Treetop has acquired the newly built Saltmeadow project in Far Rockaway from JDS Development for $33 million. The development is comprised of 30 homes (two and three bedrooms) with 60 luxury rental apartments along Beach 5th and Beach 6th Streets.
Acquisition financing: Treetop secured $24.5 million in financing from Signature Bank to close on the deal.
Heard on the Street: Treetop’s Adam Mermelstein told TRD “In Far Rockaway, we think that there’s very good value both for rentals as well as landlords alike. … We in turn have allocated a good amount of resources to the neighborhood because we too believe in it and want to piggyback off the City Council and mayor’s efforts.”
Bullish on the area: Treetop paid $135 million for the nearby 711 Seagirt Avenue in 2017. The firm is spending more than $20 million renovating the 916-unit complex.