Tree Top Development sees Newark’s Opportunity

““The resurgence of Newark as a residential destination is well underway,” says Adam Mermelstein, a TreeTop partner. “There’s a significant need for quality rental apartments that serve both the luxury market and the city’s local middle-class residents. As a result, we are actively pursuing opportunities that will be valuable additions to our existing residential portfolio of sale and rental properties.””

See Article Here

This is an excellent piece discussing the potential being tapped in the Newark Multifamily market.  I know Tree Top from my days in Brooklyn. They are one of many developers who became very involved in the condo boom in the Williamsburg neighborhood of Brooklyn.  They also have a number of projects in Jersey city and Hoboken.  It is great to see that they see the potential in Newark.

I can’t speak to specific projects and developers but many of the players in the Brooklyn boom are struggling and have had to turn condo projects into rentals.  The Parkwood Place looks to be rental from the get go giving it a far greater chance of success or at least avoiding failure. 

Tree Top are the kind of owners Newark needs and wants.  People who care about their properties and the people who inhabit them. 

Mayor Booker’s administration needs to reach out to these owners, listen to their needs and work with them to improve Newark’s housing stock.  The Newark Housing Authority, like so many other bureaucratic organizations other cities, has too many legacy internal issues to fix that it cannot effectively take on the housing problem in Newark.  A path needs to be cleared for private owners and developers to come in and revitalize some of the beautiful housing that exists in Newark.

Link to Parkwood Place

Link to Tree Top Development’s Web Site

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11 Comments

Filed under Multifamily

11 responses to “Tree Top Development sees Newark’s Opportunity

  1. Anne Studholme

    These are great guys, good news for Newark to haev been able to attract them.

    • Absolutely. As I penetrate further into the Newark & eastern Essex Market I will be exposing this multifamily market to the thousands of large NY based multifamily owners. To see that some have already ventured into this market is a good sign. I actually am heading to Long island today to make a presentation to an owner who has property in East Orange they are looking to sell. Getting owners to cross the river will could open the flood gates.

    • FEDUPTENANT

      I SURE HOPE THEY ARE BETTER IN NJ THAN THEY ARE IN BRONX NY. OUR BUILDING IS RUN BY THEM AND THERE ARE VIOLATIONS UP THE A**. NOTHING EVER GETS FIXED WITHOUT THREATS TO TAKE LEGAL ACTION. MULTIPLE TIMES WE GET LETTERS FROM CON EDISON ABOUT THEM NOT PAYING THE BUILDINGS ELECTRICITY COST. THE AUTOMATIC ANSWERING SYSTEM OR THE RECEPTIONIST (WHEN THERE IS ONE) ALWAYS TRANSFER YOU TO A VOICE MAIL SYSTEM THAT “IS UNAVAILABLE AT THIS TIME” ALL THE TIME. NO ONE EVER KNOWS WHAT THE OTHER DEPARTMENTS ARE DOING. GOOD LUCK WITH ANYTHING CONCERNING THIS COMPANY.

  2. pia

    They are horrible owners, in their Newark buildings sound like the ones in the Bronx. I have gone 5 days without heat and hot water and no one seems to care. This is not a rare occurrence the boiler is constantly breaking. You can never get through to them and wen you do they only give you the run around. It should be illegal for them to own anymore buildings

  3. renee

    i live in parkwood place owned by treetop and i have been here for 8 years. these owners are great company and they have made this complex an amazing place to live and very responsive. i am surprised by the negative comments. maybe you guys dont pay your rent…

  4. trey

    To Renee @Parkwood Place, I have lived here for 12 years. I have seen three (3) owners come and go. I have A L W A Y S paid my rent on time. I am a hard working middle class person. Tree Top Development/Parkwood Place Apts. has gone “down the drain”. Do not assume complaints come from people who do not pay their rent. Do not assume anything of which you know nothing. Maybe you like maintenance coming into your apartment without notice. (In a written lease, the landlord’s duty to not enter the tenant’s house or apartment is called the covenant of quiet enjoyment. This covenant (promise) means that the tenant has control over who can or cannot come into his or her apartment or house. Cite: Ashley Court Enterprises v. Whittaker, 249 N.J. Super. 552 (App. Div. 1991). )
    Maybe you like having mice, all of a sudden. I hadn’t had ANY mice before this owner/management placed garbage dumpsters inside the buildings because people are too lazy to step outside the building and walk a few feet to put their garbage in the dumpsters, where they used to be. Maybe you like not having access to the rent “box” and not have a human being who knows tenant rights and does NOT disregard them. If that is the case, more power to you, Renee. I am happy that you’re happy. But don’t tell me or anyone else, for that matter, that their complaints are don’t matter or that they’re complaining because they haven’t paid their rent.

