NEW YORK CITY-Treetop Development appears to have its sights set on upper Manhattan. The company announced it is planning to close later this month on an acquisition of a portfolio of twelve buildings totaling 130 homes.
That move would come in the wake of Treetop acquiring its sixth rental building in the greater Harlem area over the last 12 months. The company recently announced the $13.6 million purchase of 17-27 W. 125th St., a 50-unit apartment building. That deal follows in the footsteps of the acquisition of more than 250 rental units in five buildings along 7th and 8thAvenue between 125th Street and 130th Street.
Marcus and Millichap's Peter Van Der Ahe, first VP, investments Scott Edelstein, VP, investments and Seth Glasser, associate, served as brokers for the transaction.
Treetop is planning a $1.5 million capital improvement program of the property that will upgrade unit interiors, modernize lobby and hallways and improve building systems such as elevators, electric system, plumbing and updated roofing.
“New York City is full of up-and-coming neighborhoods where real estate investors and owners can purchase well-performing apartment assets at competitive prices that immediately generate capital,” says Adam Mermelstein, a principal of Treetop Development, in an announcement of the deal. “The area from Manhattan's 100th Street heading north is at the top of that list."
The latest acquisition, he notes, shows “strong evidence of our tremendous confidence Greater Harlem will continue its emergence as one of upper Manhattan's preferred residential addresses.”
The building features seven ground floor commercial spaces totaling 7,500 square feet and 125 feet of footage along 125th Street, Mermelstein notes.
“We plan to revitalize and upgrade the commercial spaces to attract national tenants and local boutique shops that will be fitting for the building's prime retail location,” he says in the announcement.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
