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
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.