Monthly Archives: February 2012

NEW SALES CENTER AT CRYSTAL POINT AWES HOMEBUYERS WITH MAGNIFICENT NEW YORK CITY VIEWS

JERSEY CITY, NJ. – Crystal Point has unveiled a new sales center that’s sure to electrify visitors to the 42-story condominium building situated directly on the Hudson River waterfront with awe-inspiring Manhattan and Jersey City views.

Located in a spectacular decorated two-bedroom Penthouse home on the 41st floor of the crystalline-inspired building, the sales facility is one of the most impressive of its type – combining stylish interior designs with floor-to-ceiling windows that maximize Crystal Point’s unique location and provide unobstructed vistas of the New York City skyline stretching from downtown Manhattan to the George Washington Bridge

“Crystal Point unquestionably has some of the best views on New Jersey’s Hudson River ‘Gold Coast,” says Brian Fisher, president of Fisher Development Associates, which is developing the collection of 269 residences. “This luxuriously appointed sales and model center will allow visitors to experience views of downtown Manhattan and western New Jersey from the moment they walk in the door.”

With nearly 90% of its homes sold, a new selection of premium condominiums that represent some of the finest opportunities to date at Crystal Point has been released for sale.

The homes, which are priced from the upper $500,000s, provide the added advantage of immediate occupancy dates, meaning homebuyers can enjoy their new upscale urban lifestyle just weeks after signing a contract. Available residences include spacious one- and two- bedroom homes, including Penthouse condominiums.

“We’re on the verge of completing one of the most successful sales programs in Hudson County in recent memory,” Mr. Fisher says. “However, fantastic purchasing opportunities still remain.

“Each of the available condominiums offers the same attributes that continue to make Crystal Point the preferred choice of today’s homebuyers, with unprecedented value, luxurious living spaces, five star amenities and sought-after direct waterfront location. Best of all, those who act quickly and purchase now can be residing in this spectacular building just in time for the spring season.”

Homes at Crystal Point range from 800 to 1,586 square-feet and offer an array of premium finishes. Residents also benefit from an on-site concierge and round the clock on-site valet parking. Homes are made even more attractive thanks to a 30-year tax abatement that has been granted to the building.

“Floor-to-ceiling windows drench the homes in natural light and many of the residences offer riverfront balconies,” notes Adrienne Albert, CEO of The Marketing Directors, Inc., the building’s marketing and exclusive sales agent.

“Many kitchens boast Italian Pedini wood and glass cabinetry, sparkling quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite. Each residence also has SMART home technology capabilities and a full-sized washer and dryer.”

Created by the renowned New York City architectural firm Gruzen Samton LLP, the distinctive design of the landmark Crystal Point building maximizes its unrivaled waterfront location and creates homes with modern, open and furnishable living areas.

“Unlike many high-rise developments which often seem cavernous with long hallways, we split the Crystal Point plan in half with elevators positioned in the middle of the residential floors to create short corridors and provide the building with a very intimate feel,” says Jordan Gruzen (FAIA) of Gruzen Samton.

“We utilized multiple façade planes to break the building‘s mass up and ensure that every home has magnificent views. From the moment you open the front door of each home, you are aware of the views and the light. The layouts of the homes themselves often create large square rooms and sprawling living spaces that are open, airy and extremely functional.”

The lifestyle that separates Crystal Point can be seen in its Manhattan-style amenities. Outside, residents enjoy an expansive outdoor deck of over ten thousand square feet overlooking the Hudson River on the building’s sixth-floor, featuring a sparkling pool, giant hot tub, cabana style dining areas, and lounge chair seating, as well as two BBQs and dining area, fire pit and a children’s play area.

Indoors, there’s five-star amenities including the Crystal Spa with a thermal bath, sauna, steam and treatment rooms, a yoga/aerobics room, state-of-the-art fitness center, lounge with flat screen televisions, game room with billiard and poker tables, children’s play room and a screening room within the Crystal Club.

The award-winning Crystal Point building has been recognized as the ULI-NNJ’s 2010 “Project of the Year” and last year received the Gold Award for “Community of the Year” from the National Association of Home Builders.

