Adam Mermelstein’s Treetop Development took over 13 Brooklyn apartment buildings for $ 76 million, signaling the company’s return to the New York market.
Treetop bought the portfolio of 389 rent-stabilized units from the Knoll family, multi-family investors who have accumulated the properties over 40 years and appear to be the latest in a growing line of old-school urban landlords unloading their buildings. following the overhaul of state rent regulations in 2019.
Mainly in and around Williamsburg, with some in Sheepshead Bay and Midwood, buildings include 381 Hooper Street, 390 Hooper Street, 1479 Dahill Road, and 1529 Dahill Road, among others.
Steven Vegh and Phil Goldstein of Westwood Realty Associates negotiated both sides of the off-market deal, which also includes five commercial spaces. Vegh confirmed the purchase at The real deal.
Treetop, based in Teaneck, New Jersey, appears to be returning to New York after a hiatus in negotiations for the past two years. The firm has historically focused on emerging neighborhoods.
Notable deals include the 2019 sale of a mixed-use development site at Mott Haven to Domain Companies for $ 38.5 million. In 2017, the company purchased a four-building rental complex in Far Rockaway, Queens from E&M Associates for $ 135 million.