TREETOP DEVELOPMENT ADDS 40-UNIT HARLEM RENTAL TO ITS PORTFOLIO
NEW YORK, April 6, 2015 – A 40-unit apartment building located at 521-523 West 156th Street in Harlem has been acquired by Treetop Development as the Teaneck, N.J.-based multi-faceted real estate concern continues to heavily invest in the northern Manhattan rental market.
Treetop Development purchased the property – situated between Broadway and Amsterdam Avenue -- for $6.4 million, according to Adam Mermelstein, a principal of the company, which has added more than 1,000 rental apartments in northern Manhattan to its portfolio in the past two years. Efram Friedman of Herrick, Feinstein, LLP served as attorney for the buyer.
“The opportunity for residential growth along Broadway from central Harlem to Washington Heights is tremendous and 521-523 West 156th Street allows us to strengthen our presence in this corridor,” says Mr. Mermelstein. “We continue to climb further north in Harlem where we can find quality buildings near mass transportation and in neighborhoods with great potential and purchase them at attractive prices. It’s an acquisition approach that has netted us several high-performing assets in upper Manhattan as we expand our portfolio.”
Treetop will complete its signature capital improvement program to the well-kept five-story building, including upgrading common areas, lobby and hallways and renovating and modernizing vacated apartments.
521-523 West 156th Street is the second Harlem asset added by Treetop Development in the past few weeks alone. The company recently purchased a 60-unit apartment HUD-sponsored building located at 104-119 West 144th Street in for $13.3 million. The two transactions total nearly $20 million in real estate acquired by the company in northern Manhattan.
Treetop Development has become one of northern Manhattan’s most active apartment owners and its strong involvement in this market is part of a trailblazing acquisition and expansion philosophy that has placed the company as a pioneer in resolving New York City’s current affordable housing dilemma.
“We’ve remained committed and confident in our investment strategy,” says Azi Mandel, another Treetop principal. “Acquiring value-added properties in these untapped residential areas, performing important renovations and reintroducing the homes at market-rate rents has enabled us to satisfy demand for affordable housing from New York City’s middle-class and working families who are increasingly being squeezed out of apartment options due to escalating rents and stagnant incomes.”
For additional information on Treetop Development, please call 973-622-0073 or visit www.treetopdev.com.
About Treetop Development, LLC:
Led by General Partners Azi Mandel and Adam Mermelstein, Treetop Development, LLC is a multi-faceted real estate concern with a focus on renovating and developing buildings in key urban centers throughout the New York Metropolitan area. In addition, the company has initiated an aggressive plan to acquire existing HUD apartment complexes and institute capital improvement programs to upgrade and modernize the assets, including living spaces, common areas and building systems before returning them to market.