Crystal Point is conveniently located between the Paulus Hook and Newport sections of Jersey City and steps from PATH trains at both Exchange Place and Newport with direct access into New York City and a Light Rail station.

For additional information on Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.

 

PRINCIPLES OF HORNROCK PROPERTIES ACCEPT AWARD FOR BEST INTERIORS ON BEHALF OF HIGHPOINTE AT WOODBURY JUNCTION

The National Association of Home Builders Notes the Orange County, NY, Community Boasts One of the Six Best Designed Interior Spaces in the USA and Canada for its Size Category

MAURICE & DAVID HORNBLASS OF HORNROCK PROPERTIES

MONROE-WOODBURY, N.Y. – – David and Maurice Hornblass, the Principles of HornRock Properties, recently accepted a Silver Award from the National Association of Home Builders at the organization’s annual national conference in Orlando, Fla. The Silver Award was for the “Best Interiors” award category for homes between 1,500 and 2,500 square feet, and honored HornRock’s HighPointe at Woodbury Junction property in the town of Central Valley, N.Y.

The award recognizes HighPointe at Woodbury Junction’s interior space as being among the top six in the United States and Canada for homes in its size category. The model home was merchandised by Lita Dirks & Co.

“We are thrilled to receive this award from the NAHB and honored that our homes at HighPointe at Woodbury Junction have been so well received by both our fellow industry members and the home buying public,” said Maurice Hornblass. “This award is a testament to the thoughtful design of our homes and to the hard work every single one of our team members have put into the property since day one.”

Created to embrace everything that makes life in the Hudson Valley special, HighPointe at Woodbury Junction is a family-friendly community situated on the top of a ridge in the town of Central Valley, near exit 16 of the New York Thruway. The community’s panoramic mountaintop views, quality construction and thoughtful architecture alone distinguish it from neighboring communities, while the exceptional interior spaces rival those found in more upscale homes. Three-, four- and five-bedroom homes are offered, with 2,040 to 3,277 square feet of living space available and prices starting from $397,900.

“When we set out to create this community, we knew we had an ideal location that was going to offer residents convenience and stunning mountaintop views,” said David Hornblass. “So we turned our attention to the interior and focused on making the living space as efficient, functional and elegant as possible. This award is truly an honor, but the greatest satisfaction comes from hearing our residents tell us how much they are enjoying their new home.”

Builder Marketing Services Co, Inc. is the exclusive sales and marketing agent for HighPointe at Woodbury Junction.

For more information on HighPointe at Woodbury Junction, call (800) 689-3320 or visit www.HighPointeWoodbury.com. For more information on the NAHB’s National Sales & Marketing Council’s national awards, visit www.TheNationals.com.

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TreeTop staking claim on Manhattan market

via Real Estate Weekly

The Newark based real estate company TreeTop Development is staking a claim on the New York market with its acquisition last week of a four-property portfolio of mixed use buildings.

The company—which has owned and managed over 3,000 residential homes throughout New York and New Jersey — partnered with New York City-based Latus Partners, LLC, on the deal that includes 1917 7th Avenue, 110 St. Nicholas Avenue, 110 West 116th Street and 120 West 116th Street.

AZI MANDEL, left, and ADAM MERMELSTEIN

“We’ve initiated an aggressive plan over the past two years to grow our portfolio of homes by purchasing high quality properties in key markets in the New York metropolitan area and these properties fit perfectly in with our investment strategy,” said Adam Mermelstein, co-founder and principal of Treetop along with childhood pal Azi Mandel.

TreeTop will institute a capital improvement program to renovate the buildings and bring the properties up to market standards. The company will renovate apartment interiors as they turnover to include new hardwood flooring, renovated kitchens and renovated bathrooms.

The transaction is the first of several large portfolio-type deals TreeTop is planning in New York City to significantly increase its presence throughout Manhattan in 2012, according to Mermelstein who, along with Mandel has crafted a strategic path for TreeTop Development.

Sensing a shift in the real estate marketplace, the company has implemented an aggressive approach to acquire and transform value-laden properties in the area’s premium locations and take advantage of niche markets. The vision and insight of the company’s principals have enabled TreeTop Development to grow its portfolio of homes at a time when many property owners have slowed pursuing multi-family investments.

