Treetop Development sells Elmhurst rental complex for $57M
Company sold 164-unit development on 56th Avenue to Zara Realty
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.