Treetop Development acquires 165 West 127th Street

According to Adam Mermelstein, principal of Treetop Development, the firm has purchased a 52-unit rental building located at 165 West 127th St. The six-story building also features 6,000 s/f of second floor commercial space and 6,000 s/f of ground floor retail spaces. Treetop Development - which owns and self manages over 3,000 residential homes throughout New York and New Jersey - plans to complete one of its "trademark" renovation programs at the building,. A mix of 30 one, two and three-bedroom apartment homes are currently vacant and will be renovated to include new hardwood flooring, stainless steel appliances, dishwashers and washer/dryer units, custom high end cabinetry in the kitchens and modern luxurious bathrooms. Treetop plans more than $2.5 million in capital improvements and a building wide capital improvement program to upgrade the physical assets such as pointing, roof, lobby, hallways, lighting and more. "The current housing market in New York City has allowed real estate developers and investors the opportunity to tap into new markets," said. Mermelstein. "As a result, traditional neighborhood lines are being expanded. We're certainly seeing this in Upper Manhattan where neighborhoods from 100th St. and north have more of an Upper West Side feel with new investors and development activity is raising the level of the neighborhood's housing inventory. "Located on 127th St. and 7th Ave. with great access to subways and transportation, this building lies in a neighborhood that is dramatically improving with more retail, condos and high-end rentals popping up and is a great option for young professionals, families and students to lease a really nice apartment at an affordable price." Apartments at 165 W. 127th St. will begin at $1,600 for one bedrooms, two bedrooms at $1,800 and three-bedrooms priced at $2,200. The purchase of 165 W. 127th St. comes on the heels of the purchase of four properties in New York City located at 1917 7th Ave., 110 St. Nicholas Ave., 110 West 116th St. and 120 West 116th St. The properties consist of over 80 apartment homes and eleven retail spaces totaling 10,000 s/f. These transactions are the first of several large portfolio-type deals Treetop Development is planning in New York City to significantly increase its presence throughout Manhattan in 2012, according to Mermelstein. The company is currently in contract to purchase another Manhattan portfolio in excess of 300 homes and is actively seeking to acquire additional New York City assets by year's end. For additional information on Treetop Development, please call 973-622-0073 or visit www.treetopdev.com.