Treetop Development Sells, Acquires Multi-Property Portfolios
NEW YORK CITY — Teaneck N.J.-based Treetop Development has completed two transactions in New York City.
In the first transaction, Treetop Development, along with its partner, Latus Partners, sold a four-building rental portfolio to E&M Associates for $29 million.
The portfolio consists of 82 two- and three-bedroom apartments and 11 commercial spaces located at 1917 Seventh Ave., 110 St. Nicholas Ave., 120 West 116th St. and 100 West 116th St. Aaron Jungreis of Rosewood Realty Group brokered the transaction.
Treetop Development utilized the first transaction as a springboard to acquire an apartment portfolio located on Adam Clayton Powell Boulevard in Harlem. The company purchased the portfolio of 41 rental homes and six commercial spaces from Sugar Hill Capital Partners for $11.25 million.
The properties are located at 2261 Adam Clayton Powell Blvd., 2267-2269 Adam Clayton Powell Blvd., 2271-2273 Adam Clayton Powell Blvd. and a vacant lot at 2265 Adam Clayton Blvd.
Peter Vanderpool of Cignature Realty served as broker for the transaction, while Efram Friedman of Herrick Feinstein provided legal counsel to Treetop Development.