2016-02-17 / Front Page

Real Estate Update: Rego Apartment Bldg Sets Record

Madison Realty Capital has agreed to buy Saxon Hall in Rego Park for $135 million, perhaps “the largest investment sales transaction in the history of the neighborhood,” according to reports. The asking price for the 16-story apartment building was $150 million.
After investing $5 million renovating the lobby, electricity, elevators and facade,  the New Jersey-based developer, Treetop Development, flipped the property located at 62-60 99th Street. Treetop bought the building housing approximately 420 units for $85.3 million three years ago.
The apartments, which range from studios to three-bedrooms, currently rent for between $1,500 and $3,200. The deal will be finalized in the spring.

Return to top

Copyright 1999-2018 The Service Advertising Group, Inc. All rights reserved.