“The strength of Treetop Development has always been our progressive approach to residential investment and development,” said Mandel. “We are constantly seeking out new and challenging projects that will become signatures for surrounding communities. We’re determined to think out of the box.”

The story of TreeTop Development can be traced back to two high school friends who combined compatible business philosophies to create a development company committed to innovative ideas.

Azi Mandel launched his career in the fall of 2001 by accepting a position with a Manhattan syndicate led by Marc Karasick —- a well-known real estate investor who has owned such trophy buildings as the Bank of America Building in San Francisco.

Adam Mermelstein jumped right into the real estate investment field after graduating Yeshiva University in 2001 by buying and flipping rental buildings.

Their paths would cross again when Mandel, while overseeing a complicated deal that included the acquisition, renovation and re-launching of commercial and residential properties throughout New York City, would occasionally be presented with opportunities that he felt weren’t right for the syndicate.

For these transactions, he would call his old high school friend, Adam, whom he knew was aggressively seeking new deals. It wasn’t long before the two began working together.

“We never thought we would start our own company,” recalled Mermelstein, “but we got along very well together and both had very similar business views. After our first couple of joint projects, we decided to launch TreeTop Development in June, 2005. Our plan was to start slowly, but before we knew it, we had seven projects underway.”

In early 2007, sensing instability in the condo market, TreeTop Development made a critical decision that would give them an advantage in the area’s marketplace.

The company would begin utilizing innovative acquisition techniques such as purchasing market-rate and high-performing HUD subsidized rental properties. TreeTop would then transform the properties by modernizing living spaces, common areas and building systems. The end result was an expansion of its portfolio in key strategic markets, including more than 2,000 units in Essex County, NJ.

“Economic concerns and challenges over the past few years have certainly created new opportunities in the real estate industry for multi-family property owners and investors,” said Mermelstein.

“Purchasing high-quality HUD apartment assets is one of these avenues that has enabled us to grow our company. Additionally, we focus on buying well-located, market-rate rental communities at competitive prices that immediately generate capital and possess future upside as well.”

Buoyed by the success of this new HUD strategy, TreeTop began a strong push into new markets, turning its eye to value-laden multifamily rental properties with favorable rents in strategic middle-class northern Manhattan neighborhoods.

The aggressive pursuit of new properties in stable Upper West Side locations has TreeTop in contract for 350 units at the start of 2012 with the possibility of another 500 apartment homes added to its portfolio by year’s end.

Shimon Shkury & Victor Sozio of Ariel Property Advisors served as broker for both the buyer and seller in the 1917 7th Avenue portfolio deal. Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer.

Homebuilder optimism rises for 5th straight month

In this Feb. 13, 2012 photo, a builder works on a new single-family home in North Andover, Mass. U.S. homebuilders are gradually growing more optimistic about the depressed housing market and believe homes sales could pick up sharply at the beginning of 2012. (AP Photo/Elise Amendola)

 via Derek Kravitz, AP Real Estate Writer/  Yahoo Finance WASHINGTON (AP) — U.S. homebuilders are gradually growing more optimistic about the depressed housing market and believe homes sales could pick up sharply when the spring buying season begins.

The National Association of Home Builders/Wells Fargo said Wednesday that its builder sentiment index rose for a fifth straight month in February to 29, up from 25 in January. The index has climbed 15 points since September and is now at its highest level since May 2007.

Builders have generally become more hopeful during that stretch about current sales, sales six months out and foot traffic, the report shows.

Even with the brighter outlook, the industry has a long way to go. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.

A key reason homebuilders are more optimistic is they are seeing more people express interest in buying a home. And rising interest has occurred alongside other improvements that suggest the troubled housing market could pick up after four weak years. READ MORE >>>

Award-winning 40 Park Helping Transform Downtown Morristown

via Multi-Housing News Online/Jeffrey Steele, Contributing Writer

 

40 Park

Morristown, N.J.—Four years ago, the former Epstein’s Department Store in downtown Morristown, N.J., was given new life as 40 Park, an upscale, mixed-use development featuring more than 200 luxury condominiums and rental residences, 66,000 square feet of retail space and an 800-space public parking garage.

