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Treetop Development Acquires Eight-Building Apartment Portfolio in New York for $138.8M

by Scott Reid

NEW YORK CITY — Treetop Development has purchased an eight-building apartment portfolio located in the Flushing and Elmhurst sections of Queens, N.Y., for $138.8 million.

Seven of the buildings are located in Flushing, and one is in Elmhurst.

Featuring more than 600 apartments, the properties — 132-25 Maple Ave., 132-40 Sanford Ave., 133-17 Sanford Ave., 41-40 Denman St., 132-48 41st Road, 132-45 Maple Ave., 132-57 Sanford Ave. and 132-61 Sanford Ave. — are primarily situated within a three-block radius. Nearly all of the units are rent stabilized.

“The housing market for middle-income individuals in New York City is massively underserved, and this acquisition allows us to create an attractive, enhanced living experience for residents while sustaining the neighborhood’s affordability,” says Adam Mermelstein, principal of Treetop.

The seller was Algin Management, and ACORE, a lender, is financing the purchase with an approximately $100 million mortgage, according to Crain’s New York Business.

The portfolio is currently 99 percent occupied. Each of the eight buildings features six stories with elevator access, as well as an onsite indoor parking garage and a laundry facility.

Treetop plans to invest a reported $10 million in capital improvements, Crain’s says, geared toward modernizing the properties, including upgrades to common areas and landscaping, as well as the addition of amenities.

The properties are located near to the Port Washington Branch of the Long Island Rail Road and the 7 line of the MTA subway system, as well as the Grand Central Parkway and the Long Island Expressway.

Ronda Rogovin of Eastern Consolidated brokered the transaction, while Scott Assouline and Ronnie Levine of Meridian Capital Group secured financing on behalf of Treetop.

Steven Fleissig of Greenberg Traurig LLP provided legal counsel in the transaction.

Treetop is a real estate firm with a focus on renovating and developing market-rate multifamily housing in throughout the greater New York City area. Treetop owns nearly 40 New York City buildings, and has added more than 3,500 rental units in the past year to its more than $1 billion portfolio.

— Scott Reid

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