Treetop Development announced recently that it has sold one apartment portfolio in New York City, and purchased another.
The Teaneck-based real estate firm said in a news release Wednesday that it sold four rental buildings totaling 82 apartments and 11 commercial spaces to E&M Associates for $29 million. The buildings, on 7th Avenue, St. Nicholas Avenue and West 116th Street, were purchased in February 2012 for $18.4 million by Treetop and partner Latus Partners. Aaron Jungreis of Rosewood Realty Group served as broker for the latest deal.
Treetop then bought a portfolio of 41 rental units and six commercial spaces on Adam Clayton Powell Boulevard from Sugar Hill Capital Partners for $11.25 million. The portfolio includes five-story walk-up buildings and a vacant lot. Peter Vanderpool of Cignature Realty served as broker for the deal and Efram Friedman of Herrick Feinstein served as legal counsel.
“We’ve solidified our place as a leading property owner in uptown neighborhoods,” Adam Mermelstein, a Treetop principal, said in the release. “We are set to add hundreds more homes in the months ahead and are aggressively looking to buy even more assets in these locations.”
Treetop said it has purchased more than 700 rental units throughout New York City in the past year, and sold nearly 300 units in 18 buildings in northern Manhattan and Upper Harlem since May.
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