In the years since, 40 Park has exerted a transformative impact on Morristown, helping deliver an energetic new vibe to the venerable central business district. The result? Recently, 40 Park was recognized as one of New Jersey’s best downtown location projects, when it captured the coveted Silver Award at Downtown New Jersey’s annual award ceremony.

It was only the most recent in a string of awards the development has snagged since its spring, 2008 unveiling. The Community Builders and Remodelers Association of New Jersey, the New Jersey Builders Association and the National Association of Home Builders (NAHB) have all conferred awards upon 40 Park. Among them was the NAHB’s “Community of the Year” designation, which the organization presented to 40 Park in 2010.

Sited steps from mass transit and other shopping and entertainment venues, this dynamic live-shop-dine destination was conceived and executed by a public-private partnership made up of Roseland Property Company, Woodmont Properties, the Morristown Partnership and the Morristown Parking Authority.

“We are honored to have 40 Park recognized by Downtown New Jersey because it reflects positively on Morristown as a whole, and the livable, walkable, business-friendly environment we’ve created here,” says Michael Fabrizio, executive director of the Morristown Partnership.

He adds 40 Park was not only among the vanguard of new luxury residential buildings in downtown Morristown, but helped attract an assortment of regional and national retailers.

“The new shops and restaurants have successfully attracted patrons from all over the area, bringing more visitors to Morristown and contributing to the overall success and appeal of the downtown district,” he says.

The development’s seven-story, 130-unit rental component, The Metropolitan at 40 Park, has remained 100 percent leased ever since it debuted. Part of the reason is that its level of amenities, service and conveniences had not before been available to renters in Morristown. Experiencing comparable success has been the project’s 76-home luxury condominium building, 40 Park, which overlooks Morristown Green and has attracted buyers with large and spectacular residences, luxury amenities and upscale services.

The effort to conceptualize and bring to fruition the development resulted from a team effort involving myriad public and private entities, notes Debra Tantleff, vice president of development at Roseland Property Company. “As a development partnership with deep roots in Morristown through some of our other successful developments in town, we have a sincere appreciation for this cherished neighborhood. We are thrilled to have worked alongside the various municipal agencies and officials who have helped make our collective vision a reality.”

VILLAGIO IN SOUTH BRUNSWICK APPEALS TO A NEW ACTIVE ADULT BUYER LOOKING FOR DESIGN INDIVIDUALITY AND SPACE TO LIVE AND ENTERTAIN

Villagio in South Brunswick

MONMOUTH JUNCTION, N.J. – Active adult home buyers’ tastes and needs vary; yet active adult residences are often monotonous, cookie-cutter homes. Not so at Villagio in South Brunswick just minutes from Princeton, where celebrated custom-home developer Byron-Hill Homebuilders has created a one-of-a-kind residential neighborhood with spectacular single-family homes offering soaring living and entertaining spaces in the relaxed atmosphere of a Tuscan-inspired village: “Villagio.”

“We’re seeing a new breed of 55+ buyers who are eager to give up the responsibilities and costs associated with maintaining their home but don’t want to sacrifice living space in order to do so,” notes Jeri Gaita, Marketing Specialist of Villagio. “At Villagio, they get the best of both worlds: an exceptional home of unsurpassed charm and elegance in a maintenance-free environment.”

Byron-Hill drew on the company’s decades of experience developing luxury estate homes in New Jersey’s exclusive suburban communities of Marlboro, Holmdel and Colts Neck when designing Villagio. Focusing on the lifestyle needs of its customers while remaining true to its custom home building roots, Byron-Hill fashioned a creative plan for Villagio that expertly blends just 210 luxurious single-family homes with beautiful ponds, cul-de-sacs and cobblestone-curbed streets — all inspired by the old-world charm of Mediterranean design.

The Villagio's SIENA model

The distinctive two- and three-bedroom homes at Villagio, priced from $479,000, feature from approximately 2,750 square feet of living space and combine classic Italian architectural elements with modern amenities to create a truly exceptional and unique living experience. Dramatic exterior features include towering Palladium-style windows, intricate roofing details and wrought iron balcony railings. Stunning interiors boast expansive Master Bedroom Suites on either the first or second floor or both, additional suites for guests, optional elevators for easy access if you chose to add a basement, gourmet kitchens, formal two-story foyers and living rooms, spacious dining areas, soaring ceiling heights, lofts, covered patios and optional full basements which can be transformed into theater rooms, gyms, elegant home offices, etc.

