
- Party 1 Treetop Development
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 E & M Associates
- Party 2 Brokerage Rosewood Realty Group
- Party 2 Broker Aaron Jungreis
- Event Sales
- Building Name 2271-2273 Adam Clayton Powell Boulevard
- Address 2273 Adam Clayton Powell Boulevard
- Neighborhood Central Harlem
- Borough Manhattan
- Price $ 11,250,000
- Price per foot $ 272.00
- Publication Date 10/01/2014
- Event Date 08/22/2014
- Party 1 2261-2273 ACP Residences
- Party 1 Brokerage Cignature Realty Associates
- Party 1 Broker Lazer Sternhell, Peter Vanderpool
- Party 2 Treetop Development
- Party 2 Brokerage Cignature Realty Associates
- Party 2 Broker Lazer Sternhell, Peter Vanderpool
notes
The properties sold for $11.25 million, or $272 per square foot. The buildings are located at 2261, 2267-2269 and 2271-2273 Adam Clayton Powell Boulevard, and the vacant lot is located at 2265 Adam Clayton Powell Boulevard. 3 apt. bldgs and vacant lot
- Event Sales
- Address 1917 Seventh Avenue
- Neighborhood Central Harlem
- Borough Manhattan
- Price $ 29,000,000
- Publication Date 10/01/2014
- Event Date 08/22/2014
- Party 1 Treetop Development
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 E & M Associates
- Party 2 Brokerage Rosewood Realty Group
- Party 2 Broker Aaron Jungreis
notes
The properties sold for $29 million. The buildings are located at 1917 Seventh Avenue, 110 St. Nicholas Avenue, 120 West 116th Street and 110 West 116th Street. 4 apt. bldgs, 82 units total
- Event Sales
- Address 220 West 116th Street 449 West 125th Street
- Neighborhood Midtown
- Borough Manhattan
- Price $ 15,400,000
- Publication Date 08/01/2014
- Event Date 06/17/2014
- Party 1 Treetop Development LLC
- Party 1 Broker Simon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch
- Party 2 Brokerage Ariel Property Advisors
- Party 2 Broker Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch
- Event Sales
- Building Name 220 West 116th Street and 449 West 125th Street
- Address 449 West 125th Street
- Neighborhood West Harlem
- Borough Manhattan
- Price $ 15,400,000
- Price per foot $ 8.80
- Publication Date 08/01/2014
- Event Date 06/22/2014
- Party 1 Treetop Development
- Party 1 Brokerage Ariel Property Advisors
- Party 1 Broker Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch,
- Party 2 Brokerage Ariel Property Advisors
- Party 2 Broker Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch
notes
The properties sold for $15.4 million. The buildings last traded in November 2012 for $8.8 million. 2 mixed-use bldgs
- Event Retail Leasing
- Address 924 Columbus Avenue
- Neighborhood Upper West Side
- Borough Manhattan
- Square feet 570
- Publication Date 02/01/2014
- Event Date 12/23/2013
- Party 1 Treetop Development
- Party 1 Brokerage Town Residential
- Party 1 Broker Tom Brady
- Party 2 Pie Pie Pizza
- Party 2 Brokerage Town Residential
- Party 2 Broker Tom Brady
notes
The pizza parlor signed a 13-year lease.
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