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JDS sells Far Rockaway beachfront complex for $33M

Viji Durga  April 11, 2019   comments   Projects

EB-5 Visa, EB5 Visa, EB5 Investments

Treetop Development picked up Michael Stern's Saltmeadow project in Queens

Michael Stern is cashing out on a sprawling complex of luxury properties in Far Rockaway, and he found a buyer with ambitious plans for the seaside community.

For a price tag of $33 million, Teaneck, New Jersey-based Treetop Development acquired JDS Development Group’s newly built Saltmeadow development, which is comprised of 30 town homes with 60 luxury rental apartments along Beach 5th and Beach 6th Streets, property records show. Signature Bank provided $24.5 million in financing

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