“The homes at Villagio are not about downsizing, but about customizing one’s lifestyle,” Ms. Gaita points out. “In fact, some of our buyers moved up to a larger home here. Some have children who are graduating from college and will be spending time back home with their parents, while others are moving here to be closer to their children and grand children, places of worship, employment, Princeton, etc. The scenarios may be different, but the appeal of living in a spacious, elegantly-designed home remains a common thread throughout the community.”

Villagio residents also appreciate the emphasis placed on the outdoors, with beautiful recreation areas, manicured walking paths and picturesque ponds. Residents already enjoy the community’s tennis courts, basketball courts, waterfront amphitheater and gazebo.

On February 18th, the developer will break ground on Club Verona, an intimate and exclusive club experience that will feature a grand hotel-like lobby, full range of fitness facilities, private gathering places and an outdoor pool and hot tub that all complement the authentic Continental flavor of the community’s homes and landscape. Additional amenities that will soon be added include bocce courts, a horseshoe pit, a putting green and a landscaped community piazza.

Located in a town that Money magazine recently named one of its “Top 100 Places to Live”, Villagio offers an ideal location adjacent to a Village shopping destination and near several major highways and the Princeton Junction train station. Manhattan and Philadelphia are both about an hour away by train, and downtown Princeton is a 10-minute drive away, providing residents with endless opportunities for boutique shopping, gourmet dining, culture and entertainment. Festivals are held throughout the year in downtown Princeton and the park-like campus of Princeton University is the perfect setting for a stroll that is both historic and picturesque.

A furnished model home at Villagio is available for tours. Appointments are recommended. For more information, please call (732) 329-4200 or visit www.VILLAGIO55.com. The Sales Center is open daily from 10 a.m. to 5 p.m.

DIRECTIONS TO VILLAGIO: From the Garden State Parkway: take Exit 130 to Route 1 South. After 18 miles, turn left on Route 522 East. Go approximately 200 feet and turn right onto Stouts Lane. Villagio is ¼-mile on the right (42 Stouts Lane, Monmouth Junction, South Brunswick, NJ).

From the NJ Turnpike: take Exit 8A (Jamesburg/Cranbury). Turn right onto Forsgate Drive. Take Forsgate to end and turn right onto Route 130 North. Go 1 mile and turn left onto Route 522 West. Go 3 miles and turn left onto Stouts Lane. Villagio is ¼-mile on the right (42 Stouts Lane, Monmouth Junction, South Brunswick, NJ).

TREETOP DEVELOPMENT ACQUIRES FOUR PROPERTIES IN KEY NEW YORK CITY LOCATIONS

116th Street

NEWARK, NJTreeTop Development, a Newark, N.J.-based multi-faceted real estate company that has owned and self managed over 3,000 residential homes throughout New York and New Jersey, recently completed the purchase of four properties in New York City consisting of over 80 apartment homes and eleven retail spaces totaling 10,000 square feet.

The portfolio was acquired in joint venture partnership with New York City-based Latus Partners, LLC, a real estate private equity fund which seeks to selectively invest in a variety of complex, opportunistic, distressed, and/or transitional real estate transactions using equity, debt and hybrid structures. The properties are located at 1917 7th Avenue, 110 St. Nicholas Avenue, 110 West 116th Street and 120 West 116th Street.

Shimon Shkury & Victor Sozio of Ariel Property Advisors served as broker for both the buyer and seller and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer.

TreeTop will institute a capital improvement program to renovate the buildings and bring the properties up to market standards, including upgrading building systems, such as renovating hallways, lobby, front entrances, boilers and roofs. Additionally, TreeTop will renovate apartment interiors as they turnover to include new hardwood flooring, renovated kitchens with new cabinetry and stone countertops, renovated bathrooms with designer tiles.

The transaction is the first of several large portfolio-type deals TreeTop Development is planning in New York City to significantly increase its presence throughout Manhattan in 2012, according to Adam Mermelstein, a TreeTop principal. The company is currently in contract to purchase another Manhattan portfolio in excess of 300 homes and is actively seeking to acquire additional New York City assets by year’s end.

