Treetop Development announced this week that it had purchased 165 W. 127th Street in New York City for $8.8 million. According to a Crain's New York article, Treetop (which declined to name the seller) said that the previous owner had run into some financial problems during the recession, spurring the sale.
The six-story mixed use property includes 52 rental units with 12,000 square feet of retail and commercial space. Treetop indicated that it plans to invest $2.5-$3 million to renovate and upgrade the property, including roof, hallway and lobby improvements, with the vacant apartments to get new flooring, kitchens and bathrooms.
"We perceive Harlem and northern Manhattan has an up and coming area," said Adam Mermelstein, a general partner at Treetop. "Transportation is fantastic and it offers a good value for young professionals and young families."
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