    • Crystal

      What are you talking about? Have you lived at Parkwood place before and after Treetop took over? because i have, and i can assure you that the quality of service and upgrades to the property have been a blessing. So we should be thankful.
      by the way i have never seen mice in my apt or outside the common area. the employees are very respectfull and management have been very proffessional and courteous.

      • Crystal I have lived at Parkwood Place Apartments for 15 years now. If you call mice and an increase in roach population a blessing, more power to you. I prefer to be thankful for getting what I pay for. Sure, the landscaping looks nice (when they’re not chopping down trees), but tenants don’t live outside where the landscaping is. We live indoors where there’s no heat or hot water in the winter; where hot water is turned off after 1AM (like EVERYONE works a “9-5” and doesn’t need to shower after that hour).

        Crystal, if you are indeed a tenant and not a Treetop employee posing as a tenant, you are entitled to your own misguided opinion.

  5. FEDUPTENANT

    Then you are getting different people coming to your place that we are. The management is rude..nothing is ever fixed. We have mice, and roaches galore. The building is rarely cleaned and when it is swept and mopped they never change the water from the first floor to the fifth. They constantly paint the hallways without notice (many ruined clothes) so that the building’s appearance is nice but never fix the actual apartments unless someone has moved out so they can raise the rent.

    Our Assemblyman has come to the building twice this week and has reported that “THESE ARE THE WORST LANDLORDS IN THE CITY”. There are over 30 violation in this building. I am happy that they take care of you guys in New Jersey. but here in the Bronx they suck. We will be on the news soon…Keep watch

  6. Tenant

    I am a new tenant in one of Treetop Development buildings in the Bronx, 2229 Creston Ave. There is a very complicated situation going on right now that Treetop Development completely fails to provide with the basics as promised. I have been in this apartment less than six months and I finally had the opportunity to cook in my own apartment. The building did not have any gas for five months while the management was taking their time to fix the problem bit by bit. Now, there is an even worst problem that I’m sure will not be fixed any time soon even though the outside temperature gets down to the single digits. There is no trace of heat and/or hot water in the building 2229 Creston Ave in the Bronx. Treetop Development also known as 2229 Creston Ave Partners LLC has knowledge about the problem that began four weeks before December 14, 2010 and no actions have been taken. People that reside in 2229 Creston Ave in the Bronx are desperate because in addition to no heat and no hot water the building has more than 270 serious violations reported to the Department of Housing, Preservation & Development of the City of New York. This violations include plagues of mice and roaches, no security in premises (front door of the lobby don’t lock), no proper trash clean up, security cameras broken and useless, stairs of 5th floor falling apart, and so much more. This is an emergency that is putting in jeopardy the health and security of all the tenants at 2229 Creston Ave Bronx, New York 10453. A very embarrassing point about the company that manage 2229 Creston Ave building apartment is that the heat and hot water are being turned off during holidays and nights when the management knows that HPD (Housing , Preservation & Development officers) will not come. This way will assure savings for example to pay for the electricity that supplies the public areas in the building, the electricity bill that is supposed to be paid by Tree Top Development LLC (2229 Creston Ave Partners LLC) reach the amount of more than $2,000 dollars and rising because the electricity company has not gotten any single payment in months. As I mentioned before there is no security in the building meaning that the main door that controls the access to the main lobby don’t lock. This security flaw will get even worst once the electricity that provides public areas cease to work. As a result of the lack of security that residents already experience there is now graffiti and all kind of signs of vandalism in the lobby of the building, signs of returning to the New York City before the greatest clean up made by a mayor back in the 90’s.
    The lack of responsibility from Tree Top Development LLC in regards to at least 2229 Creston Ave building shows the quality of service that you can get for your money at the time you choose to acquire a property from this company. My rent is $1,100 dollars and even paying this amount of money for one bedroom apartment in what is considered “South Bronx” I still get to be treated worst that an animal deserves to be treated. I hope you can get an Idea from this situation and don’t fall in their fancy decorated trap. I might be the first to post a feedback online but not the only one suffering for this situation.

    • Anonymous

      these landlords are the worst and Newark residents should run them out of town . beware that theses landlords are liers and arenot to be These are not tenants writing about there positive experiences these are employees of Treetop to pose as tenants on the social network tocombate in bad press . you tenants who write about your negitive experience is the norm for Treetop developments tenants. they also pay tenants to write good reviews. Dr king states “injustices inwhere is a threat to justice every where”. tkhis agency robs communities of it’s identity

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