“We were extremely attracted to these properties due to premium locations which show strong signs for continued upside, growth, and gentrification,” says Mr. Mermelstein. “We’ve initiated an aggressive plan over the past two years to grow our portfolio of homes by purchasing high quality properties in key markets in the New York metropolitan area and these properties fit perfectly in with our investment strategy.”

The buildings are very well located near Morningside Park and on a major Avenue and heavily trafficked street. The building is also in close proximity to Central Park and Columbia, and extremely commuter accessible with two different subway stations one block away from the portfolio.

For additional information on TreeTop Development, please call 973-622-0073 or visit www.treetopdev.com.

About TreeTop Development, LLC:

Led by General Partners Azi Mandel and Adam Mermelstein, TreeTop Development, LLC is a multi-faceted real estate concern with a focus on renovating and developing buildings in key urban centers throughout the New York Metropolitan area. In addition, the company has initiated an aggressive plan to acquire existing HUD apartment complexes and institute capital improvement programs to upgrade and modernize the assets, including living spaces, common areas and building systems before returning them to market.

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Feeding the Rental Appetite

via Antoinette Martin/The New York Times

Ironstate's 422-unit 18 Park in Jersey City.

HUDSON COUNTY indisputably rules the rental housing market in New Jersey: It has the largest supply of Class A units — around 13,000, according to industry experts — and commands the highest average rental rates of any part of the state. This year and next, that rental kingdom is projected to grow rapidly.

Developers are already at work on, or have recently announced, projects that will add several thousand more units in waterfront communities like Hoboken, Jersey City and Weehawken, and hundreds of other units elsewhere. READ MORE >>>

 

The Right Approach: Azi Mandel and Adam Mermelstein

“The strength of TreeTop Development has always been our progressive approach to residential investment and development.”

via The Mann Report Residential

AZI MANDEL & ADAM MERMELSTEIN

Led by Principals Adam Mermelstein and Azi Mandel, TreeTop Development has earned a strong reputation for redeveloping value-driven, residential buildings throughout the New York Metropolitan area. The company’s heritage begins with the ground-up development of multi-housing buildings which enabled TreeTop and its principals to compile an impressive portfolio of more than 3,000 residential units owned and self managed in New York and New Jersey.

But it’s what lies ahead that truly separates TreeTop Development. While remaining true to its core focus to identify emerging neighborhoods and create signature properties, Adam and Azi have authored a strategic path for TreeTop Development. Sensing a shift in the real estate marketplace, the company has implemented an aggressive approach to acquire and transform value-laden properties in the area’s premium locations and take advantage of niche markets. The vision and insight of the company’s principals have enabled TreeTop Development to grow its portfolio of homes at a time when many property owners have slowed pursuing multi-family investments.

“The strength of TreeTop Development has always been our progressive approach to residential investment and development,” explains Mr. Mandel. “We are constantly seeking out new and challenging projects that will become signatures for surrounding communities. We’re determined to think out of the box.”

The story of TreeTop Development can he traced back to two high school friends who combined compatible business philosophies to create a development company committed to innovative ideas.

Azi Mandel launched his career in the fall of 2001 by accepting a position with a Manhattan syndicate led by Marc Karasick—a well-known real estate investor who has owned such trophy buildings as the Bank of America Building in San Francisco.

Adam Mermelstein jumped right into the real estate investment field after graduating Yeshiva University in 2001 by buying and flipping rental buildings.

Their paths would cross again when Mr. Mandel, while overseeing a number of large, complicated deals that included the acquisition, renovation and re-launching of commercial and residential properties throughout New York City, would occasionally be presented with opportunities that he felt weren’t right for the syndicate. For these transactions, he would call his old high school friend, Adam, whom he knew was aggressively seeking new deals. It wasn’t long before the two began working together.

“We never thought we would start our own company,” recalls Mr. Mermelstein, “but we got along very well together and both had very similar business views. After our first couple of joint projects, we decided to launch TreeTop Development in June, 2005. Our plan was to start slowly, but before we knew it, we had seven projects underway.”

