Springhouse Partners has scooped up two mixed-use primarily rent-stabilized buildings in Harlem from Teaneck, N.J.-based Treetop Development for $15.4 million, Commercial Observer has learned.
One of the buildings is a 46,080-square-foot, five-story, 40-unit walk-up at 220 West 116th Street between Adam Clayton Powell Jr. and Frederick Douglass Boulevards. The other building is a 16,382-square-foot, six-story, 19-unit walk-up at 449 West 125th Street between Morningside and Amsterdam Avenues. The seven retail spaces in the two buildings are occupied by a Petopia pet supply store, a pharmacy, a daycare center, a beauty salon, as well as other businesses.
Newark, N.J.-based Treetop Development has closed on two West Harlem walk-up properties for $8.8 million.
The 5-story buildings at 220-226 West 116th Street and 449 West 125th Street, which make up a total of 52 two- and three-bedroom apartments and seven retail stores, are part of a continued push by the company to acquire properties in under-served Manhattan neighborhoods.
In the area north of 96th Street and up to 135th Street on the west side, rents are still relatively affordable, new projects and retail hubs are sprouting, and there’s access to transportation and universities, said Adam Mermelstein, Treetop’s managing founder along with Azi Mandel.