NEW YORK—Treetop Development, based in Newark, N.J., has acquired a 52-unit rental property located at 165 West 127th Street in New York City. The six-story building includes 6,000 sq. ft. of second-floor commercial space and 6,000 sq. ft. of ground floor retail spaces in addition to its residential space.
A mix of 30 one-, two- and three-bedroom apartments are currently vacant. The new ownership plans to renovate the units to include new hardwood flooring, stainless steel appliances, dishwashers and washer/dryer units, custom kitchen cabinetry and updated bathrooms.
Treetop plans more than $2.5 million in capital improvements and a building-wide capital improvement program to upgrade the physical assets such as pointing, roof, lobby, hallways, lighting and more.
Located on 127th Street and 7th Avenue with access to public transportation, 165 West 127th Street will be marketed for $1,600 for one-bedroom units; $1,800 for two-bedroom units; and $2,200 for three-bedroom units.