In early 2007, sensing instability in the condo market, TreeTop Development made a critical decision that would give them an advantage in the area’s marketplace. The company would begin utilizing innovative acquisition techniques such as purchasing market-rate and high-performing HUD subsidized rental properties. TreeTop would then transform the properties by modernizing living spaces, common areas and building systems. The end result was an expansion of its portfolio in key strategic markets, including more than 2,000 units in Essex County, N. J.

“Economic concerns and challenges over the past few years have certainly created new opportunities in the real estate industry for multifamily property owners and investors,” says Mr. Mermelstein. “Purchasing high-quality HUD apartment assets is one of these avenues that has enabled us to grow our company. Additionally, we focus on buying well-located, market-rate rental communities at competitive prices that immediately generate capital and possess future upside as well.”

Buoyed by the success of this new HUD strategy, TreeTop began a strong push into new markets, turning its eye to value-laden multifamily rental properties with favorable rents in strategic middle-class northern Manhattan neighborhoods.

Azi Mandel

Adam Mermelstein

TreeTop Development

550 Broad Street, Suite 1212

Newark, NJ 07102

Tel: (973) 622-0073 x 1111

amermelstein @treetopdev. com

www. treetopdev. com

A Strong Record Of Success: Andrew Abramson of The Value Companies

via MANN REPORT RESIDENTIAL

ANDREW ABRAMSON OF THE VALUE COMPANIES

“Our goal is to provide high-quality multifamily developments while minimizing risk and maximizing return on investment.”

The story of the steady rise of the Value Companies to its present position as one of America’s leading real estate development, management and investment firms is a reflection of its name. During a history that spans six decades, this Northern New Jersey-based firm has consistently added value to every aspect of its burgeoning operation.

“Business scale and integration have been key to our strong record of success,” notes Andrew Abramson, President and CEO of the family-run company founded by his father, Harold, in 1952. “Our multi-disciplinary team approach enables us to envision a broad range of real estate possibilities. Then, we have the in-house skills and experience to realize these possibilities. It is a philosophy that has stood us in good stead over the years.”

Harold Abramson began by focusing predominantly on building single-family homes in key suburban locations in the Garden State. In the 1960s, he turned his attention to the multi-family sector and the development and acquisition of rental communities. His vision and forward thinking resulted in an expansion of business throughout New Jersey and well outside the state. Today, the Value Companies boasts a portfolio of over 3,600 apartment homes in New Jersey, New York, Pennsylvania, and Texas—all of which the company still manages.

“We combine thoughtful design, efficient engineering, community-based planning, quality construction and sophisticated sales, leasing and marketing to achieve our self-imposed high standards of performance,” Andrew Abramson points out. “Our goal is to provide high-quality multifamily developments while minimizing risk and maximizing return on investment.”

The Value Companies has recently embarked on $50 million in new apartment, developments in strategic locations throughout New Jersey and New York region.

One such development is The Point at Sutton Hill in the Orange County, New York city of Middletown. Value has also kept a keen eye on development opportunities in its home stare. Recent success stories include 140 Mayhill, an upscale rental community in New Jerseys Bergen County Saddle Brook Township, which was completely leased up just nine months after opening in 2009.

In addition to its development initiatives, the company has found great success on the management front through its Value Asset Management (VAM) division, which provides fee-based management capabilities and customized asset solutions to third party real estate investments

and property owners. VAM adds value by deploying an efficient operating platform, coupled with highly skilled personnel to maximize long-term investment potential of every client’s projects.

One example is Dorchester Manor, a rental community in the Bergen County, New Jersey Town of New Milford, which is now one of the region’s best-performing assets and apartment communities and one of the best managed properties thanks to the efforts of Value Asset Management (VAM).

With a steadfast commitment and expertise in multifamily housing and its ability to introduce new housing products that address consumer and community needs, Value Companies is poised for extensive development success, growth and expansion in the years ahead.

A perfect gateway into its milestone 60-year anniversary, in 2011 Value Companies, Inc. was crowned with the prestigious “Management Company of the Year Award” by the New Jersey Apartment Association.

Andrew Abramson Value Companies, Inc.

1122 Clifton Avenue Clifton, NJ 07013

Tel: (973) 473-2800

aabramson@valuecompanies. com