Meridian Properties pays $18.3M for Flatbush rental that Treetop bought in 2017 for $25M

Meridian Properties through the entity M & M Lefferts Realty LLC paid Treetop Development’s 560-570 Lefferts Avenue Holdings, LLC $18.3 million for 556 Lefferts Avenue, 570 Lefferts Avenue in Flatbush. The deal closed on June 24, 2020, and was recorded on July 2, 2020. The transaction consists of 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 102 residential units. The property is 55,188 square feet. The parcel(s) have total development potential of 105,300 square feet.
The sale price per unit is $178,922.

Azi Mandel was the signatory for Treetop. The contract date was March 2, 2020. The last time the property sold was February 23, 2017, for $25 million.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $501,070.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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