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.