From the NY Post:
A major New York City landlord is cashing in on the raging rental market uptown.
Treetop Development, a big uptown property owner, has flipped 12 buildings on the Upper West Side for $60 million — nearly double the $36 million it paid for them just two years ago.
Treetop CEO Adam Mermelstein, who started out prerecession building condo projects in New Jersey before investing in rental buildings in Manhattan, said he sold the properties, clustered on blocks between Columbus and Amsterdam Aves. and 105th and 115th Sts., to capitalize on the neighborhood’s rising rents.
Mermelstein made some renovations, including gutting 40 of the 152 apartments. Still, he would have achieved significant returns simply by sitting on the buildings.
Indeed, rents in the area have risen dramatically, to a median price of $1,776 a month for a one-bedroom apartment, up 7.6% from 2013. And snagging an apartment, especially a rent-stabilized pad, is trickier than ever. Less than 1% of area apartments were available in March — a low vacancy rate.