Steven Vegh, Westwood Realty AssociatesQueens, NY Treetop Development is bringing Saxon Hall in Rego Park to the market with Steven Vegh, president of Westwood Realty Associates, as their exclusive broker. Saxon Hall is located 62-60 99th St. and consists of 420 units in a 16-story high-rise elevator tower. The building offers large units with terraces.
Amenities include a 24 hour doorman, new gym and pet spa, storage lockers, bike room, dog walk, and new playground.
Treetop purchased the property from Vantage in 2013 for $86 million and has since invested a large amount of capital into the building. Some of this includes a new roof, renovated façade, renovated lobby and common areas and many additional amenities. They have also renovated with high end finishes over 50 units in their 2 years of ownership.
Rents in Rego Park have seen a major spike in the last two years and continue to grow consistently. Families, young professionals and students are moving to Rego Park and Flushing because of the easy access to Manhattan and getting a larger unit for much cheaper rent. Saxon Hall to midtown Manhattan in under 30 minutes by train and plenty of shopping in the immediate area as well. Rents in the building according to Streeteasy are listed at $1,925, $2,750 and $3,350 for 1, 2, and 3 bedroom units.
“The property offers a unique opportunity for an investor to purchase one of the few remaining rental buildings of this size in an area that is only getting stronger. Rents are showing to grow at a fast pace and the building shows tremendous upside,” said Vegh.