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Treetop Makes $82.25M Buy in Queens

The developer's newest purchase, a 16-story high-rise, includes two ground-floor commercial spaces.

By Rayna Katz | Updated on June 28, 2013

Treetop Development has purchased Saxon Hall, a 16-story high-rise rental building located at 62-60 99th St. in Rego Park, Queens. Treetop purchased Saxon Hall—which includes two ground floor commercial spaces and underground garage—for $85.25 million. 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.

Cassidy Turley has negotiated three leases with current tenants, totaling 63,382 square feet, at 477 Madison Ave. David Hoffman, Jr., executive managing director and principal, along with Whitnee Williams, associate vice president of Cassidy Turley, represented owner JAB Madison Associates in all three transactions. Trepp, LLC leased an additional 6,384 square feet on the second floor, bringing its total office space to 40,489 square feet, and extended its lease term for five years. Bankrate, Inc. expanded its existing space by 5,178 square feet and now occupies the entire 18,763-square-foot fourth floor at 477 Madison Ave. Elara Capital PLC renewed its 4,130-square-foot lease on the second floor. The Trepp and Elara leases were direct transactions, and Dave Armento, CEO of Atlanta-based New Dominion, represented Bankrate.

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