TREETOP BUYS SAXON HALL HIGH-RISE IN QUEENS FOR $85.2M

NEW YORK CITY — Treetop Development has purchased Saxon Hall, a 16-story high-rise multifamily building located at 62-60 99th St. in the Rego Park neighborhood of Queens, for $85.2 million. The 417-unit building is the latest in Teaneck, N.J.-based company’s plan to grow its portfolio of homes by purchasing rental properties in emerging and undervalued New York City neighborhoods. The property includes two ground-floor commercial spaces and an underground garage. Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction, and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer. Treetop plans to invest $5 million to upgrade the exterior façade, improve building systems such as elevators, electric, plumbing and roof and enhance cosmetics in the lobby and hallways. Saxon Hall features laundry rooms, secure parking, storage and an on-site playground.