Treetop Development Acquires Far Rockaway Multifamily For $33M

162 Beach 5th St, a multifamily property located in Far Rockaway, was recently sold for a staggering $33 million. The sale took place on April 11, 2019, and involved notable individuals including Michael Stern, Adam Mermelstein, and Steven Vegh. Treetop Development acted as the buyer in this transaction, while JDS Development Group sold the property. The deal was facilitated by Westwood Realty Associates, with Steven Vegh representing the seller.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $33 million
• Address: 162 Beach 5th St.
• Market: Far Rockaway

This sale marks a significant achievement for all parties involved. The buyer, Treetop Development, demonstrated their commitment to expanding their real estate portfolio by acquiring this prime multifamily property. On the other hand, JDS Development Group successfully closed the deal, capitalizing on the sale of this valuable asset. Steven Vegh, from Westwood Realty Associates, played a pivotal role in facilitating the transaction.