Treetop Development sells Harlem portfolio for nearly $30M

Developer bought the four-building portfolio in 2012 for $18.4M

From left: 1917 Seventh Avenue, Adam Mermelstein and 120 West 116th Street
From left: 1917 Seventh Avenue, Adam Mermelstein and 120 West 116th Street

Treetop Development sold part of their Harlem Portfolio to Flatbush-based E&M Associates for $29 million.

The developer, together with Latus Partners, bought the properties at 1917 Seventh Avenue, 110 St. Nicholas Avenue, 120 West 116th StreetAnd 110 West 116th Street for $18.4 million in 2012. The four buildings include 82 two- and three-bedroom apartments as well as 11 commercial spaces.

This week, Treetop also closed on an $11.3 million purchase of three residential buildings and a vacant lot in Northern Manhattan. Treetop bought the buildings from Sugar Hill Capital Partners.

The new Harlem portfolio — totaling 41 rental units and six commercial spaces — consists of five-story walk up buildings at 2261 Adam Clayton Powell Boulevard, 2267-2269 Adam Clayton Powell Boulevard,  2271-2273 Adam Clayton Powell Boulevard as well as a vacant lot at 2265 Adam Clayton Powell Boulevard.

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Treetop has 12 more buildings — totaling 370 apartments — in contract right now, for a total of $82 million, according to one of the company’s principals, Adam Mermelstein. Those properties are north of 139th Street in Central Harlem, Washington Heights and Inwood.

Mermelstein said that the buildings’ common spaces will be renovated. Residents in the rent stabilized units won’t be asked to leave, he said. When people do move, Mermelstein said that the apartments will be renovated.

“We’re big believers in the area,” Mermelstein said.