Treetop Development Completes $30.6 Million Sale of 50-Unit Apartment Building at 17 West 125th Street
The Teaneck, N.J.-based multi-faceted real estate concern, which originally purchased the property for $13.6 million in 2013, sold the 46,200 square-foot, six-story building to Thor Equities.
Steven Vegh and Phil Goldstein of Westwood Realty served as broker for the transaction.
Treetop Development completed a $1.5 million capital improvement program at 17 West 125th Street to upgrade unit interiors, modernize lobby and hallways and improve building systems such as elevators, electric system, plumbing and updated roofing.
The transaction is the fourth sale completed by Treetop Development in northern Manhattan’s actively-traded real estate markets in the last 15 months. The company – which focuses on creating high-quality affordable housing for young professionals, working families and students -- has been aggressively pursuing investment sale opportunities within its portfolio that offer high profit margins. Treetop reinvests sale profits to purchase additional assets and expand its stock of rental homes in up-and-coming neighborhoods throughout New York City.
“The lack of affordable housing below 100th Street has made upper Manhattan a very active rental market,” says Adam Mermelstein, a Treetop principal. “Three years ago, we recognized the increasing number of renters migrating north into untapped markets in Harlem, Inwood and Washington Heights and began purchasing rental properties in these areas near prime retail corridors and with great access to subways.
“We were able to acquire assets such as 17 West 125th Street at value-added prices and invested significant money to create high quality homes in modernized buildings. This has made them attractive to local and national real estate investors. We’ve capitalized by selling at a high return on investment, which has enabled us to acquire larger residential portfolios and add thousands of homes in New York City in the past two years.”
Resting on one of the City’s most prominent retail corridors along 125th Street, 17-27 West 125th Street features seven ground floor commercial spaces totaling 7,500 square feet with an enviable location off 5th Avenue and 125 feet of footage along 125th Street.
The building is in close proximity to Central Park and Columbia, and extremely commuter accessible with two different subway stations nearby.
Treetop Development currently owns and manages nearly 40 rental properties which are helping to fill the affordable housing gap that exists in New York City between high priced luxury buildings and apartments for the working middle-class. . Its current holdings stretch from the Upper West Side and Upper Harlem to Rego Park, Queens.
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.