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Brokerage
Posted: July 19, 2016
Vegh of Westwood Realty completes $136 million sale of Saxon Hall; Acquired by Madison Realty Capital and ARel Capital
62-60 99th Street, Rego Park - Queens, NY
Steven Vegh, Westwood RealtyQueens, NY Madison Realty Capital in conjunction with Arel Capital acquired Saxon Hall for $136 million. Saxon Hall, a 16-story elevator building, located at 62-60 99th St. in Rego Park, consists of 418 residential units, two commercial spaces and a indoor parking garage.
The seller, N.J.-based Treetop Development, purchased the property from Vantage in 2013 for $86 million and has since invested significant 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 two years of ownership.
The property has a mix of one, two and three-bedroom units, both rent-stabilized and market-rate. Market-rate rents range from $1,925 to about $3,350 per month, according to StreetEasy. Madison plans to continue to upgrade the apartments and the building’s common spaces.
Steven Vegh of Westwood Realty was the sole broker on this transaction.
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