Sales Beat

Treetop Nabs $10M Washington Heights Portfolio

The Washington Heights portfolio.

Adam Mermelstein‘s Newark, N.J.-based Treetop Development has picked up a Washington Heights portfolio of low-rise walk-up apartment buildings for $10 million from Onex Real Estate PartnersCommercial Observer has learned.

The $5.5 million sale of 432-434 West 163rd Street between Amsterdam and Edgecombe Avenues closed two days ago, according to property records made public yesterday. The contiguous two five-story buildings at 612-618 West 182nd Street, between Wadsworth and St. Nicholas Avenues, also sold for $4.5 million, Ariel Property Advisors said. Read More

Sales Beat

Springhouse Partners Nabs Two Harlem Buildings for $15.4M

220 West 116th Street and 449 West 125th Street.

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. Read More

Postings

Real Estate Leaders Give Thanks

The Thanksgiving Turkey float  during th

Scanning the papers and business web-sites, you’d assume the economy—and, perhaps, the real estate industry in general—was approaching a quagmire, what with employment rates still lower than expected and leasing sluggish.

Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industry’s biggest names what they were thankful for this year,and their answers were far more positive than expected.

After the jump, a brief sampling of the responses, as told to Commercial Observer staff reporters Al Barbarino and Billy Gray.
Read More

Sales Beat

Treetop Development Pays $8.8 Million for Two West Harlem Properties

220-226 West 116th Street

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. Read More

On the Market

Upper Manhattan Buildings Hit the Market

609 West 137th Street.

Massey Knakal is marketing a large portfolio of residential buildings in upper Manhattan for around $65 million.

The five buildings, 601, 605, 607 and 609 West 137th Street, comprise the whole block front on the north side of West 137th Street between Broadway and Riverside Drive in the neighborhood of Hamilton Heights.  The properties are owned by Extell Development. Read More