Treetop Development sold a pair of Flushing rental buildings for $57.6 million, a little over a year after buying them in an eight-building portfolio, sources told The Real Deal.
The buyer, Joel Wiener’s Pinnacle Group, closed on the purchase Friday of two elevator buildings at 132-40 and 133-17 Sanford Avenue for about $366 per square foot. The properties collectively hold 181 rental apartments and span 157,400 square feet, according to marketing materials.
The buildings at 132-40 and 133-17 Sanford are known, respectively, as Summit House and the El Dorado. Average rent there is $1,436 and $1,380 per per month, respectively, marketing materials show. Together, the apartments boast a combined net operating income of $1.8 million, the documents show.
Both buildings were constructed in the 1960s and have the J-51 tax abatement.
Treetop, a New Jersey-based multifamily investment firm led by Adam Mermelstein and Azi Mandel, bought an eight-building, 608-unit Queens portfolio from Algin Management in December 2015. Of the total portfolio purchase, Treetop paid $31.3 million for the two Sanford Avenue buildings, records show. At the time, the firm was planning to spend about $10 million on renovating the eight properties.
About a year-and-a-half later, Treetop nearly doubled its money in the sale.
Rosewood Realty Group’s [TRDataCustom] Aaron Jungreis brokered the deal. He declined to comment, and neither Pinnacle nor Treetop could be reached.
Elsewhere in Flushing, Pinnacle, one of Brooklyn’s largest residential landlords, filed plans last month to convert a 144-unit rent-stabilized building at 142-20 Franklin Avenue into condominiums.