Treetop Development has acquired the waterfront apartment complex at 711 Seagirt Avenue in Far Rockaway, Queens, for $135 million.
The property consists of four interconnected elevator buildings, comprising 916 residential units, eight commercial units and a parking garage.
“Far Rockaway has seen significant growth in recent years, and we plan to support the City’s vision for the continued emergence of the neighborhood,ˮ said Adam Mermelstein, managing member of Treetop Development.
“Because of the sheer size of the property, we have a rare opportunity to enhance the building and the area, adding in desirable retail that will cater to the surrounding community.”
A multifamily owner and investor focused on renovating and developing market-rate properties in urban centers throughout the greater New York City area, Treetop acquired the property in an off-market transaction brokered by Steven Vegh of Westwood Realty Associates. Vegh also represented the seller in the transaction.
Scott Assouline of Meridian Capital arranged the financing and Steven Fleissig of Greenberg Traurig and Jeffrey Zwick of Jeffrey Zwick & Associates, acted as legal counsel to the buyer.
“Due to both its location and the potential for property improvements, 711 Seagirt Ave. offers Treetop Development a significant value-add opportunity in one of New York City’s emerging residential neighborhoods,” according to Vegh.
Located between Far Rockaway’s Beach 6th and Beach 8th Streets, 711 Seagirt Avenue stands at the intersection of the Rockaway Peninsula, Atlantic Beach, and Five Towns community of Long Island.
The complex’s apartment mix consists of 568 studios, 312 one-bedroom, and 36 two-bedroom units. In addition to its own waterfront outdoor space, the property sits two blocks away from Far Rockaway’s beaches, boardwalk, bike path, and newly-renovated parks.
The area offers ample street parking, as well as variety of nearby public transportation options, including the recently-launched high-speed Citywide Ferry Service to Manhattan and Brooklyn, the Long Island Railroad, MTA’s A-train, and bus service.
Azi Mandel, Managing Member of Treetop Development, said: “The Far Rockaway neighborhood offers a very attractive, cost-effective alternative to other New York City markets, including other markets within Queens.”