Secondly, it reflects developers' growing focus on alternative markets often overlooked for new housing products or improved existing structures. These two trends will unquestionably result in the creation of higher quality residential offerings in Newark designed to address community needs and enhance surrounding neighborhoods.
Manhattan, NY (PRWEB) January 14, 2008
Adam Mermelstein, a principal of TreeTop Development, has announced the purchase of a 293-unit rental apartment complex located on Mt. Prospect Ave. in the Forest Hills section of Newark, N.J.
The Manhattan-based developer purchased the property -- named Parkwood Place -- for $22 million from long-term owners Crowell Realty Partners. TreeTop plans more than $1 million in renovations for the complex, including upgraded building systems, common areas, unit interiors and site landscaping.
Dave Oropoza and Joel Schwartz of Gebroe-Hammer served as brokers in the transaction. TreeTop purchased the asset in joint-venture with Alex Brown Realty, a Baltimore-based privately-owned real estate investment manager.
"The purchase of Parkwood Place is significant for two reasons," says Mr. Mermelstein. "First, it indicates that institutional investors continue to have a strong belief in the re-emergence of Newark as a viable residential option.
"Secondly, it reflects developers' growing focus on alternative markets often overlooked for new housing products or improved existing structures. These two trends will unquestionably result in the creation of higher quality residential offerings in Newark designed to address community needs and enhance surrounding neighborhoods."
Built in 1948, Parkwood Place consists of seven, six-story red brick buildings with 211 enclosed and surface parking spaces and a mix of studio-, one- and two-bedroom homes. The gated complex -- which is 100% leased -- lies on a four-acre site on the border of Belleville, N.J. in close proximity to Branch Brook Park
"While the buildings are in very good condition, we plan to make key renovations to create a significantly better living environment," Mr. Mermelstein points out. "These include capital improvements such as landscaping, new entry doors, new elevators, restored original terrazzo floors and remodeled lobbies, vestibules and corridors.
"Inside the apartments, we will refinish hardwood floors, upgrade bathrooms, install ceramic tile in kitchens and replace kitchen countertops and appliances as needed. The overall objective is to give people more than they can afford and improve their quality of life."
For additional information on Parkwood Place, please call on-site leasing agent Carmen Lugo at 973-483-1616. For additional information on TreeTop Development, please call 212-400-8860 or visit http://www.treetopdev.com.
About TreeTop Development, LLC:
Led by General Partners Azi Mandel and Adam Mermelstein, Manhattan-based TreeTop Development, LLC is a multi-faceted real estate concern with a focus on developing luxury condominium buildings in key urban centers throughout the New York Metropolitan area. The company also actively acquires existing rental properties in the region with an eye towards modernizing living spaces, common areas and building systems before returning them to market.