O WNERS , D EVELOPERS & M ANAGERS
Mid Atlantic Real Estate Journal — November 23 - December 6, 2012 — 7A
www.marejournal.com
LAINFIELD , NJ — Treetop Develop- ment’s plan for expan- Steven Fleissig of Greenberg Traurig represented buyer in transaction Treetop Development expands NJ presence with acquisition of $9.8 million apartment complex P
acquisition program Treetop implemented several years ago which has added of more than 3,000 units to its portfo- lio in Cities such as Newark, East Orange and Jersey City. Since 2009, Treetop Devel- opment has taken advantage of challenging market condi- tions by purchasing high- performing and well-located HUD apartment assets. After acquiring the properties, Tree- top institutes an extensive capital improvement program thanmodernizes living spaces, common areas and building systems. “We consistently analyze the marketplace, searching for properties that fit well into our investment plan,” says
Adam Mermelstein , a Tree- top principal. “We’re looking for well-located, market-rate rental communities that can be purchased at competitive prices, immediately generate capital and possess future upside as well. “This property met all these criteria and was the perfect opportunity to establish a footprint in the Union County market. The property has been undermanaged for sev- eral years and after complet- ing one of our trademark ‘turnaround” programs, we will be able to reintroduce these apartments as an af- fordable option. As a result, the potential for the property is tremendous.” ■
ELMWOOD PARK, NJ — River Drive Construc- tion, based in Elmwood Park announced the firm has com- pleted a $1.3 million reno- vation and expansion of the Salumeria Rosi Parmacotto II Ristorante, a new Italian deli and restaurant located on New York City’s Upper East Side, at 903 Madison Ave. River Drive served as general contractor and contract man- ager, expanding the facility to encompass 4,000 s/f divided between the basement and the first floor. The architect on the project was Daniel O’Connor Archi- tects , based in NYC. “We thank Salumeria Rosi for providing us with the op- portunity to demonstrate our expertise in restaurant fit-outs, enabling them to continue their long tradition of culi- nary excellence,” said Joseph Langan , president of River Drive. “Salumeria is the Ital- ian word for delicatessen, and this wonderful deli gives New York’s residents and visitors the unique opportunity to share in an Italian tradition of visiting their local deli to purchase spe- cialty foods and delicacies.” Construction work included The $9.8 million purchase is the initial foray for the fast growing Teaneck based real estate concern into yet another one of the state’s housing markets. Treetop is entering the Union County market after significantly in- creasing its portfolio of homes in Hudson, Bergen and Essex Counties through innovative acquisition techniques. Ste- ven Fleissig of Greenberg sion in New Jersey is taking another step forward with the recent acquisition of a 108-unit HUD garden apart- ment complex in the Union County.
825 East Front Street
The purchase of the HUD apartment complex is a con- tinuation of an aggressive
Traurig represented Treetop Development in the transac- tion.
River Drive Construction serves as general contractor and contract manager on $1.3m renovation/restoration project
ter in New York City. “River Drive has completed the work with sensitivity to our every need, including our needs for
the work to be completed on time and within budget. In the restaurant business, time is of the essence.” ■
DMR Architects announces Weatherization education and training center opening
Salumeria Rosi Parmacotto II Ristorante
extending the back dining area; reconfiguring of the stairway; adding new tile and wall panels on the first floor; new heating, ventilation and air conditioning (HVAC); new fire protection, electric, light- ing, gas and water lines; and the installation of a new sun roof and storefront. Salumeria Rosi Parmacatto II Ristorante, whose existing sister Upper West Side facility is located across town between 73rd and 74th Streets, expand- ed to the MadisonAvenue loca-
tion as a result of the success of the West Side facility. Gruppo Parmacotto, owned by the Rosi family, also own restaurants in Paris and in Parma, a city in the Emilia-Romagna region of northern Italy. “We’re excited by River Drive’s work on our new East Side restaurant,” said Cesare Casella, executive chef and partner of Salumeria Rosi, who is a multiple award-win- ning chef, authority on Italian cuisine and the dean of The International Culinary Cen-
BCCAP’s Weatherization Education and Training Center
former warehouse into space which accommodates training areas as well as office, reception and meeting space. BCCAP’s program is part of a nationwide stimulus which has weatherized one million homes in America, and 1,000 in Bergen County alone. BCCAP is an anti-poverty agency that provides services to low-income individuals to support independence and success. ■
GARFIELD HEIGHTS, NJ — On October 4, DMR Architects joined the Bergen County Community Action Partnership’s (BCCAP) in celebrating the grand opening of BCCAP’s Weatherization Education and Training Center, designed by DMR Architects. At the ribbon cutting, BCCAP also celebrated the graduation of the eighth class of the Weath- erization Training Program. DMR’s design converted the
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