skip to main |
skip to sidebar
From
Forest Hills Post:
A 16-story building in Rego Park has been revamped and units in the fully-amenitized rental building are now available for lease.
The building, located at 62-60 99th Street, has been renamed ‘The Drake’ and 100 of the 419 apartments are now available with prices starting at $2,000 per month.
The building was purchased in 2016 by Madison Realty Capital for $135 million, the largest investment sales transaction in the history of Rego Park, according to local brokers. Madison bought the property from New Jersey-based Treetop Development, which had invested millions of dollars upgrading the 1960s-era building.
“Named after a historic cinema, which was a lively social and cultural center in the 1950s, The Drake honors Rego Park’s rich history, while delivering upgraded high-end apartments to an area dominated by Tudor-style homes,” said Eric Benaim, CEO and founder of Modern Spaces.
From
Crains:
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.
