Rogovin of Eastern Consolidated brokers $138.8 million sale for Treetop; Assouline and Levine of Meridian secure financing for Treetop

Queens, NY Treetop Development, a multifamily owner and investor focused on renovating and developing market-rate properties in key urban centers throughout the greater New York City area, arranged the $138.8-million acquisition of an eight-building apartment portfolio located in the Flushing and Elmhurst sections of the borough. With a total of 608 apartments, the properties – 132-25 Maple Ave., 132-40 Sanford Ave., 133-17 Sanford Ave., 41-40 Denman St., 132-48 41st Rd., 132-45 Maple Ave., 132-57 Sanford Ave. and 132-61 Sanford Ave. – are primarily situated within a three-block radius. Treetop plans to invest in an array of capital improvements geared toward modernizing the properties, including upgrades to common areas and landscaping, as well as the addition of amenities. “In order to create value for residents, Treetop seeks to identify burgeoning neighborhoods, such as Flushing, and upgrade properties through targeted improvements and the addition of amenities,” Treetop Development principal Adam Mermelstein said. “The housing market for middle-income individuals in New York City is massively underserved, and this acquisition allows us to create an attractive, enhanced living experience for residents while sustaining the neighborhood’s affordability.” The portfolio is 99% occupied, indicative of the existing demand for middle-income housing in the area. Each of the eight buildings feature six stories with elevator access, as well as an onsite indoor parking garage and a laundry facility. The properties provide ideal access to public transportation, as both Flushing and Elmhurst are bisected by the Port Washington Branch of the Long Island Rail Road and the 7 line of the MTA Subway system. Further, the properties offer proximity to the Grand Central Parkway and the Long Island Expressway, accommodating vehicular transportation. “Treetop is focused on delivering superior quality apartments for the middle class by identifying and acquiring properties with potential for improvement and strategically investing in them,” Treetop Development Principal Azi Mandel said. “This particular acquisition presented us with a rare opportunity to immediately establish a strong presence in Flushing and enhance the neighborhood for residents through upgrades to our properties.” Ronda Rogovin of Eastern Consolidated brokered the transaction, while Scott Assouline and Ronnie Levine of Meridian Capital Group secured financing on behalf of Treetop. Steven Fleissig of Greenberg Traurig LLP provided legal counsel in the transaction. In addition to its newly acquired portfolio in Flushing and Elmhurst, Treetop’s multifamily footprint in Queens extends to the neighborhood of Rego Park, where it purchased Saxon Hall in 2013. Since acquiring Saxon Hall, a multifamily complex with 413 apartments, Treetop has completed significant enhancements to property – including upgrades to its common spaces and the addition of amenities, including a health club for residents. In all, Treetop Development owns nearly 40 New York City buildings, and has added more than 3,500 rental units to its more than $1 billion portfolio in the past year. High sales volume and favorable internal rate of returns has equipped the company with capital and resources to aggressively pursue new investment opportunities in fast emerging markets throughout the five boroughs.