Treetop makes quick profit
The Subraj’s Zara Realty has acquired 94-25 57th Avenue from Treetop Development for $56.5 million, according to TRD. The Elmhurst rental spans 187,800 square feeet and contains 164 apartments.
Be Smart: Treetop’s Azi Mandel and Adam Mermelstein continue to time the market perfectly and strike gold. In 2016, the duo paid $41 million, which translated to a 3.7 cap. After doing renovations on the lobbies, hallways, and seven residential units, they nearly doubled their initial $15.7 million equity investment. Job well done.
Takeaway: While many pessimists continue to warn of a major market correction, pricing continues to counter that narrative. At $344,512 per unit, $301 per foot, and close to a 3 cap, this deal shows the vibrancy of the multi-family market.