NEWARK—TreeTop, a Newark-based multi-faceted real estate company, recently completed the purchase of four properties in New York City consisting of over 80 apartment homes and 11 retail spaces totaling 10,000 sq. ft.
The portfolio was acquired in joint venture partnership with New York City-based Latus Partners, LLC, a real estate private equity fund which selectively invests 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.
The transaction is the first of several large portfolio-typeTreeTop Development is planning in New York City to 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 seeking to acquire additional New York City assets by year’s end.
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.