Treetop Development sells in Flushing
A little over a year after buying them, Treetop Development has sold two rental buildings located in Flushing. The company completed the transaction receiving a little more than $57.5 million. These two buildings were acquired by Treetop as part of an eight building porfolio.
Pinnacle Group, Joel Wiener’s company, was the buyer in this opportunity. Their new properties are located on Sanford Avenue and they paid about $366 per square foot. Collectively, the properties contain 181 rental apartments and span 157,400 square feet.
The properties are at 132-40 and 133-17 Sanford and are called Summit House and the El Dorado, respectively. The rent averages $1,436 and $1,380 per month, also respectively. When combined, the apartments have a net operating income of $1.8 million. They were both built in the 1960s and fall under the J-51 tax abatement.
Treetop is led by Adam Mermelstein and Azi Mandel. This is a company that is based in New Jersey and they specialize in multifamily investments. They bought the eight building portfolio based in Queens from Algin Management. Put together, the buildings contain 608 units. Hence, Treetop paid a little over $31 million for the two buildings it is selling now, and had planned on spending an extra $10 million renovating the premises. Only a year and a half late, Treetop sold the two building for almost twice the money they had initially spent. [The Real Deal]