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Acquisitions

Domain Companies acquires Mott Haven development site

Treetop makes a quick profit $17.4 million profit

Rendering of 414 Gerard Avenue (Credit: Woods Bagot / CurbedNY)

Domain Companies has acquired a Mott Haven development site from Treetop Development for $38.5 million, according to TRD. Addresses in the deal include 440 Exterior Street; 121 East 144th Street; and 445 and 417 Gerard Avenue.

Worth Noting: The company had filed plans to develop two rentals totaling around 360,000 square feet. The buildings would have contained a mix of 434 market-rate and affordable units.

Heard on the Street: Treetop’s Azi Mandel: “We just felt that, at the time, it was worthwhile to sell based on the price that we were offered… Having said that, we’re still always looking in the South Bronx.”

Flashback: Treetop paid $21.1 million for the site in 2016.

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