NEW YORK CITY—Treetop Development has acquired an eight-building apartment portfolio in the Flushing and Elmhurst sections of Queens for nearly $139 million. The seller is Algin Management.
With a total of 608 apartments, the properties—132-25 Maple Ave., 132-40 Sanford Ave., 133-17 Sanford Ave., 41-40 Denman St., 132-48 41st Rd., 132-45 Maple Ave., 132-57 Sanford Ave. and 132-61 Sanford Ave.—are sit mainly within a three-block radius. Treetop plans to invest in an array of capital improvements to modernize the properties, including upgrades to common areas and landscaping, as well as the addition of amenities.
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 provided legal counsel in the transaction.
"In order to create value for residents, Treetop seeks to identify burgeoning neighborhoods, such as Flushing, and upgrade properties through targeted improvements and the addition of amenities," says Treetop principal Adam Mermelstein. "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."
The portfolio is currently 99% occupied. Each of the eight buildings features six stories with elevator access, as well as an onsite indoor parking garage and a laundry facility. The properties provide access to public transportation as both Flushing and Elmhurst are bisected by the Port Washington Branch of the Long Island Rail Road and the 7 line of the MTA Subway system. The properties also offer proximity to the Grand Central Parkway and the Long Island Expressway.
"This particular acquisition presented us with a rare opportunity to immediately establish a strong presence in Flushing and enhance the neighborhood for residents through upgrades to our properties," adds Treetop Development Principal Azi Mandel
Treetop's multifamily footprint in Queens extends to the neighborhood of Rego Park, where it purchased Saxon Hall in 2013.
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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.
