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Queens Chronicle

Saxon Hall under new ownership

Rego Park complex will get major face-lift, development company says

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Posted: Thursday, July 11, 2013 10:30 am | Updated: 11:03 am, Thu Jul 18, 2013.

Saxon Hall, the 16-story rental behemoth, is about to get some work done.

Last week it was announced that Treetop Development, a New Jersey-based company, paid a whopping $85.2 million for the building on 99th Street in Rego Park, which includes two ground-floor commercial spaces and underground garage, as part of a plan to grow its portfolio of homes by purchasing rental properties in “undervalued New York City neighborhoods.”

Over the past 14 months alone, the development company has acquired more than 1,000 apartments in neighborhoods like Morningside Heights, Manhattan’s Upper West Side and Harlem.

“It’s not that we feel these areas are bad, we see great potential in places like Queens and Brooklyn which provide spacious apartments at a lower cost,” a Treetop spokesman said.

The company is also going to invest another $5 million to upgrade the 417-unit Saxon Hall.

Improvements to be made include upgrades to the exterior facade, electricity, plumbing, roof, elevators, lobby and hallways.

“We’re also looking to upgrade individual apartments upon vacancy,” the spokesman said.

These upgrades include the addition of stainless steel appliances, Caesarstone counter tops, modern bathrooms, new cabinetry and hardwood flooring.

The spokesman said that current residents needn’t worry as Treetop has no intention of evicting anyone.

“We’re just interested in improving the building, not in removing tenants,” the spokesman said. “I think the existing tenants will really like the additions we’re planning.”

One resident, who asked not to have her name in the paper, said she welcomes a change.

“As long as I’m allowed to stay here, I think it sounds nice what they’re doing,” she said. “It’s a good building and a little face-lift would do it good, and if these are the guys who can do it, then I welcome them.”

“Saxon Hall represents our first foray into a Queens market we’re extremely confident is poised for growth,” Adam Mermelstein, the principal of Treetop Development, said in a press release. “This neighborhood possesses all the ingredients that have resulted in the growth of up-and-coming areas such as Harlem, East Orange, NJ where we’ve previously acquired and renovated properties that have jump-started the transformation of once-forgotten streets into hidden treasures.”

Treetop representatives aren’t exactly sure when construction will begin but are hoping to start as soon as possible.

The development company is also looking to continue buying Queens real estate as it sees potential in the borough.

“Rego Park offers a built-in infrastructure of existing residential buildings that can be quickly upgraded to meet today’s market standards, opportunities for new residential development, strong desire for affordable housing by young professionals, students and the middle-class workforce; and, of course, proximity to Manhattan,” Mermelstein said.

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4 comments:

  • sinmi posted at 11:48 am on Mon, Dec 30, 2013.

    sinmi Posts: 3

    None of people work there are nice. The apt. is cold most of winter, because they set up the rule only turn on at certain temperature. Day/Night are different temperature to turn on, so even day time reach to that temperature so the heat is on but by the night time if temperature didn't drop to the certain temperature then heat will turn off. Offend that I don't even feel warm yet then heat is off again. I don't think it worth to pay the price they want for the rent and be aware that 3/4 of tenants not even up to that level

     
  • sinmi posted at 11:29 am on Mon, Dec 30, 2013.

    sinmi Posts: 3

    DO NOT RENT FROM THIS MANAGEMET COMPANY!!

     
  • sinmi posted at 11:27 am on Mon, Dec 30, 2013.

    sinmi Posts: 3

    DO NOT RENT FROM THIS MAMAGEMENT COMPANY!!
    Rent raised every year, big raised, terrible people, they charge every penny they could when move out. NO AC, heat in the lobby or any common area. If you want to pay big money to move in be aware there are 3/4 people not up to the level. The apt. is cold most of time during winter. The heater turn off offend because they have rule only turn on when reach certain temperature. Day and night time set up temperature rule are different, so even they turn on during the day but the night temperature not drop to certain degree then the heat will turn off. I don't think it worth to pay the price they want to rent at all.

     
  • janedoe posted at 5:46 pm on Mon, Nov 4, 2013.

    janedoe Posts: 1

    DO NOT RENT from this management company!! Terrible people, no concern for welfare of tenants, phonecalls disregarded, rent raised over 800 dollars upon lease renewal with no heads up, changes made to building without notifying tenants, constant threat of eviction, frequent lack of hot water or rusty water. Horrible disgusting people, do yourself a favor and look elsewhere!!! I find this article hilarious as I have already been threatened for eviction 3 times for things as small as my bicycle on my balcony. The upgrades to the apartments is also laughable as I already have new flooring, stainless steel appliances and a modernized bathroom. So what they're really saying is once we force old tenants out by not honoring their stabilized or preferential rent, we will update the apartments the same way we have been renovating them. They refused to work with me on my rent, my neighbors with 2 children were forced out because they wouldn't budge on the 500 dollar rent increase. This management company wants to be hip and compete with manhattan highrises, but they forgot they are in rego park and no one is paying these prices to live out here. And no one should. Upon speaking with the management many times, I was laughed at or hung up on. Recently Halloween was "cancelled" in the building and tenants were told not to trick or treat. Seriously???? These people are disgusting, heartless human beings who are only money hungry imbeciles. They do not give a damn about their tenants or our families, cashing checks is all they care about. Fixing up buildings in "neighborhoods of need" is another way to say "we are going to renovate and refurbish and in return raise rents so tenants are forced out and the rich can move in, bringing money to us a management company and to the neighborhood". If these people cared about tenants they would work with those who have paid their rent on time every month for many years and never caused a disturbance in the building, not tell us "sorry you can;t afford the rent increase". Ive never encountered a worse management company, simply shameful!! Sleep well fat cats.