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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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05/23/17
...Denman Street, 132-57 Sanford Avenue, 132-25 Maple Avenue
Treetop Development restructured its debt on three multifamily Queens buildings with a $54.7 million loan from ACORE...
05/22/17
...mid-market New York City investment sales last week, Treetop Development sold three Hamilton Heights rentals for $14 million and Crown Acquisitions bought a five-story walk-up...
05/10/17
...El Dorado, approximately $57.6 million
Buyer: Pinnacle Group
Seller: TreeTop Development
Brokerage: Rosewood
New Jersey-based TreeTop Development sold this pair of neighboring rentals on Sanford...
04/28/17
...a pair of elevator buildings in Flushing from Treetop Development for $57.6 million. The properties, at 132-40 and 133-17 Sanford Avenue, traded for a little...
04/03/17
...-40 Sanford Avenue (Credit: CityRealty and CAHN Communications)
Treetop Development sold a pair of Flushing rental buildings for $57.6 million, a little over a year...
03/28/17
...South Bronx (Credit: Google Maps)
Adam Mermelstein’s Treetop Development is going to be dropping serious dough on its big rental bet in the...
03/02/17
...price appreciation – nearly 150 percent – in just five years. Treetop Development, which later sold the Harlem building to Trion, paid $8.7 million for it in 2012. Crest...
02/28/17
...Treetop Development’s Adam Mermelstein and 560 and 570 Lefferts Avenue in Brooklyn (Credit: Google Maps)
Treetop Development...
02/07/17
...to Madison Realty Capital in February. Madison paid Treetop Development $135.5 million for the 420-unit rental building.
Another notable deal was the sale of 41-...
08/29/16
...in Brooklyn from $209 to $369.
Investors like New Jersey-based Treetop Development are turning to market-rate and affordable apartment buildings, once considered a risky investment. Aspen...
08/26/16
...-26 56th Avenue in Queens and Adam Mermelstein
Treetop Development isn’t slowing down in Queens. The New Jersey-based landlord and developer picked up...
08/08/16
...The Real Deal reported.
The seller, New Jersey-based Treetop Development, bought the 16-story, 503,000-square-foot property in 2013 for $85.3 million...
07/05/16
...off-market sale of the property from New Jersey-based Treetop Development, as TRD reported in February.
Steven Vegh
Meridian Capital Group advised on the financing...
06/01/16
...and complete in the fall of 2018.
In February, Treetop Development filed a permit application to build a 91,100-square-foot residential building in Mott Haven. The...
05/11/16
...in real estate, not structured finance.” New Jersey-based Treetop Development’s attempt to raise $30 million also didn’t pan out due to unfavorable ratings...
04/04/16
...working class New Yorkers – and firms such as Treetop Development, the Chetrit Group and Somerset partners are digging in, the Wall Street Journal reported...
03/31/16
...building, in nearby Rego Park, for $135 million from Treetop Development...
02/24/16
...and 121-129 East 144th Street in Mott Haven
Treetop Development is setting its sights on the South Bronx.
The Teaneck, N.J.-based developer...
02/23/16
...who recently bought a mixed-use Harlem building from Treetop Development, sold the two buildings to an unidentified buyer listed under several limited liability companies...
02/01/16
...From left: Treetop Development...
01/11/16
...the eight-story building from Teaneck, N.J.-based Treetop Development for $14.9 million. The building spans nearly 60,00 square feet along the corner of Frederick Douglass...
12/14/15
...County’s Spring Valley, acquired the package from Treetop Development for $36 million, or $360 per square foot, sources said. The portfolio spans 100,000 square feet and...
12/07/15
...and 132-40 Sanford Avenue in Flushing
Teaneck, NJ-based Treetop Development bought a large portfolio of eight rent-regulated buildings in Flushing and Elmhurst, paying $138.8 million...
10/08/15
...after buying a 420-unit Rego Park rental building, Treetop Development is looking to part ways with it for $150 million.
Saxon Hall, a 16-story 503,000-square-foot...
08/27/15
...a Central Harlem multifamily portfolio buy for $35 million.
Treetop Development, a Teaneck, N.J.-based firm led by Adam Mermelstein, sold the 12-building, 132-unit...
- 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 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 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 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 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 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 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 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 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 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
- 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 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
- 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
- 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 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 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.
- Event Sales
- Building Name 17-27 West 125th Street
- Address 17 West 125th Street
- Neighborhood Central Harlem
- Borough Manhattan
- Price $ 13,600,000
- Publication Date 08/01/2013
- Event Date 06/22/2013
- Party 1 Brokerage Marcus & Millichap
- Party 1 Broker Peter Von Der Ahe, Scott Edelstein, Seth Glasser
- Party 2 Treetop Development
notes
The property sold for $13.6 million.
- Event Sales
- Address 62-60 99th Street
- Neighborhood Rego Park
- Borough Queens
- Price $ 85,250,000
- Publication Date 08/01/2013
- Event Date 06/17/2013
- Party 2 Treetop Development
- Party 2 Brokerage HFF
- Party 2 Broker Jose Cruz, Andrew Scandalios
- Event Sales
- Address 17-27 West 125th Street
- Neighborhood Harlem
- Borough Manhattan
- Price $ 13,600,000
- Publication Date 08/01/2013
- Event Date 06/17/2013
- Party 1 Broker Peter Van Der Ahe, Scott Edelstein, Seth Glasser
- Party 2 Treetop Development
- Event Sales
- Address 926 Amsterdam Avenue
- Neighborhood Upper West Side
- Borough Manhattan
- Price $ 53,000,000
- Publication Date 04/01/2012
- Event Date 02/21/2012
- Party 1 Pinnacle Group, Praedium
- Party 1 Brokerage Massey Knakal Realty Services
- Party 1 Broker Robert Knakal, Hall Oster
- Party 2 Treetop Development
notes
The package of multifamily buildings sold for about $53 million. The properties are located at 926 Amsterdam Avenue, 929 Amsterdam Avenue, 931 Amsterdam Avenue, 932 Amsterdam Avenue, 934 Amsterdam Avenue, 964 Amsterdam Avenue, 965-7 Amsterdam Avenue, 969 Amsterdam Avenue, 971 Amsterdam Avenue, 924 Columbus Avenue, 926 Columbus Avenue, 928 Columbus Avenue, 943 Columbus Avenue, 953 Columbus Avenue, 961 Columbus Avenue, 973 Columbus Avenue and 342 Manhattan Avenue. In addition to the apartments, the properties together have 27 commercial units.
- Event Sales
- Address 110 West 116th Street
- Neighborhood Central Harlem
- Borough Manhattan
- Price $ 18,400,000
- Publication Date 04/01/2012
- Event Date 02/21/2012
- Party 1 Cammeby's International Group
- Party 1 Brokerage Ariel Property Advisors
- Party 1 Broker Shimon Shkury, Victor Sozio, Michael Tortorici
- Party 2 Treetop Development
- Party 2 Brokerage Ariel Property Advisors
- Party 2 Broker Shimon Shkury, Victor Sozio, Michael Tortorici
notes
The package of multifamily buildings with ground-floor retail sold for $18.4 million. The price represents a capitalization rate of less than 6 percent. The properties are located at 120-26 West 116th Street, 1917-19 Adam Clayton Powell Jr. Boulevard, 110 St. Nicholas Avenue and 110 West 116th Street. The residential units include 60 two-bedrooms and 22 three-bedrooms.
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