Teaneck, N.J.-based Treetop Development, which three years ago began snapping up residential buildings across the Hudson River in northern Manhattan, has now jumped across a second river, the East.
The developer has acquired Saxon Hall, a 16-story rental apartment building located at 62-60 99th Street in Rego Park, Queens, for $85.25 million.
The purchase is Treetop's first in the borough. It's all part of a strategy to acquire "rental properties in emerging and undervalued New York City neighborhoods," according to a press release.
"Some of the strengths Queens has over Manhattan and Brooklyn is that tenants can get a significantly cheaper apartment, oftentimes a larger apartment, in a nicer building," said Adam Mermelstein, general partner at Treetop. "There's strong value in Queens."
Saxon Hall currently has 417 apartments ranging in size from studios to three-bedrooms and penthouse units, all of which have balconies.
It was last sold in 2008 for $74M.