Treetop Development Acquires The Sand Castle Rental Complex In Queens For $97.5M

The Sand Castle, located at 711 Seagirt Avenue in New York City's Queens market, has been sold in a closed transaction. The property, classified as a rental complex, was purchased by Treetop Development, represented by Azi Mendel and Adam Mermelstein. The seller of the property was E&M Associates, with Irving Langer acting as their representative. The sale price for the transaction was $97,500,000. The financing closed on December 15th, 2017, with the contract being finalized on October 28th, 2017.

Summary of transaction details

• Property Type: Rental Complex
• Transaction Amount: $97,500,000
• Address: 711 Seagirt Avenue
• Market: Queens
• Seller: E&M Associates - Irving Langer
• Buyer: Treetop Development - Azi Mendel and Adam Mermelstein
• Mortgage Broker: Meridian Capital Group's Scott Assouline and Isaac Lifshitz
• Lender: Regional Balance Sheet Lender
• Date: December 15th, 2017 (financing closed), October 28th, 2017 (contract closed)

The deal was facilitated by Meridian Capital Group's Scott Assouline and Isaac Lifshitz, who acted as the mortgage brokers in the transaction. A regional balance sheet lender provided the financing for the purchase. The transaction was completed with a 3.625% interest rate.