NEWARK, NJ – February 14, 2012 – (RealEstateRama) — TreeTop Development, a Newark, N.J.-based multi-faceted real estate company that has owned and self managed over 3,000 residential homes throughout New York and New Jersey, recently completed the purchase of four properties in New York City consisting of over 80 apartment homes and eleven retail spaces totaling 10,000 square feet.
The portfolio was acquired in joint venture partnership with New York City-based Latus Partners, LLC, a real estate private equity fund which seeks to selectively invest in a variety of complex, opportunistic, distressed, and/or transitional real estate transactions using equity, debt and hybrid structures. The properties are located at 1917 7th Avenue, 110 St. Nicholas Avenue, 110 West 116th Street and 120 West 116th Street.
Shimon Shkury & Victor Sozio of Ariel Property Advisors served as broker for both the buyer and seller and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer.
TreeTop will institute a capital improvement program to renovate the buildings and bring the properties up to market standards, including upgrading building systems, such as renovating hallways, lobby, front entrances, boilers and roofs. Additionally, TreeTop will renovate apartment interiors as they turnover to include new hardwood flooring, renovated kitchens with new cabinetry and stone countertops, renovated bathrooms with designer tiles.
The transaction is 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 Adam Mermelstein, a TreeTop principal. 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.
“We were extremely attracted to these properties due to premium locations which show strong signs for continued upside, growth, and gentrification,” says Mr. Mermelstein. “We’ve initiated an aggressive plan over the past two years to grow our portfolio of homes by purchasing high quality properties in key markets in the New York metropolitan area and these properties fit perfectly in with our investment strategy.”
The buildings are very well located near Morningside Park and on a major Avenue and heavily trafficked street. The building is also in close proximity to Central Park and Columbia, and extremely commuter accessible with two different subway stations one block away from the portfolio.
For additional information on TreeTop Development, please call 973-622-0073 or visit www.treetopdev.com.
About TreeTop Development, LLC:
Led by General Partners Azi Mandel and Adam Mermelstein, TreeTop Development, LLC is a multi-faceted real estate concern with a focus on renovating and developing buildings in key urban centers throughout the New York Metropolitan area. In addition, the company has initiated an aggressive plan to acquire existing HUD apartment complexes and institute capital improvement programs to upgrade and modernize the assets, including living spaces, common areas and building systems before returning them to market.
