Residential/Mixed-Use Developer and Investor Sees Potential in Neighborhoods’ ‘Industrial’ Aesthetic and Proximity to Mass Transit
NEW YORK, NY – February 23, 2016 – Treetop Development, a multifamily owner and investor focused on renovating and developing market-rate properties in key urban centers throughout the greater New York City area, today announced that it has acquired a development site located at 121-129 East 144th Street on northeast corner of 144th Street and Gerard Avenue in the Mott Haven section of the Bronx.
Located in a Special Mixed Use District zoning area (MX-13), the property has 68,326 buildable square feet, as-of-right with the option to develop up to 91,100 square feet by utilizing the inclusionary housing bonus. The company is now in the process of determining the best use for the site.
“Mott Haven is a neighborhood that we’ve pinpointed as one with significant potential for development that will yield high returns in the coming years,” said Adam Mermelstein, co-founder and managing partner of Treetop Development. “The neighborhood has a large supply of underutilized warehouse stock that can be converted into various residential or mixed-use concepts playing on the ‘Gotham’ aesthetic that many residents and business owners covet. We’ve seen an explosion of interest in New York City and elsewhere for opportunities to bring industrial zones to life, and Mott Haven’s time has arrived.”
The exclusive sales team of Jason M. Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael A. Tortorici represented the seller, a private investor and procured the buyer, Treetop Development, LLC, a real estate company known for renovating and redeveloping key urban centers throughout the NY Metropolitan area.
“Mott Haven has been a magnet for developers and institutional investors who recognize the vast potential of this rapidly transforming area,” said Jason M. Gold, Vice President, Ariel Property Advisors. “With several high-profile construction projects in close proximity, including Signature Urban Properties’ and Monadnock Construction’s assemblage on the corner of 149th Street and the conversion of Bronx Post Place at 588 Grand Concourse, we expect to see the demand for properties like 121-129 East 144th Street to accelerate in 2016.”
Just up the street from the site is the renowned Bronx Terminal Market Mall, which offers numerous shopping and dining options. Additionally, the 2, 4 and 5 subway lines at 149th Street and the Major Deegan Expressway are a short walk away, offering immediate access to Manhattan and the outer boroughs.
About Treetop Development, LLC:
Led by Principals Azi Mandel and Adam Mermelstein, Treetop Development, LLC is a multi-faceted real estate firm with a focus on renovating and developing market-rate multifamily housing in key urban centers throughout the greater New York City area. Treetop continues to expand by purchasing value-added properties, completing significant capital improvements and releasing select holding with high profit margins. Treetop also invests in HUD apartment complexes through its affiliate The Aspen Companies.
About Ariel Property Advisors:
Ariel Property Advisors is an investment real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
More information is available from the Ariel Property Advisors Team at 212-544-9500: Jason M. Gold, etc. 22, firstname.lastname@example.org; Victor Sozio, ext. 12, email@example.com; Scot Hirshfield, ext. 16, firstname.lastname@example.org; Michael A. Tortorici, ext 13, email@example.com; Marko Agbaba, ext. 32, firstname.lastname@example.org;
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via email@example.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.