TreeTop Boosts Presence to 800 Rental Units

NEWARK-TreeTop Development is closing in on two more apartment building acquisitions which, when completed, will boost the New York City-based company’s presence in the local rental market to more than 800 units. And the company has opened a local office at 550 Broad St. to “allow us to remain close to our portfolio and monitor market conditions,” says firm principal Adam Mermelstein.

The buying spree began earlier this year when TreeTop closed on the $22 million purchase of Parkwood Place, a 293-unit complex on Mt. Prospect Ave. in the city’s Forest Hills section, in a joint venture with Alex. Brown Realty Inc. The complex has since undergone a $1-million capital improvement program.

TreeTop also recently completed the acquisition of the MLK Portfolio, a 256-unit complex encompassing the full city block at 775 and 777 Martin Luther King Blvd., between University Heights and the city’s Lincoln Park Arts District. The seller was local investor Kenneth Pasternak.