QUEENS — A 16-story rental building in Rego Park is set to be sold for about $135 million, which may be “the largest investment sales transaction in the history of the neighborhood,” according to published reports.
Saxon Hall, a nearly 420-unit building, at 62-60 99th St., is being purchased by Madison Realty Capital from New Jersey-based Treetop Development, which paid $85.3 million for the building in 2013, as first reported by The Real Deal.
The company then invested about $5 million in upgrades, such as renovation of the facade, electricity, elevators and lobby of the building, before placing Saxon Hall back on the market.
Treetop also added hardwood floors and tiled bathrooms to a number of the building’s units, which include studios, one-, two- and three-bedroom apartments, as they become vacant.
Depending on the unit size, renters have to pay between $1,500 and $3,200 for an apartment in the building.
Initially, Treetop was asking $150 million for Saxon Hall, according to The Real Deal.
The deal, according to the reports, is set to close in the spring.
Rego Park has been experiencing an influx of new luxury condominiums and rental buildings. In some cases, the landlords have been upgrading existing apartments.
Madison Realty Capital did not immediately respond to a phone call seeking comment.